Sandbox metaverse announces investments in leading meme tokens

What’s new? The team at The Sandbox metaverse has announced investments in several leading meme tokens in order to “engage in and help grow the Web 3.0 ecosystem.” Thus, the company purchased DOGE, PEPE, SHIB, MEME, BONK, and DEGEN coins, expanding its presence in the sector and supporting the community of humor coin holders.

Press release

What else is known? The company has also provided a brief description of each project, from which it can be understood the rationale behind the selection of these coins for inclusion in the portfolio. For example, DOGE, launched in 2013, is the oldest meme token that maintains its position as the segment leader and is among the top 10 cryptocurrencies by capitalization with a value of about $18 billion.

PEPE, launched last April on the Ethereum blockchain, has rapidly become one of the segment leaders. In addition, the developers envisioned a deflationary model that gradually reduces the number of coins in circulation. PEPE ranks third in the meme token ranking and 26th in the overall ranking with a capitalization of $4,82 billion.

SHIB, created by an anonymous team in 2020, is a fully decentralized project managed by a community of asset holders. Sandbox also noted that SHIB developers are actively developing an ecosystem that also includes LEASH and BONE tokens. SHIB ranks second in the meme token ranking and 12th in the overall cryptocurrency ranking, with a capitalization of $10,72 billion.

MEME, which appeared late last year, acts as the main currency on the trading platform of the same name. It will also become the main currency of the Memenet blockchain from the Memeland platform team. MEME ranks 15th in the meme token ranking and 178th in the overall ranking with a capitalization of $362,3 million.

BONK has become the first “dog” meme token on the Solana blockchain. Launching in December 2022, it was intended to stimulate activity in the ecosystem, and to that end, the developers conducted an airdrop among Solana community members, sending them 50% of the total offering. They positioned BONK as a coin offering equal opportunities for all people. At the end of last year, BONK became one of the leaders in terms of yield growth. The asset ranks seventh in the meme token ranking and 67th in the overall cryptocurrency ranking, with a capitalization of $1,43 billion.

DEGEN is the native token of the Degen Chain, launched this year, and it also serves as the token of the Web 3.0 social networking community Farcaster. Sandbox notes that the asset has gained significant popularity among developers, content creators, and crypto enthusiasts. At launch, 15% of the offering was distributed during an airdrop, with 70% of the total offering to be allocated to free airdrops in the future. DEGEN ranks 25th in the meme token ranking and 319th in the overall cryptocurrency ranking, with a capitalization of $143,7 million.

“The varied landscape represented by the six memecoins above exemplifies our dedication to fostering inclusivity and unity within our platform’s community. As we move forward, we plan to use our memecoin collection to launch engaging initiatives that create additional utility for both our users within The Sandbox and the broader memecoin community,” Sandbox representatives concluded.

Earlier, Kaiko analysts noted the improved liquidity of meme tokens, which continues even as the broader market corrects. They are outperforming bitcoin and other altcoins in terms of returns this year.

Sandbox launched a decentralized autonomous organization (DAO) in May. Holders of SAND native tokens and LAND NFT tokens, which are in-game assets, can participate in project management votes. Some operations will still be managed by the company’s employees.

Earlier this month, Sandbox raised a $20 million convertible loan from Kingsway Capital, Animoca Brands, LG Tech Ventures, and True Global Ventures at a valuation of $1 billion.