Popular metaverse and web3 gaming company The Sandbox announces its ownership of Shiba Inu (SHIB).
This comes after the company splashed an undisclosed amount in the purchase of SHIB alongside other memecoins Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), Memecoin (MEME), and Degen (DEGEN).
We're excited to announce that The Sandbox now holds @pepecoins, @Shibtoken, @bonk_inu, @Memeland, @degentokenbase, and @dogecoin! 🌐 We're thrilled to integrate their unique cultures into our platform. #memecoins pic.twitter.com/uWAd1QGEbE
— The Sandbox (@TheSandboxGame) June 18, 2024
The company did not reveal how much it spent to purchase these memecoins. Nonetheless, the investment is intended to enhance the tokens’ presence in Web3 culture, support the communities behind the assets, and provide utility to users.
In a follow-up blog post, The Sandbox highlighted the growing popularity of memecoins, attributing their successes to endorsements from high-profile individuals. By purchasing and owning these memecoins, The Sandbox affirmed its dedication to staying on top of industry trends and embracing Web3 culture.
The Sandbox Sheds Light on SHIB
Furthermore, it also provided details about its latest collection of memecoins. In particular, the metaverse company noted that Shiba Inu, which launched anonymously in 2020, was ‘inspired by the same dog Dogecoin was based on.’
The Sandbox stated that the Shiba Inu ecosystem team developed SHIB to explore the concept of a cryptocurrency entirely governed by its community. It stressed that this move helped position Shiba Inu as a global phenomenon, spawning its own ecosystem with other native tokens like LEASH and BONE.
Per the announcement, The Sandbox aims to use its memecoins collection, which includes SHIB, to launch multiple initiatives that will enhance users’ utility. However, it did not provide hints about the upcoming initiatives.
Road to Stardom
For context, The Sandbox initially launched in 2012 as a mobile video game developer. As crypto gained mainstream adoption, Sandbox delved into the sector in 2020, raising $2 million in crypto and cash to establish an Ethereum-based gaming world. This initiative allowed users to monetize their gaming experiences using non-fungible tokens (NFTs).
The company gained significant attention in 2021 during the NFT boom, attracting top users like hip-hop star Snoop Dogg, who built his community, dubbed the Snoopverse, within The Sandbox metaverse. In 2022, an unknown user splashed almost $500,000 to secure a virtual land close to Snoop Dogg’s Snoopverse.
Earlier this month, The Sandbox attained unicorn status after raising $20 million from top investors, including LG Tech Ventures.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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