Could The Sandbox Crypto Replace Shiba Inu And Dogecoin As Meme Token King?
Today, The Sandbox (CRYPTO:SAND) has flown to new all-time highs. This metaverse-linked crypto has surged more than 25% as of 10 a.m. ET. As many investors are keenly aware, the metaverse is now the go-to growth area of choice for those seeking high-momentum, high-upside plays. This appears to be true in the crypto world as well as the stock market.
However, popular meme tokens Shiba Inu (CRYPTO:SHIB) and Dogecoin (CRYPTO:DOGE) have both continued lower. These meme tokens were down approximately 8% and 3.5% respectively over the past 24 hours, as of 10 a.m. ET.
It may be too soon to say that there’s a rotation happening out of Shiba Inu and Dogecoin and into other speculative meme tokens. It also may be too soon to call The Sandbox a true meme token, given the apparent utility this network provides.
The Sandbox is an Ethereum-based blockchain project that has gained tremendous attention for its ties to the metaverse. On The Sandbox platform, users can create their own virtual worlds, interact with others, and create digital assets like non-fungible tokens (NFTs). These can either be integrated into this online game or added to the platform’s marketplace. Thus, like other popular metaverse-related crypto options, SAND is a cryptocurrency that’s absolutely taking off.
Interest in the metaverse has spiked, following a series of high-profile moves from big tech players in recent weeks. Most readers know about the high-profile renaming of Facebook to Meta Platforms. Chipmaker Nvidia has also made the metaverse a key focal point for growth recently. And one of the first movers in this space, Roblox, recently reported blowout earnings.
It certainly appears there’s no shortage of interest in owning a piece of the metaverse right now.
The meme token space is ever-evolving. What was “in” last week may no longer be the crypto investors are looking for.
This rotation in and out of various high-profile meme tokens in recent weeks suggests speculators and momentum traders in the crypto world need to be on their toes. With all that’s going on in the metaverse realm right now, cryptocurrency tokens with popular metaverse-themed games are certainly among the “in” group right now.
The Sandbox’s valuation of “only” $3.6 billion at the time of writing suggests there could be a tremendous amount of upside for speculators, considering how far Shiba Inu and Dogecoin have run. Accordingly, it appears clear risk-seeking investors in the crypto world are certainly keeping an eye on this space right now.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.