Popular Gaming Platform Holds Numerous Meme Coins, Including Shiba Inu (SHIB) and Dogecoin (DOGE)

TL;DR

A well-known gaming platform announced its holdings of meme coins like SHIB, DOGE, PEPE, and BONK, integrating “their unique cultures” into its ecosystem.
The entity hinted that similar news might follow in the future.

Turning Into a Meme Coin HODLer

Meme coins have been crypto’s rock stars during this bull cycle, with multiple individuals and entities entering their ecosystem. The latest to do so is the popular gaming platform – The Sandbox.

In a recent X post, it revealed holding Shiba Inu (SHIB), Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK), and more. “We’re thrilled to integrate their unique cultures into our platform,” the platform stated.

Besides hopping on the meme coin bandwagon, The Sandbox touched upon the merits of some of the tokens it added to its portfolio. It described Shiba Inu as a “global phenomenon,” while DOGE was praised for its “strong community” and “humorous origins.”

PEPE and BONK were also highlighted. The Sandbox noted that the former employs a mechanism to decrease the total supply over time, labeling it “a deflationary meme coin.” For its part, BONK was represented as “the most widely held dog-themed cryptocurrency on Solana.”

“We’re excited to integrate these meme coins into The Sandbox and look forward to the utility they will provide for our users and the broader meme coin community. Stay tuned for more soon,” the gaming platform concluded.

SAND is Still Waiting for a Bull Run

Speaking of The Sandbox, it is worth mentioning its native token – SAND – which has seen better days. It currently trades at around $0.32 (per CoinGecko’s data) – a 30% decline on a two-week scale and a staggering 95% plunge from the all-time high of around $7.50 registered in November 2021. 

SAND is among the very few cryptocurrencies that have not witnessed any substantial gains in the past year, a period that saw Bitcoin (BTC) rise to a new peak of over $73,500 and Binance Coin (BNB) touch almost $720.

In comparison, other gaming coins, including Immutable (IMX), Axie Infinity (AXS), and Ronin (RON), are well in the green on a yearly scale. 

On the other hand, some on-chain metrics signal that SAND might head north in the short term. Its Relative Strength Index (RSI) recently dipped below 20, currently standing at 32. The technical analysis tool identifies oversold or overbought conditions in the market and varies from 0 to 100. A ratio above 70 shows a price correction might be imminent, while its low points indicate a possible buying opportunity.