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The Sandbox goes up 24%, leads metaverse token rally

Several metaverse tokens are soaring on Wednesday, with The Sanbox’s SAND gaining 24%.

SAND, the native token of The Sandbox’s metaverse game platform, is leading the cryptocurrency market after reaching a three-month high of $0.93 on Wednesday morning.

According to CoinGecko data, despite a little decrease to $0.90 as of press time, SAND has increased by a remarkable 25% over the past 24 hours.

On Tuesday, the token was trading for approximately $0.70 prior to the announcement that The Sandbox has signed a memorandum of understanding (MOU) with the Saudi Arabia Digital Government Authority (DGA).

β€œIt was a true honor to sign our MOU partnership ceremony between TheSandboxGame and the Saudi Arabia Digital Government Authority (DGA) during LEAP 2023 conference, and we look forward to exploring, advising, and supporting mutually each other in activations of the Metaverse,” Sandbox co-founder and COO Sebastien Borget tweeted on Tuesday.

The Sandbox is a virtual game world in which individuals can construct, own, and monetize their own gaming experiences. It previously used the Ethereum blockchain for both its native SAND tokens and non-fungible tokens (NFTs) until switching to Polygon to enable faster and less expensive gas transactions.

The actual terms of the deal between The Sandbox and the Saudi Arabian government are currently unknown, and (MOUs)of understanding are not legally binding; rather, they indicate the parties’ intent to enter into a larger agreement in the future.

Metaverse tokens are increasing

Earlier on Wednesday, the Enjin Coin (ENJIN), another cryptocurrency associated with the metaverse, reached a five-month high of $0.52. At the time of writing, ENJIN is trading at $0.51, up 11.7% on the day and up to 85% for the month, according to CoinGecko.

Chiliz’s native token (CHZ) is also experiencing a significant rally amid the sports-centric project’s layer-1 blockchain launch. The token has gained more than 14% in the past 24 hours and is currently trading at $0.17.

ImmutableX (IMX), Flow (FLOW), Decentraland (MANA), and the token for the play-to-earn crypto game Axie Infinity (AXS) are also benefiting from the current positive activity in the sector.

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About Tina

The Sandbox goes up 24%, leads metaverse token rallyTina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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