The Sandbox’s (CRYPTO: SAND) native crypto token rallied 40% on Tuesday to an all-time high of $5.46.
What Happened: SAND’s rally came after Adidas AG (OTC:ADDYY) Originals hinted at potentially building the metaverse on The Sandbox.
— adidas Originals (@adidasoriginals) November 22, 2021
The Sandbox is a play-to-earn blockchain game that allows users to buy, sell, build and create digital assets on its decentralized platform. The SAND utility token facilitates transactions on the platform.
Year-to-date, SAND has rallied over 15,000% and risen to a market cap of $4.8 billion.
In the last month alone, SAND has seen its price surge by over 600% as “metaverse tokens” enjoyed significant price rallies.
The market-wide shift in interest towards metaverse tokens was largely triggered by Facebook’s name change to Meta Platforms Inc (NASDAQ:FB) which was followed by a number of companies unveiling plans to “build the metaverse.”
The investment also marked the fund’s first investment in a company that issues its own cryptocurrency.
SAND Price Action: At the time of publication on Tuesday, SAND was trading at $5.20 with a daily trading volume of $5.2 billion.
Photo by Max Letek on Unsplash.