The Sandbox buys PEPE, SHIB, BONK memecoins to support ‘their specific communities’

Metaverse Platform Acquires Six Memecoins

The Sandbox, a prominent metaverse-centric platform, has purchased six significant memecoins: PEPE, SHIB, MEME, DEGEN, DOGE, and BONK. This strategic move aims to provide utility to both its users and the broader memecoin community.

In a recent Medium announcement, The Sandbox expressed its dedication to "staying abreast of industry trends" through this acquisition. The platform believes that the creative culture fostered by these coins is fundamental to the open metaverse concept.

"We're committed to engaging with and supporting the growth of the Web3 ecosystem for the benefit of all participants." - The Sandbox

The Sandbox emphasizes the growing popularity of memecoins, attributing their success to endorsements from influential figures. While the financial details of the deal remain confidential, The Sandbox intends to leverage these memecoins for upcoming initiatives. However, the timeframe for these initiatives is yet unspecified.

This purchase follows The Sandbox's recent acquisition of $20 million from Kingsway Capital and Animoca Brands, which elevated its valuation to $1 billion. As previously reported by Crypto.news, this funding will support The Sandbox's efforts in fostering its creator economy, expanding its mobile metaverse platform, and refining its social features and avatar capabilities.