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

Metaverse-based platform Sandbox has acquired six “major memecoins” in an effort to benefit its own users and the broader memecoin community.

Sandbox, the open-world online multiplayer game, announced the acquisition of six memecoins, including PEPE and DOGE, to demonstrate its commitment to “following industry trends.”

In its Medium announcement on June 18, Sandbox explained that it acquired PEPE, SHIB, MEME, DEGEN, DOGE, and BONK to support “their communities” and benefit “both our users and the broader memecoin community.”

“We believe that a culture of creativity is the cornerstone of the open metaverse, and we are dedicating time to help it grow in a way that benefits those who are part of the Web3 ecosystem.”

Sandbox

The Sandbox says the decision to purchase memecoins reflects their growing importance, adding that memecoins have gained “significant visibility in recent years” and attributes their success “largely to the support of high-profile individuals.”

Although the amount of the deal was not disclosed, The Sandbox announced that it plans to use the purchased memecoins for its new ventures, but no time frame was given. Crypto.news has reached out to The Sandbox for comments and we will update the article if we hear back.

The acquisition comes just weeks after The Sandbox raised $20 million from Kingsway Capital and Animoca Brands, pushing its valuation to $1 billion. As Crypto.news reported, the funding is expected to support The Sandbox’s initiatives aimed at strengthening its creative economy, expanding its decentralized mobile metadata platform, and improving social features and avatar capabilities.