The popular gaming platform contains numerous Meme coins, including Shiba Inu (SHIB) and Dogecoin (DOGE)

TL;DR

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

Becoming a Meme HODLer Coin

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

In a recent post by X, he revealed that he had Shiba Inu (SHIB), Dogecoin (DOGE), Pepe (PEPE), Bonk Inu (BONK) and more. “We are excited to integrate their unique cultures into our platform,” the platform stated.

In addition to jumping on the meme coin bandwagon, The Sandbox touched on the merits of some of the tokens it added to its portfolio. He 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”. BONK, meanwhile, was billed as “the most widespread dog-themed cryptocurrency in Solana.”

“We are excited to integrate these meme coins into The Sandbox and look forward to the utility they will bring to our users and the wider 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’s worth mentioning its native token, SAND, which has seen better days. It’s currently trading around $0.32 (according to CoinGecko data): a 30% drop on a two-week scale and a staggering 95% drop from its all-time high of around $7.50 recorded in November 2021

SAND is among the few cryptocurrencies that have seen no substantial gains in the past year, a period in which Bitcoin (BTC) rose to a new peak of over $73,500 and Binance Coin (BNB) touched nearly $720.

In comparison, other gaming currencies, including Immutable (IMX), Axie Infinity (AXS), and Ronin (RON), are well in the green on an annual basis.

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

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