Coinbase’s plan to list the native token of the dubbed metaverse, Sandbox (SAND) saw the token surging over 16%.
Given that Coinbase is the largest exchange in the United States, the movie is expected to benefit SAND. The Exchange made the announcement on Twitter.
Coinbase plans to list Sandbox (SAND)
The SAND token has increased by more than 16% since the news. This has aided the Sandbox token’s rise to the top of the biggest gaming tokens’ top gainers. Sand was trading at an average price of $1.36 at the time of writing. Its 24-hour trading volume has increased by more than 62% to stand at $588 million.
Earlier, Coinbase announced that it would be offering 45 different ERC-20 tokens based on the Ethereum network and 6 SPL tokens based on the Solana network to its platform.
During last week’s big market crash, the Gaming category tokens took a massive blow. The SandBox Token has lost 54% of its value in the last 30 days. Sand’s current spike has helped the token cover-up for its loss in some way. With a market cap of over $1.6 billion, the token is the third-largest gaming token according to CoinMarketCap. Sandbox’s ecosystem will migrate to the Polygon Matic to make it cheaper, greener, and more energy-efficient(OxPolygon).
Gaming tokens are on the rise
The Sandbox has announced the acquisition of Cualit, a technology firm. It’s another step toward the company’s Web3 development and metaverse expansion.
Meanwhile, the market capitalization of gaming-related coins has increased by more than 9% over the last day. The total valuation is now $13.6 billion. Its 24-hour trading volume has increased by 8.5% to stand at 4.9 billion dollars. During the dip, the largest of the Ethereum (ETH) whales appears to be adding primarily gaming tokens.
Top gaming tokens such as Decentraland (MANA), ApeCoin (APE), and Axie Infinity (AXS) have landed on the list of top 10 tokens purchased by whales in the previous 24 hours, according to whaleStats.