Sandbox has been one of the best performing cryptocurrencies since the start of the month, and the token has now reached a new all-time high.
SAND Reaches a New All-Time High
SAND, the native token of The Sandbox ecosystem, reached a new all-time high six hours ago. The SAND token’s price surged by more than 70% earlier today, taking it to a new all-time high price of $3.33.
Sandbox is a decentralized community-owned virtual world. Creators on the platform can host games and events in the virtual world. SAND’s latest rally comes on the back of a wider rally from the metaverse sector following Facebook’s announcement that it is rebranding to Meta and becoming a metaverse company.
At the time of writing, SAND is trading at $2.7180 per coin, up by 64% over the past 24 hours, making it one of the top performers amongst the top 100 coins by market cap. Over the past month, SAND’s price has increased by more than 245%.
The coin has also added 341% to its value over the past three months as it takes full advantage of the increasing popularity of NFTs and the gaming world. If the cryptocurrency market continues its rally, then SAND could continue its excellent performance and surge towards the $4 mark over the coming days or weeks.
The Sandbox Raises $93 Million Led by SoftBank
SAND’s latest rally to a new all-time high comes on the back of The Sandbox raising $93 million to expand its NFT metaverse. The Sandbox’s latest funding round was led by SoftBank Vision Fund 2. The other participants include Animoca Brands, True Global Ventures, Galaxy Interactive, SCB 10X, Polygon Studios, Samsung Next, and others.
According to The Sandbox, the funds raised in this latest round will allow it to expand the metaverse economy beyond just gaming. Sebastien Borget, The Sandbox chief operating officer and co-founder, told Reuters that they are creating an open metaverse, positioning the Sandbox against giant tech companies claiming the metaverse to be theirs.