Shiba Inu (SHIB) Enters Metaverse Spotlight Following Major Acquisition

• Global metaverse leader The Sandbox has announced the purchase of leading meme coins, including Shiba Inu, Pepe, Degen, and Dogecoin.
• The Sandbox says that it intends to support the meme coins’ communities, increase their presence in the Web3 culture, and provide utility to users, sparking speculation of a SHIB-powered metaverse.

The Sandbox, the leading metaverse, and Web3 gaming platform has announced that it has purchased some of the leading meme coins, including Dogecoin, Shiba Inu, and Degen.

The Sandbox is a decentralized gaming ecosystem. It initially launched as a Web2 gaming platform over a decade ago, but it later pivoted to Web3. It’s built on Ethereum and allows users to purchase digital real estate called LAND where they can create experiences and share them with other users. It’s powered by the SAND token and supports blockchain features such as NFTs.

The Sandbox announced the purchase of the six leading meme coins this week, stating that it was “thrilled to integrate their unique cultures into our platform.”

We’re excited to announce that The Sandbox now holds @pepecoins, @Shibtoken, @bonk_inu, @Memeland, @degentokenbase, and @dogecoin! We’re thrilled to integrate their unique cultures into our platform. #memecoins pic.twitter.com/uWAd1QGEbE

— The Sandbox (@TheSandboxGame) June 18, 2024

The addition of the meme coins the platform’s belief that “the culture of creativity is a cornerstone of the open metaverse and takes time to engage in and help grow the Web3 ecosystem to benefit those who are a part of it.”

In addition to Shiba Inu and Dogecoin, which are the two largest meme coins, The Sandbox added Pepe and Bonk. The two have been star performers in the recent bull run, with Pepe stealing the show by gaining over 800% year-to-date.

The Sandbox also bought Degen and Memecoin, two of the newer meme coins.

Shiba Inu in the Metaverse?

The Sandbox’s purchase of the meme coins sparked speculation that it intends to launch new features that will utilize them, bringing meme coins into the metaverse.

The platform remains tight-lipped on its plans, merely describing the purchases as “our commitment to staying on top of industry trends and Web3 culture.”

However, it hinted at grand plans in the future, stating:

The varied landscape represented by the six memecoins above exemplifies our dedication to fostering inclusivity and unity within our platform’s community. As we move forward, we plan to use our memecoin collection to launch engaging initiatives that create additional utility for both our users within The Sandbox and the broader memecoin community.

The metaverse would be the latest in a growing list of applications for SHIB. As Crypto News Flash reported earlier today, SHIB is now a payment option on DevourGO, allowing millions to pay for their food delivery services with the meme coin.

SHIB trades at $0.00001858, gaining just under 1% in the past day, although its market cap has dipped slightly below $11 billion. The trading volume has also taken a nosedive, dipping 39% to $288 million.