The Sandbox’s SAND token is among the biggest gainers with a 26% price increase following the project’s $93 million Series B fundraise.
Hot on the heels of The Sandbox’s $93 million Series B funding round on Monday, the price of SAND, the native token of the eponymous metaverse game, has soared by 24% over the last 24 hours, hitting a new all-time of $3.33 earlier on Tuesday.
Data from CoinGecko also shows that despite a correction to $2.75 by press time, SAND is up by as much as 239% over the last week.
The token’s trading volume over the past day—$8.2 billion—is quite impressive as well.
Developed by game studio Pixowl, a subsidiary of Animoca Brands, The Sandbox is an Ethereum-based metaverse and gaming ecosystem where users can create, share, and monetize in-world assets, such as non-fungible tokens (NFTs).
The Sandbox is expected to be released in alpha mode before the end of the year, however, the game has already seen as many as 500,000 users connect their crypto wallets to the platform, generating $144 million worth of NFT sales.
SAND is not the only Metaverse-related cryptocurrency to enjoy an increase in price.
Illuvium (ILV), the native token for an open-world RPG adventure game built on the Ethereum blockchain, has climbed to $1,182, up 16.4% overnight. The token hit an all-time high of $1,201.70 today as well.