The bullish move in SAND, the native cryptocurrency of the blockchain-based virtual world The Sandbox, gathered steam after a tweet by German sporting goods manufacturing giant Adidas seemed to confirm a relationship between the two companies.
- The token has rallied 25% in the past 24 hours, hitting record highs above $7 and taking the weekly gain to 70%, according to CoinDesk data.
- Adidas, which recently ventured into the metaverse with the launch of POAP, or proof of attendance protocol, on its adidas Confirmed app, tweeted Tuesday about developing a so-called “adiVerse” in partnership with The Sandbox.
- The sporting goods company appears to have purchased a chunk of land in The Sandbox’s metaverse, as noted by Crypto Twitter and seen in the image below.
- SAND has surged more than 600% since social media giant Facebook announced changing its corporate name to Meta on Oct. 29.
- The token has also benefited from the highly anticipated play-to-earn metaverse event, The Sandbox Alpha, scheduled for three weeks from Nov. 29 to Dec. 30.
- Other gaming and metaverse tokens like ENJ, ILU, YGG and DVI have risen over 40% to 90% this month, outperforming bitcoin by a big margin.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.