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Metaverse Platform The Sandbox’s SAND Token Surges 25% After Adidas Teases Partnership
SAND has rallied over 600% since Facebook’s rebrand as Meta.
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.
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- 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.
Read more: Facebook Steals Another Crypto Idea for Its Nonsensical Rebrand
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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