Why The Sandbox Cryptocurrency Was All Wet on Monday

Why The Sandbox Cryptocurrency Was All Wet on Monday

© Provided by The Motley Fool
Why The Sandbox Cryptocurrency Was All Wet on Monday

What happened

The latest rally in cryptocurrencies spilled into Monday, but not all coins and tokens were enjoying the upswing. One left on the playground was gaming platform token The Sandbox (CRYPTO: SAND), which was down by more than 3% on an afternoon while big brother Bitcoin was rising nearly 2%.

So what

This drop happened despite a fairly effective blast of publicity with The Sandbox’s latest initiative. The token’s owner Animoca Brands announced Monday that the metaverse and gaming platform has launched its Lunar New Year Event in advance of the namesake holiday. Lunar New Year is hugely popular in Asia, and it kicks in next Sunday, Jan. 22.

The Sandbox will commemorate Lunar New Year by offering a set of new experiences devised by its developer’s partners throughout Asia. These are to be accessible free of charge to users active in The Sanboxes metaverse and gaming online world.

The event will run from Jan. 18 to Feb. 28, and users can compete in a series of competitions to win prizes. These include 200,000 The Sandbox tokens (worth a total of roughly $140,000 at the current price), NFTs, and associated memorabilia, among other goodies. 

The Sandbox co-founder and COO Sebastien Borget was quoted as saying that “This is a significant festival that showcases the stunning creativity of our community of brands and creators from Greater China and proves how vibrant this virtual world can be, across Asia (where The Sandbox is well established) and beyond.”

Now what

However, judging by their reaction, investors want something more from The Sandbox than a flashy, holiday-themed showcase. They might be hungry for more substantial, price-moving initiatives. They could also be more inclined to put their money into top-tier cryptocurrencies. Those assets, after all, have been the primary beneficiaries of the recent surge.


10 stocks we like better than The Sandbox

When our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

They just revealed what they believe are the ten best stocks for investors to buy right now… and The Sandbox wasn’t one of them! That’s right — they think these 10 stocks are even better buys.

See the 10 stocks


*Stock Advisor returns as of January 9, 2023


Eric Volkman has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.


Continue Reading