Coinbase has announced that it plans to list the metaverse-based altcoin Sandbox (SAND). Upon this development, SAND recorded an increase of over 16 percent.

Considering that Coinbase is the largest cryptocurrency exchange in the US, the critical development is expected to have a major impact on SAND adoption and price action. The exchange made the announcement in a tweet.

SAND has recorded an increase of over 16 percent since the news broke. Sandbox managed to become the most valuable altcoin among game-based tokens. SAND is currently trading at $1.24. 24-hour trading volume increased by 62% to exceed $588 million. Earlier, Coinbase announced that it will add about 45 different ERC-20 tokens based on the Ethereum network and 6 SPL tokens on the Solana network to its platform.

Sandbox Sand

Gaming-based altcoins took a big hit during the drastic market crash last week. SAND has dropped 54% in the last 30 days. The current rally of SAND has helped the token make up for its losses. According to CoinMarketCap, SAND is the 3rd largest gaming altcoin with a market cap of over $1.6 billion. To make Sandbox cheaper, greener and energy efficient, the ecosystem will be migrated over Polygon Matic (OxPolygon).

Sandbox announced that it has acquired Cualit, a technology company. This could be considered another step towards accelerating the Web3 development and metaverse growth of his project. The overall market cap of gaming-based altcoins saw an increase of over 9% in 24 hours. Its total market capitalization currently stands at $13.6 billion. 24-hour trading volumes increased by 8.5% to $4.9 billion. Prominent Ethereum (ETH) whales continue to accumulate game-based altcoins from the bottom.

According to statistics, leading metaverse-based altcoins such as Decentraland (MANA), ApeCoin (APE), and Axie Infinity (AXS) topped the list of top 10 coins bought by whales in the last 24 hours. Despite the fact that meme coins like SHIB have hit the market in recent months, the metaverse sector continues to grow unabated. Specifically, APE is described as the new SHIB of the market. Thanks to the NFT project, the altcoin, which is the favorite of investors, does not fall off the agenda.