The bullish move in SAND, the native cryptocurrency of the blockchain-based virtual world The Sandbox, gathered steam after a tweet by the German sporting goods manufacturing giant seemed to confirm a relationship between the two companies.
- The token has rallied 25% in the past 24 hours, hitting record highs above 47 and taking the weekly gain to 70%, according to CoinDesk data.
- Adidas, which recently ventured into 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 a change of its corporate name to Meta on Oct. 29.
- The token has also benefitted 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.