Sandbox price increased by 70% after Microsoft acquisition rumors

Sandbox (SAND) has seen a big rally this week. Altcoin 34 based on market cap not less than 70% in excess since last Sunday! The increase appears to be related to various rumors that the project could be taken over by Meta or even Microsoft.

Sand price hiked by 70%

Looking at the sandbox price trend in cryptocurrency exchange FTX It can be seen that the cryptocurrency took off suddenly this week. Where the SAND actually traded almost flat in early May, and fell nearly 50% in early June, the price started to rise sharply on June 19.

The rise began shortly before a number of tech giants called the Metaverse Standards Forum Launched† Part of this initiative are names such as Microsoft, Meta, and Sony. They will work together in developing the metaverse, a virtual world that could play a major role in the future.

After this announcement, rumors spread that Sandbox could play an important role in this initiative. Sandbox is a metaverse project where one can buy and develop plots of virtual land. These areas are represented by land Non-fungible tokens (NFT) On the blockchain†

Sandbox founder tries to calm rumors

Despite the 70% increase, it does not yet appear that such an acquisition will actually occur. If that happens, it will of course be very positive news for the project. This means that the big names are embracing the project for use in their future metaverse plans.

But co-founder Sebastien Bourget now denies such plans are on the table. In response to a tweet from Massari, Bourget replied loudly and clearly: “That would never happen.”

This will never happen.

– Sebastian (@borgetsebastien) 25 June 2022

Some big names are already active in The Sandbox anyway. Giant HSBC announced in March this year Virtual plot In the metaverse of the Sandbox.