Why The Sandbox's Cryptocurrency Is Soaring Today
Finding itself among the many tokens that are rising today, The Sandbox (CRYPTO: SAND), a popular metaverse cryptocurrency, is also soaring today. Why are investors so eager to scoop up this token in particular? Apparently, the company is looking to raise funds, so investors may be speculating that the company has growth plans on the horizon.
As of 1:50 p.m. ET, The Sandbox's token has risen 9.3% over the previous 24-hour period.
According to Bloomberg, The Sandbox, whose majority owner is the blockchain game developer, Animoca Brands, is interested in raising $400 million from current as well as new investors at a valuation of $4 billion. At the moment, The Sandbox has a market cap -- the market value of its circulating supply -- of $3.35 billion.
Source Fool.com
