In a stunning creation of history, the crypto casino platform ‘Coco’, netted an astonishing $36 million within mere 12 hours of its debut according to Etherscan data. A platform built on the Ethereum blockchain, Coco was deeply influenced by the Milady NFT project’s encapsulating allures. It’s undeniable rise has set off a flurry of speculations around the future trajectory of the digital asset casino platforms in the decentralized finance (DeFi) space.
The platform’s native token, COCO, took an astral leap, registering a staggering 1,200% hike within the first day following its official listing! Now floating slightly above 8 cents, the token touts an impressive market capitalization of $8.8 million. The contribution of the crypto exchange, Poloniex, cannot be overlooked as it not only listed COCO, but also broadened the platform’s reach in the world of web3 casinos.
One key driver behind Coco’s success is perhaps its unique medley of meme coins and other tokens, alongside native casino tokens. This blend introduces a wide array of options for users, potentially magnifying the intrinsic value of their holdings. In a move to offer a diversified gaming experience, Coco launched a slot machine centering Dogecoin and Pepe as well as another, inspired by Milady NFTs.
The casino platform showcases its commitment to fair play and transparency. Each game generates a seed and displays the hash using the prominent SHA256 algorithm. Offering a volley of casino games including casino hold ’em, blackjack, and baccarat, Coco is crafting a new destination for crypto-players.
In the wake of the crypto winter, traders and investors have knocked on the doors of other potential industries, hoping to capitalize on their digital assets. With fluctuating volatility hovering, web3 users’ attention has been piqued by on-chain casino platforms before Coco, Hamters.gg for instance, unfurled an online casino betting live on hamster races.
Crypto traders are notorious for their attraction to online platforms that become founts of liquidity amidst market dips and memecoin surges, seen vividly during the rise of Dogecoin and Shiba Inu. An added boon of crypto betting sites is a streamlined transaction and verification process, conveniently bypassing third-party intermediaries accustomed to traditional betting sites. Only time will tell if Coco can maintain this momentum and how it will ultimately shape the DeFi sector.
Source: Cryptonews
