Rollbit Coin (RLB), the native staking and lottery token of crypto gambling and trading platform, Rollbit, is facing rough headwinds. The recent sell-off, which has brought the price below $0.145, is in line with the broader crypto market slowdown. Despite weekly highs of around $0.157, the currency is struggling to uphold these gains, hinting at a strong push-back from the market.
Owners of RLB are rewarded by Rollbit’s lottery system, which sees a distribution of the platform’s profits every 100 Bitcoin blocks. Interestingly, 20% of Rollbit’s profits serve as the prize pool. Consider the platform’s different wings – the Casino, futures trading, and sports betting platforms, which made around $25.7 million, $8.2 million, and $5.9 million respectively. Now, isn’t that a tempting lottery pot?
While the value of RLB is oscillating, it’s hovering over 300% higher than the July baseline. The compelling economics of RLB keeps the whales at bay during market downturns while scheming to take hefty bites during these opportune spells.
In August, Rollbit introduced a burn mechanism for RLB that set off an upward trend. The strategy involves using a share of the revenue across all platforms for buybacks, consequently, incinerating the repurchased tokens. According to reports, over $6 million worth of tokens have been burnt in the past tiring month.
As the market struggles, the deflationary essence of the RLB token could serve as a safety net, providing investors some relief. While speculation remains rife about the possibility of RLB breaking its late August highs, its potential to retest the yearly highs of $0.21 is quite plausible.
In this pendulum of cryptos, it’s wise to consider some alternatives. One worthy contender is a new coin backed by Wall Street Memes – a massive retail investing community, known for disrupting the status quo of the stock market. With a successful presale of over $25 million, the coin, $WSM, mirrors the buzz associated with the likes of Pepe Coin, Dogecoin, and Shiba Inu.
However, the takeaway is both serendipitous and cautionary, underscoring the volatile nature of cryptos. As the clock ticks closer to the presale of $WSM, this might be a fitting time to diversify into other potential tokens, with keen eyes on both gains and risks. Remember, in the realm of crypto investing, you stand to reap handsome rewards, but also confront the daunting reality of potentially losing everything.
Source: Cryptonews
