After a strong rally in its price, the native coin of Rollbit, RLB, is currently trading at $0.1081 on CoinMarketCap (7.28 am, December 2, 2024 ET), recording a 16.71% increase over the 7-day period and 67.79% on a 1-month period. RLB saw a significant surge over the past weeks. Rising from a high of $0.083155 on November 24, it increased to $0.01325 on November 27, gaining nearly 40% on a 24-hour timeframe.
Price Movements
The coin saw a 28.61% increase in trading volume (12.05 am, 27 November 2024, ET), on 24-hour, and was ranked 250th with $267.81 million of market cap. Earlier on September 27, RLB’s ranking improved and it was placed at 235 on CoinMarketCap.
What explains the sudden spike in RLB price is renewed interest in the coin as Bitcoin retreated from an all-time high of $99,014 on November 23 and $98,033 on November 25 to below $93,000 on November 27. It indicates some investors are exiting from BTC and investing in other coins, including RLB.
With BTC jumping back towards the $100K mark, the broader crypto market experiences an outflow towards BTC, whose dominance is 55.8% in the $3.37 trillion cryptocurrency market .
Buy and Burn
RLB’s competitiveness emanates from its deflationary “buy and burn” strategy, under which the platform buys RLB tokens every hour and burns them to reduce the circulating supply, which has gone below 50% of the initial 5 billion tokens.
In October, 45,094,883 RLB tokens valued at $3,315,326.91 were burned, reducing the circulating supply to 2,384,933,959 tokens. It represents 47.7% of the initial five billion token supply.
Besides, after topping $64 million, Rollbit’s monthly revenue has stabilized at around $25 million.
In October, Rollbit generated over $27 million in revenue. The casino segment was the main driver, contributing $21.49 million. Crypto futures and sports followed, generating $3.78 million and $2.01 million, respectively.
