This surge is likely due to a combination of factors, including increased market interest and the token’s deflationary burn mechanism.
RLB, crypto casino Rollbit’s native token, has increased nearly 55% over a 30-day period to $0.09074 at the time of writing (11:51 am, Monday, September 16, 2024) on CoinMarketCap. On a 24-hour timeframe, it was down 3.04%. However, its 24-hour trading volume increased by a whopping 55% to $1,554,530, indicating a renewed interest in the token. With a market cap of $241,793,332, RLB was placed at 218th on CoinMarketCap.
RLB/USD. Source: CMC
RLB’s Decline from ATH
A study of historical data at Yahoo Finance reveals that RLB is down 65.51% from an all-time high of $0.263, which was achieved on November 11, 2023. On that day, Bitcoin’s highest price was $37,407. BTC has been rising to $43,808 on December 11, $48,969 on January 11, $48,535 on February 11, and $72,850 on March 11.
RLB, trading at $0.1299 on March 11, had shed over 50% of value from ATH of $0.263. RLB losing value from its ATH seems closely linked to the rise in BTC and other coins, indicating investors exited RLB to invest in BTC and other coins that were rising strongly. As the BTC seems settled at under $60K, there is growing interest in tokens with solid fundamentals.
Improved Tokenomics
RLB, which has recently surpassed 50% token-burn, has much-improved tokenomics than ever before. Rollbit says it burns RLB coins every hour from its revenue at 30% from crypto futures, 20% from sports, and 10% from casino games. This deflationary strategy makes RLB a competitive option for investors, providing crucial support for its price.
Focus on Growth Amid Revenue Setbacks
Rollbit’s monthly revenue has plummeted by over 63% since its January 2024 peak of $64,926,252. August 2024 figures show a decline to $23,690,687.95.
However, Rollbit has forged new partnerships and expanded to new markets during this period.
In a significant development, Rollbit in July 2024 acquired a licence in the UK from the Gambling Commission and in Gibraltar from the Gibraltar Government Commission.
Recently, Rollbit co-founder Razer commented in an X post, “The UK license was additional to our existing Curacao license, which the majority of crypto casinos have. The UK license we have is no different to the one other crypto casinos operating in the UK have!”
It also secured the front-of-shirt sponsorship deal with Southampton Football Club.
