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Rollbit Coin Gains Close To $200 Million Market Cap in 11 Days, Then Drops Away

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Rollbit Coin (RLB) is the intrinsic token of Rollbit, a blockchain-powered casino and exchange platform.

RLB’s market capitalization has soared to $200M in only 11 days.

This followed the migration of RLB to Ethereum (ETH) and the introduction of the Lottery Jackpot.

However, subsequent profit-taking by whales and other investors triggered a decline in the coin’s value and market cap.

Fortunately, Rollbit’s recent announcement of fee reductions and discounts has revitalized RLB, allowing it to regain its lost momentum. Notably, RLB currently stands as the leading gainer in the past 7 days, exhibiting an impressive 67% increase in value.

Rollbit Offerings and RLB’s Migration to Ethereum

Rollbit provides various services, including a casino, sportsbook, non-fungible token (NFT) gambling, and leveraged trading.

Additionally, the platform has introduced the option for users to become liquidity providers directly on Rollbit. By becoming liquidity providers, users can assist in facilitating RLB trades for others, and successful trades generate fees.

Rollbit decided to migrate RLB to Ethereum in response to user demand and to enable the token’s growth potential.

They believed that being on Solana limited RLB’s expansion. With the migration to Ethereum, Rollbit aimed to provide better opportunities for RLB holders and enhance the token’s market presence.

On June 28, RLB completed its migration from Solana (SOL) to the Ethereum blockchain.

$RLB Lottery Jackpot Surpasses $400,000 with a $100,000 Growth in 12 Days

Meanwhile, the $RLB Lottery Jackpot exceeded $400,000, representing the total prize pool available to participants. Within just 12 days, the jackpot grew by $100,000. The lottery allows RLB token holders to join and compete for a share of the casino’s profits.

By staking RLB tokens, participants gain entry, and the prizes are funded from the casino’s profit-sharing pool. The significant growth of the jackpot indicates rising participation and interest in the RLB lottery. The jackpot expands as more users stake their tokens and contribute to the prize pool. Thus, it provides an enticing opportunity for participants to potentially secure significant rewards. As more investors turned towards RLB, the price surged massively.

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Market Impact: Whale Dumping and RLB Token’s Resilience

However, after a notable price surge, whales began dumping RLB tokens to generate profits, resulting in a significant value slump. This came as the supply of the token increased.

This selling pressure caused a notable decrease in RLB’s price, termed a “bottom.” The large holder’s decision to sell their RLB holdings, known as “capitulating,” may have been influenced by adverse market conditions. However, the token’s price later experienced a remarkable recovery, surging nearly fourfold and showcasing its resilience and growth potential. The market response defied expectations, silencing criticisms of the earlier sell-off.

Rollbit’s 1,000x Crypto Futures, Fee Coverage And Discounts

On July 8, Rollbit introduced a feature enabling users to cover trading fees in 1,000x crypto futures trading with RLB tokens.

This allows traders to utilize their RLB holdings instead of other currencies/assets.

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Holders also enjoy fee discounts of up to 60%, offering potential cost savings. Rollbit aims to be a competitive platform with favorable fee structures, surpassing rivals. Traders can strategically leverage RLB holdings, reducing overall costs and unlocking valuable fee discounts.

In reaction to the new announcement, the market desires Rollbit to enable direct usage of RLB tokens for fees and implement a token-burning mechanism. This demand arises from recognizing the enhanced utility RLB token usage for fees would provide.

Market participants suggest burning a portion of tokens used as fees. This creates scarcity and could potentially increase the value of RLB tokens. This reaction has also been attributed to the decline of RLB’s Market Cap.

RLB Price Analysis

TradingView: RBT/USDT 2-hour chart

The analysis of RLB/USD’s two-hour price indicates that the coin has entered a bearish trend. This observation is supported by the breach of the higher EMA above the lower EMA, confirming the bearish direction.

Additionally, the MACD histograms have been negative since July 8, further reinforcing the downward trend signal. Moreover, the RSI value, below the mid-level and closer to the oversold region, suggests potential weakness ahead.

Currently, the prices are encountering support at the 50% Fibonacci Retracement level. This was calculated from the lowest value on July 5 to the highest value on July 8. A break below this level could lead to extended losses towards a critical support level at the 61% Fibonacci Retracement level, located at 0.04882.

Currently, the market cap of RLB/USD stands at $173.56 million, with a total liquidity of $1.63 million. Several factors have contributed to the rising market cap of the Rollbit token, propelling RLB to rank #3 in the Hot Pairs list on DEXTools.

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Rollbit Hotpairs
Source: CoinMarketCap

However, it is worth noting that the coin has a reliability score of 89 out of 99 and a community trust rating of 66.7%. This indicates a lower level of credibility compared to other tokens.

While RLB is declining, investors can look up to another coin named CHIMPZEE.

Alternative to RLB

Chimpzee is a new crypto platform that has raised an impressive $799,143 through sales of its $CHMPZ token. It offers a unique opportunity for users to earn a passive income while contributing to animal conservation and fighting climate change. The platform features a shop-to-earn Chimpzee merchandise store, a trade-to-earn NFT marketplace, and a play-to-earn game called “Zero Tolerance.”

In the ongoing Chimpzee Gold sale, Stage 7, the price is $0.0007 per CHMPZ token. During this stage, investors can acquire the Gold NFT for 750,000 CHMPZ and earn a staking yield of 18% APY. The target set for this stage is $1,144,500, ending in 11 days. Investors can take advantage of the discounted price as after the completion of this stage, the price of $CHMPZ will become $0.000775.

Chimpzee’s innovative approach combines crypto investment with animal conservation and climate change efforts, making it a promising charity project in the crypto industry. Users have the chance to earn while making a positive impact on the world.

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