Rollbit Coin (RLB), crypto gambling and trading platform Rollbit’s native staking and lottery token, is succumbing to sell pressure this Friday as the broader crypto market slides.
RLB was last trading just below $0.145, down around 8% from earlier weekly highs around $0.157, having found resistance at its 21DMA at $0.161 earlier in the week.
The token’s latest drop has seen it slip back below its 50DMA, which was last at $0.147.
Rollbit Coin holders can stake their tokens to enter Rollbit’s lottery, where RLB stakers can win a portion of the platform’s profits.
Prizes are distributed every 100 Bitcoin blocks (roughly 16 hours) and amount to 20% of Rollbit’s profits.
Rollbit runs highly profitable online Casino, sports betting and futures trading platforms and is one of the market’s leading bitcoin casinos.
As per a dashboard on Rollbit’s website, the Casino generated around $25.7 million in the past 30 days, while the futures trading and sports betting platforms generated around $8.2 million and $5.9 million over the same time period.
While RLB is currently down more than 30% from the record highs it hit in August above $0.21 per token, it remains up an impressive 300% since the start of July.
Thanks to the crypto token’s compelling tokenomics, RLB price predictions remain largely bullish and whales are likely to see dips – like the current one – as opportunities to add to their long positions.
Price Prediction – Where Next for Rollbit Coin (RLB)?
Rollbit introduced a new Rollbit Coin (RLB) burn mechanism back in early August that sent the cryptocurrency shooting higher, and which continues to offer tailwinds to the cryptocurrency.
Rollbit is now dedicating 10% of Casino revenue, 30% of future trading revenue and 20% of sports book revenue to RLB token buybacks, with these tokens to then be burnt.
The last 30 days have thus seen Rollbit buy back and burn over $6 million worth of tokens.
RLB now thus has utility as not only a lottery entry token but also as a deflationary token.
As the broader crypto market continues to struggle, this is likely to keep a solid floor under the RLB price.
With the token having recently broken to the north of a downtrend from the late August highs, a retest of yearly highs above $0.21 is a strong possibility in the weeks ahead.
Alternatives to Consider
It’s always smart for crypto investors to hedge their bets, given the unpredictability of the market.
One excellent XRP (XRP) alternative that crypto investors should consider is a new coin being launched by Wall Street Memes, one of the internet’s largest retail investing communities.
Wall Street Memes, with its over 1 million following across various social media channels, has traditionally described itself as “the king of stonks” (stocks for the uninitiated), but is also looking to claim the crown of being “the king of crypto”, with the launch of its very own meme coin token $WSM.
The presale of $WSM has been a resounding success, with over $25 million raised, and dozens of major crypto industry influencers and analysts backing the coin for major success.
And investors are running out of time to get involved, with the presale scheduled to end in under 14 days.
Get in now on a token that could match or even surpass the likes of Pepe Coin, Dogecoin and Shiba Inu.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.