Rollbit's September Betting Revenues Soar to $38 Million as RLB Token Sees Strong Growth
In the past month, Rollbit, a platform for cryptocurrency trading and casino activities, disclosed impressive earnings totaling $38 million. Demonstrating adherence to their long-standing "buy and burn" program, the platform executed the elimination of over 1.2% of the circulating RLB tokens. This maneuver resulted in a notable surge in token values, experiencing an 8% peak before stabilizing, ultimately leading to a remarkable weekly upswing of almost 40%.
Token incineration involves the permanent removal of tokens from circulation, as they are sent to an address devoid of any centralized control. According to co-founder @Lucky_Rollbit, this buy-and-burn endeavor translated to an equivalent of over $5 million worth of RLB tokens, representing 1.265% of the circulating supply.
The number of on-chain RLB hodlers breached 10,000 today after a strong month of revenue for Rollbit in September.— Lucky (@Lucky_Rollbit) October 2, 2023
Nearly $38,000,000 was generated across our three revenue streams, resulting in a buy and burn of over $5,000,000 in RLB (1.265% of the circulating supply)!
Based on platform statistics, the reported transaction volumes align with just under 20,000 token holders. Within the last 24 hours, Rollbit registered noteworthy revenues, including $851,000 from casino activities, $338,000 from futures trading, and $141,000 from sports betting.
Rollbit stands out by providing users the opportunity to engage in token trading with a substantial leverage of 1000x. Additionally, the platform offers a spectrum of services such as sports betting, arcade games, and a tokenized jackpot. These crypto-centric features have attracted a steady user base to the platform, even amidst less favorable market conditions.
Earlier this year, Rollbit made public their commitment to allocate specific percentages of fees generated from crypto futures (30%), sports betting (20%), and casino games (10%) to the acquisition of RLB on the open market, with the intention of subsequent token burning. This strategic move holds the potential to exert a sustained buying influence on RLB, assuming the platform's user base continues to expand.
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