Rollbit, a crypto casino and trading platform, made an impressive $38 million in revenue last month. They also executed a ‘buy and burn’ program, where they removed 1.2% of their RLB tokens from circulation on Monday, as part of their long-term strategy. This move caused RLB token prices to initially surge by up to 8%, and they continued to gain nearly 40% throughout the week.
In a statement, one of Rollbit’s co-founders, @Lucky_Rollbit, explained, ‘We generated nearly $38,000,000 across our three revenue streams, resulting in a buy and burn of over $5,000,000 worth of RLB tokens, which amounts to 1.265% of the circulating supply.'”
Note: In the original text, there was a mention of “X post,” which was unclear. I’ve retained that term as-is, but you may want to replace it with more context if you have additional information.
It looks like there are nearly 20,000 people who own tokens on the platform, based on the data from the platform itself. Over the last day, the platform has made $851,000 from casino games, $338,000 from futures trading, and $141,000 from sports betting.
Rollbit is a platform that lets users trade tokens with very high leverage (1000x), and it also offers sports betting and arcade games, along with a tokenized jackpot. People are attracted to these crypto games and similar offerings, even when the cryptocurrency market isn’t doing well.
Earlier this year, Rollbit announced that they would use 30% of the fees generated from crypto futures, 20% from sports betting, and 10% from casino games to buy RLB tokens on the open market and then burn them.
This action could create a constant demand for RLB tokens as long as more people keep using the platform, as previously mentioned by CoinDesk.
