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Rollbit Coin Continues Supremacy Over Top 100 Cryptos In The Last Week

Within the select group of the top 100 cryptocurrencies at the moment, Rollbit Coin (RLB) stands out as the best-performing project. The token has impressively increased by an astonishing 113% in the last week alone, and its daily performance charts also show an equally impressive gain of 30%.

Recent statistics highlight Rollbit’s impressive financial accomplishments, with its income topping $2 million in the previous day. A wide range of services, such as cryptocurrency futures, sports betting, and casino games, are responsible for this remarkable financial achievement.

A significant amount of funds—net of related expenses—will be routinely and daily dedicated for the procurement of RLB as a direct result of this strong revenue stream.

On A Roll – 94% Rally In The Weekly Timeframe

At the time of writing, Rollbit was trading at $0.204, up a solid 30.3%, with an equally strong 94% increase in the last seven days, data from crypto market tracker Coingecko shows.

The RLB token experienced a 7,850% increase year-to-date, rising from $0.002 to $0.159 in 2023. Although users should be aware of hazards, this performance emphasizes how technology and money have come together.

The announcement of a big forthcoming change in the tokenomics of Rollbit’s native token, RLB, made by its pseudonymous co-founder “Lucky” on Tuesday raised interest and discussion in the community.

Rollbit has distinguished itself as one of the most quickly developing crypto protocols this year. This tremendous growth is attributable to the company’s strong alignment with market demands and the positive acceptance of its product by traders and gamblers alike.

Thriving Over The Years

Lucky claims that because of the variety of its products, Rollbit has thrived over the past few years, “independent of market situations. Whether it’s Bull or Bear, our hybrid offerings have enabled us to provide steady income.”

Since August 4, the RLB price had fallen below the $0.120 horizontal resistance zone. It attempted multiple unsuccessful breakouts throughout this time. On August 8, the price did, however, ultimately rise over the region. The breakout happened quickly, and the same day, RLB hit a new all-time high of $0.24.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pillai Center

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European Commission To Present Regulatory Framework For Digital Euro In June

Fabio Panetta, a member of the Executive Committee of the European Central Bank (ECB), recently announced that the European Commission would be presenting a legislative proposal for the digital euro in June. He further stated that the next steps would be decided in October.

Digital Euro Regulatory Framework In Progress

In an interview with the ECB’s official site, Panetta confirmed that the eurozone bank is in regular contact with the European Commission to establish a regulatory framework for the digital euro. The digital euro is set to become the official central bank digital currency (CBDC) for the 27 countries in the European Union.

Panetta stated, “We are studying the design of the digital euro, its distribution, and its impact on the financial sector.” He also mentioned that the proposal expected to be presented in June would receive a response from the Governing Council of the ECB in October.

Related Reading: Sui (SUI) Continues Downward Trend As Bears Maintain Control

The Governing Council will then decide whether to initiate a preparation phase to develop and test the digital euro. According to Panetta, the European CBDC testing phase could last two to three years.

If everything progresses smoothly and both the Governing Council of the ECB and the legislators of the European Parliament approve the proposal, the digital euro could be launched in approximately three to four years, estimated Panetta.

Will The Digital Euro Receive Significant Adoption?

During the interview, Panetta was asked about the benefits and potential risks of using the digital euro. In response, he emphasized the need to provide citizens with a risk-free digital means of payment that can be used freely throughout the euro area.

Panetta highlighted that such a solution currently does not exist, pointing out that the card payment market is dominated by non-European companies, specifically referring to Visa and Mastercard. He stated that this situation would be unthinkable in the United States and expressed concern about companies selling users’ personal data.

Related Reading: Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red

Panetta also emphasized the importance of central bank money remaining at the financial system’s core. The increasing adoption of cryptocurrencies like Bitcoin (BTC) raises concerns for entities like the ECB.

Addressing concerns about privacy, Panetta clarified that the ECB would not have access to personal data. Financial intermediaries will handle the distribution of the digital euro, and a balance must be found between ensuring confidentiality and combating money laundering and terrorist financing. Panetta noted that the responsibility of finding this balance lies with the legislators.

CBDCs On The Rise 

Central Bank Digital Currencies (CBDCs) are indeed on the rise as countries worldwide explore the potential of digital currencies issued and regulated by central banks. Countries like the Bahamas and Nigeria have already launched their digital currencies, while China and Japan are in advanced pilot stages.

Bitcoin is trading at around $27,200: source @Tradingview

-Featured image from iStock.com, chart from Tradingview.com

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Shiba Inu Burn Rate Surges 1500% In 24 Hours, Yet Price Continues To Struggle In Red

While Shiba Inu (SHIB) token appears to be getting rivaled by another currently hyped meme coin called PEPE, the latest update shows SHIB still has a strong community devoted to its growth. 

In the last 24 hours, the SHIB community continues to fulfill its burning commitment and surged SHIB’s burn rate by more than 1500%. However, despite the surge in burn rate, SHIB has continued to struggle in the red. 

Interestingly, the burn rate surge was executed via a single wallet burning 246.7M SHIB tokens.

Shiba Inu Burn Rate Surges

According to data from Etherscan.io, a wallet tagged “cultpunks.eth” has burned a staggering 246.74 million SHIB in a single transaction executed about four hours ago. 

In the past day, the overall Shiba Inu burn rate has skyrocketed by 1549.47%, a result of the recent move made by “cultpunks.eth.” This marks the second time in the past 30 days that this wallet has burned a significant amount of SHIB. The first instance was on April 15th, when the wallet burned a staggering 230,799,740 (230.79M) SHIB in one transaction.

The CultPunks team has committed to utilizing a portion of their raised funds upon sellout to burn SHIB tokens. In addition to this, they have also dedicated 1% of their funds to the ShytoshiKusama’s fund, which aims to empower women in blockchain, and 2% to the buyback and burn of CULT tokens.

The CultPunks is a set of 10,000 exclusive and randomly produced NFTs that were launched through a partnership with Soupsea, an NFT marketplace on Modulus. These NFTs were created on April 15th, 2023, and have become increasingly popular among NFT enthusiasts.

Despite the increase in the burn rate, the SHIB token price continues to struggle, and the cryptocurrency remains in the red. This is a significant contrast to the price rally the token experienced a few weeks ago.

Price Action: Shiba Inu Downtrend

The SHIB token price has been in a downtrend in the past few days. With the meme coin struggling to hold above key support levels. SHIB is currently trading at $0.00000996, down 12.8% over the past two weeks. The token has a market capitalization of $5.8 billion, making it the 16th largest cryptocurrency by market cap.

Shiba Inu (SHIB) price chart on TradingView

The downtrend in the SHIB token price can be attributed to the overall bearish sentiment in the cryptocurrency market. Bitcoin, the leading cryptocurrency by market cap, has been in a downtrend, which has negatively impacted the prices of other cryptocurrencies, including SHIB. 

Furthermore, the recent increase in the SHIB burn rate is yet to have a significant impact on the token price. However, with more significant tokens being burnt over time, SHIB’s price could get impacted hugely and record new highs in the long run.

 

Featured image from Unsplash, Chart from TradingView

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Lamina1 Is Building for the Open Metaverse

Co-founders – including the man who coined the word “metaverse” – envision the next iteration of Web3 to be interoperable, fair to artists and creators, and accessible to all. This expansive vision is why Lamina1 is one of CoinDesk’s Projects to Watch 2023.

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Nansen Makes Sense of On-Chain Activity

Being able to spot trends in on-chain transactions gives users insight and information to navigate the cryptocurrency financial system. Making transparency practical is why Nansen is one of CoinDesk’s Projects to Watch 2023.