Rollbit, a cryptocurrency gambling and trading platform, generated $38 million in income last month. On Monday, it burnt more than 1.2% of the tokens that were still in circulation as part of long-term ambitions for a “buy and burn” programme.
Token values increased by as much as 8% before declining to bring weekly gains to around 40%, according to data. By being delivered to an address that is not under anyone’s control, tokens are permanently removed from the supply when they are destroyed.
“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),” claimed co-founder @Lucky_Rollbit in an X post.
According to platform data, such quantities appear to represent little under 20,000 token holders. The site has generated $851,000 in casino income, $338,000 in revenue from futures, and $141,000 from sports betting in the last 24 hours.
Rollbit provides sports betting, arcade games, and a tokenized jackpot in addition to allowing users to exchange tokens with a leverage of 1000x. Even in a bear market, people have been attracted to the product by crypto games and comparable services.
Rollbit stated earlier this year that 30% of all revenues from cryptocurrency futures, 20% of all fees from sports betting, and 10% of all costs from casino games would be used to buy RLB on the open market and be burnt.Such an action can result in ongoing buying pressure on RLB as long as platform utilisation keeps increasing.