- After making over $358k with RLB before, a renowned crypto smartmoney spent 1.25M $USDC to purchase 7.1M $RLB in the past 24 hours.
- The Rollbit Coin (RLB) has been in a bullish trend YTD with gains of about 1,000 percent.
Having registered notable gains since the calendar flipped in January, Rollbit Coin (RLB) has again attracted whale investors’ attention in anticipation of another upside momentum. According to an on-chain analysis conducted by Lookonchain, a smart-money investor purchased about 7.1 million RLB by converting about $1.25 million USDC at an average price of about 27 cents. Interestingly, the same whale investor had made a profit of about $358k through Rollbit RLB coin before.
The smart-money whale made a bold move amid bearish crypto sentiments fueled by Bitcoin’s continued drop in the past few weeks. Nonetheless, the cryptocurrency market is capable of pulling a short squeeze amid bearish sentiments, thus putting the RLB whale in profit once again.
A SmartMoney who was good at buying $RLB at lows and selling at highs in August spent 1.25M $USDC to buy 7.1M $RLB again at $0.175 in September.
The SmartMoney made $358K on $RLB before.https://t.co/ZzZnQvFarc pic.twitter.com/5TyXEmytFz
— Lookonchain (@lookonchain) September 4, 2023
Rollbit Coin (RLB) Market Outlook
According to the latest crypto price oracles, Rollbit Coin (RLB) traded around 16 cents on Tuesday, up approximately 1 percent in the past 24 hours. As a result, the altcoin had a total market capitalization of about $527,690,789 and a 24-hour average traded volume of about $11.85 million. The Rollbit ecosystem is buzzing with notable activities, which in turn have helped give the native coins their underlying value.
On the Rollbit official website, users can engage with different gameplays and casinos and earn a chance to win prizes in RLB or other digital assets. Some of the notable game shows include Monopoly, Crazy Time, and Mega Wheel. With a high volume of betting volume, Rollbit provides users with high liquidity through its partnerships.
Is RLB a Potentially Profitable Investment Now?
From a technical standpoint, Rollbit has a 50/50 chance of continuing with the prior bullish trend or ending up in a market reversal. Furthermore, the altcoin have been consolidating in a pennant flag in the past few days which could result in a breakout in either direction. Nonetheless, the bullish breakout has a higher chance of happening fueled by the buy momentum from whale traders.
How far the altcoin can go before a market reversal is dependent on several market factors including the general crypto outlook. Moreover, crypto traders tend to follow the general crypto outlook presented by Bitcoin and other top digital assets like Ethereum.
In a bid to ensure its future growth prospects in a scalable and secure ecosystem, Rollbit (RLB) migrated from Solana (SOL) to Ethereum (ETH) in late June 2023.
$RLB has migrated to Ethereum! 💎
The most highly anticipated upgrade to $RLB has happened.
Migrate your RLB seamlessly to ETH via Rollbit’s RLB trading interface (requires account): https://t.co/rsV9JdWQBe
Read more: https://t.co/sNwbLIfxOs pic.twitter.com/SfCv562JDx
— Rollbit (@rollbitcom) June 28, 2023
Bigger Picture
The future growth of the Rollbit ecosystem is largely pegged to its ability to obtain proper regulatory approvals in different jurisdictions. Moreover, more countries have introduced stringent regulations to combat crypto and blockchain-orchestrated illegal practices since the beginning of the 2022 bear market.
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