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Solana-based Rollbit coin has recently come under fire for its promotion methods involving social media influencers. Critics argue that these methods are questionable and potentially violate advertising regulations. This article takes a closer look at Rollbit's controversial promotion tactics and the concerns that have been raised.

Background on Rollbit Coin

Rollbit coin (RLB) is a digital asset created on the Solana blockchain, primarily used as a utility token for the Rollbit platform. The platform aims to become a crypto casino, offering a diverse range of gambling opportunities, including 1000x trading, traditional casino games, and NFT gambling.

Promotion Methods

In a bid to increase awareness and adoption of its coin, Rollbit has partnered with several influential social media personalities, commonly known as "crypto influencers." These influencers receive payment in the form of RLB tokens in exchange for promoting the coin on their social media channels. Rollbit's tactics have included sponsored posts, interviews, and even giving away RLB tokens to followers through contests and giveaways.

Critics have raised concerns about the potential manipulation of their audiences and whether these influencers are properly disclosing their partnerships with Rollbit. The undisclosed promotions could mislead followers into believing that the influencers' endorsements are genuine opinions, which might not be the case.

Advertising Regulations and Rollbit's Promotion Tactics

Rollbit's promotion methods have come under scrutiny, as regulators worldwide are increasingly cracking down on undisclosed and misleading endorsements in the cryptocurrency space. Regulators such as the Federal Trade Commission (FTC) in the United States require influencers to clearly disclose their partnerships with brands and the nature of their compensation.

Failure to comply with advertising regulations can lead to legal consequences for both the influencer and the company sponsoring them. With Rollbit's promotion methods under investigation by the community, it remains to be seen whether the company and its partners will face penalties from regulators.

Community Reaction

The reaction from the crypto community has been mixed, with some users voicing their support for Rollbit's aggressive marketing campaign, claiming it is necessary for a new coin to gain traction in the highly competitive market. Others are concerned that undisclosed partnerships and potentially misleading promotions undermine the credibility of the cryptocurrency industry and may hurt the public's trust in digital assets.

You see Twitter posts from a broad range of accounts for countless months, shilling the RLB token as an "underpriced" investment.

Meanwhile, these accounts claim to not be affiliated with the website and are non-sponsored.

Except, as we know now, there are backdoor deals. pic.twitter.com/tVMpTQXdv0

— Grizzly (@Gr1zzlyTrades) April 2, 2023 Conclusion

Rollbit's promotion tactics involving crypto influencers have raised important questions about the ethical and legal implications of influencer marketing in the cryptocurrency industry. As the space continues to grow and mature, it is crucial that companies and influencers alike maintain transparency and adhere to moral advertising to protect consumers and maintain the credibility of the industry.

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.

RLB Revamped Tokenomics 🔥

~1 month ago we publicly stated that our primary goal is to make RLB the cornerstone of Rollbit.

Today we will deliver on that promise through launching the most impactful and highly anticipated feature to date: Buy & Burn

From today onwards, revenue… pic.twitter.com/tRzUWwBq1a

— Lucky (@Lucky_Rollbit) August 8, 2023

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.

As of today, the market cap of cryptocurrencies stood at $1.13 trillion. Chart: TradingView.com 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

A deep-pocketed investor with a profitable trade history is once again taking a large long position on one casino-related digital asset, according to on-chain data.

Blockchain tracking firm Lookonchain says the “smart money” whale once again loaded up on crypto gambling platform Rollbit’s native token RLB at the start of September, after several profitable trades in the last couple of weeks.

[adinserter block="1"]

“A SmartMoney who was good at buying RLB at lows and selling at highs in August spent 1.25 million USDC to buy 7.1 million RLB again at $0.175 in September.”

Source: Lookonchain/X According to the firm, the entity has so far made $358,000 in profits trading RLB.

Past August trades include buying at $0.106 selling at $0.112, buying at $0.107 and selling at $0.145, and buying at $0.155 and selling at $0.172, according to Lookonchain.

Rollbit is trading for $0.17 at time of writing, up 5.2% in the last 24 hours.

Lookonchain also noticed a big purchase of Rocketpool (RPL), a liquid staking protocol that allows Ethereum holders to stake their coins without holding the 32 ETH normally required to become a validator.

After the massive purchase, the price of RPL bounced by more than 9%.

“Who pumps the price of RPL?

We noticed that a safe multisig wallet spent a total of 450 ETH ($735,000) to buy 32,820 RPL at $22.40 in the past eight hours.”

Source: Lookonchain/X Rocket Pool is worth $24.09 at time of writing, up 13.1% in the last 24 hours.

Lastly, the firm highlights one whale making big moves, and profits, by withdrawing crypto assets off of the world’s largest exchange Binance, including more than 11,000 Maker (MKR).

Maker is a decentralized finance (DeFi) protocol that uses smart contracts to power stablecoin-based loans.

“A smart whale has withdrawn 11,231 MKR ($12.3 million) from Binance in the past four hours.

Since August 23, the whale has withdrawn a large amount of UNFI (Unifi Protocol DAO), LPT (Livepeer), and TRB (Tellor Tributes) from Binance.

And the profit has exceeded $4 million according to the current price.”

Maker is trading for $1,116 at time of writing, down 0.6% in the last 24 hours.

Generated Image: Midjourney

Crypto casino and trading platform Rollbit clocked $38 million in revenues last month, and burned more than 1.2% of the circulating supply of its RLB tokens Monday, in line with long-term plans for a “buy and burn” program.

Token prices jumped as much as 8% before retreating to extend weekly gains to nearly 40%, data shows.

When burned, tokens are permanently removed from supply by being sent to an address that is not controlled by anyone.

“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),” co-founder @Lucky_Rollbit said in an X post.

The number of on-chain RLB hodlers breached 10,000 today after a strong month of revenue for Rollbit in September.

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)!

More… pic.twitter.com/DHgJpl4XBR

— Lucky (@Lucky_Rollbit) October 2, 2023 Such volumes seemingly correspond to just under 20,000 token holders, platform data shows. In the past 24 hours, the platform has clocked $851,000 in casino revenues, $338,000 in futures revenue and $141,000 in sports betting.

Rollbit allows users to trade tokens using 1000x leverage and offers sports betting and arcade games, as well as a tokenized jackpot. Crypto games and similar offerings have drawn users to the product, even in a bear market.

Earlier this year, Rollbit said 30% of all fees generated from crypto futures, 20% from sports betting and 10% from casino games would be used to purchase RLB on the open market and be burned.

Such a move could set perpetual buying pressure on RLB as long as platform usage continues to grow, as CoinDesk previously reported.

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