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A crypto casino that has seen its native asset skyrocket by over 400% in the last three months is shutting down its trading platform.
In a new thread on the social media platform X, crypto gambling platform Rollbit (RLB) says that it’s closing down its Degen EXchange trading platform due to “regulatory uncertainty and low adoption.”

“Due to regulatory uncertainty and low adoption, we’ve decided to sunset ‘Degen EXchange’ for now. 
Any holdings from Degen EXchange can be sold or withdrawn, but buying third-party assets has been disabled.
 RLB functionality is unaffected and RLB can be bought and sold as before.” 
Furthermore, Rollbit says that its sister site, Rollbot.com, is set to be decommissioned as well while adding that the closures will not change the company’s core products.
“Our sister site, Rollbot.com, is also being decommissioned. The site is now withdrawal-only, with limited functionality for existing accounts.
 It’s important to note that these are independent changes that we’re making to better position and safeguard our business. There are no changes to our core product, Rollbit.com, RLB or our NFT (non-fungible token) collections.” 
Last month, RLB saw a parabolic rise, outperforming virtually all other digital assets at the time with a rise of over 103% in just one week.
Since June, RLB has seen about an 8x increase in price. On June 23rd, the crypto asset was trading for $0.0201. At time of writing, it is valued at $0.110, a staggering jump of over 400%.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/FocusDesignx/Natalia Siiatovskaia
The post Crypto Casino Behind Token That’s Exploded Over 400% in Three Months To Shut Down Trading Platform appeared first on The Daily Hodl.


A crypto casino that has seen its native asset skyrocket by over 400% in the last three months is shutting down its trading platform. In a new thread on the social media platform X, crypto gambling platform Rollbit (RLB) says that it&#8217;s closing down its Degen EXchange trading platform due to...

dailyhodl.com

Crypto Casino Behind Token That’s Exploded Over 400% in Three Months To Shut Down Trading Platform

An under-the-radar Web3 gaming ecosystem altcoin has surged by more than 51% this week amid a new token migration proposal.
The native token of the Merit Circle (MC) Decentralized Autonomous Organization (DAO) is trading around $0.405 at time of writing, up from $0.267 one week ago.

The price surge materialized amid a discussion period on a new ecosystem proposal that, if passed, would convert the existing MC token into a new BEAM token on a 1:100 basis. Beam is the name of a new gaming-focused blockchain Merit Circle launched earlier this year.
The MC token currently serves as the native gas solution for Beam, but Merit Circle developers believe a token rebrand would better focus attention on the new network.
Explain the developers,
“We believe that converting to a more Beam-focused ecosystem will improve brand recognition and strength. We believe that Beam is competing with other gaming networks such as Immutable and Ronin. Educating those outside the DAO about this, through means such as written pieces and ongoing reminders about the changes in our ecosystem, will take significant time and effort. Instead, a token conversion allows us to strategically align both those within the DAO and outside the DAO, with our vision in an efficient manner.”
Despite the price gains this week, MC still remains more than 96.5% down from its all-time high of $11.70. The 160th-ranked crypto asset by market cap is up more than 4% in the past 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post Web3 Gaming Ecosystem Altcoin Rips by More Than 51% This Week Amid New Token Migration Proposal appeared first on The Daily Hodl.


An under-the-radar Web3 gaming ecosystem altcoin has surged by more than 51% this week amid a new token migration proposal. The native token of the Merit Circle (MC) Decentralized Autonomous Organization (DAO) is trading around $0.405 at time of writing, up from $0.267 one week ago. The price sur...

Web3 Gaming Ecosystem Altcoin Rips by More Than 51% This Week Amid New Token Migration Proposal


Optimism (OP) price wobbled below $1.30 territory after the team announced token issuance worth nearly $180 million. On-chain analysis provides insights into the possible Optimism price movements in the coming days. 



This week, the Optimism (OP) team announced an Airdrop of 19 million OP tokens to dedicated community participants and a private token sale of approximately 116 million OP tokens. Here’s how Optimism’s price could react to the $180 million token issuance. 



Network Demand Hit Record Numbers as the $180 Millon Token Issuance Sparked Community Interest



At a current market price of $1.32, the 19 million OP tokens airdropped on Monday are worth approximately $25 million. Meanwhile, the 116 million private token sale totals $153 million. This brings the value of the new tokens issued to $178 million.



On-chain data shows that Optimism attracted a record number of new user accounts this week as the community braced for the largesse. On September 15, a few days before the airdrop, Optimism recorded 90,604 new wallet addresses.  



On-chain data from Santiment shows the last time Optimism recorded up to 90,000 new users in 24 hours, its mainnet launch date on May 31, 2022.



Why Optimism (OP) Price Could Survive $180M Token Issuance Scare | Network Growth | Source: Santiment 



Network Growth tracks the number of new wallet addresses created daily on a blockchain network. This provides a rough estimate of users that joining the network. Typically, this uptick in Optimism’s user acquisition means that the underlying OP token is attracting fresh demand. 



The timing of the Network Growth spike implies that most of the new entrants joined in attempts to participate in the recent $25 million airdrop. If a significant portion of them stick around to perform economically viable transactions, it could have a lasting bullish impact on OP price.  



        
          
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Airdrop Beneficiaries Opting to HODL Rather Conduct an Instant Sell-Off 



Notably, the Optimism team clarified that beneficiaries of the private $178 million OP token sale are subjected to a two-year lockup period. But on a more positive note, 31,000 community participants who benefited from the $25 million OP Airdrop have opted to HODL as well.  



Since the Airdrop distribution on September 18, Optimism investors have moved millions of OP tokens off exchanges. As depicted in the IntoTheBlock chart below, OP Exchange Netflows have trended negatively for three consecutive trading days since September 18. 



Why Optimism (OP) Price Could Survive $180M Token Issuance Scare | Network Growth | Source: IntoTheBlock



Exchange Netflow evaluates the difference between total exchange deposits and withdrawals. Negative values of Exchange Netflow mean investors have withdrawn more tokens from exchanges into long-term self-custody than deposits made by traders looking to explore short-term profit-taking opportunities. 



The chart above illustrates that between the Airdrop on September 18 and September 22, the total amount of OP Exchange Reserves dropped by 5.2 million tokens. 



This implies that many Optimism Airdrop beneficiaries are looking to HODL rather than sell off instantly. Combined with the parabolic increase in Network Growth, these bullish indicators will likely see Optimism consolidate around the $1.30 territory in the coming days. 



        
          
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OP Price Prediction: Potential Rebound Toward $1.50



From an on-chain perspective, if Optimism Airdrop beneficiaries continue to HODL, their declining exchange supply could potentially propel OP above $1.50. 



The Global In/Out of Money Around Price (GIOM) data, which depicts the purchase price distribution of current Optimism holders, also validates this bullish thesis. It shows that if Optimism scales the initial resistance at $1.34, the bulls could ride the wave toward $1.50. 



As shown below, the 96,170 addresses bought 811,710 OP tokens at the average price of $1.48 is the major obstacle that could prevent the bulls from reclaiming $1.50. 



But if the new entrants stick around and the OP airdrop beneficiaries keep HOLDing, the bull rally could surpass $1.50.



Optimism (OP) Price Prediction | GIOM data, September 2023 | Source: IntoTheBlock



Conversely, the bears could seize control if the OP price drops below $1. However, as shown below, 94,400 addresses had bought 2.4 billion OP tokens at the minimum price of $1.04. Being the most influential cluster of Optimism holders, they will likely prevent the bearish downswing. 



But if the Optimism price fails to hold steady at that vital support level, it could drop below $1. 



        
          
            Read More: Best Upcoming Airdrops in 2023

          
        
      
    
The post Will Optimism (OP) Price Stay Afloat Amid $180M Token Issuance? appeared first on BeInCrypto.


On-chain analysis provides vital insights into how Optimism's (OP) price could react to the recent $180 million token issuance. 
The post Will Optimism (OP) Price Stay Afloat Amid $180M Token Issuance? appeared first on BeInCrypto.


beincrypto.com

Will Optimism (OP) Price Stay Afloat Amid $180M Token Issuance?

Widely followed pseudonymous trader Altcoin Sherpa is issuing a warning on three of the top ten crypto assets by market cap.
Altcoin Sherpa tells his 196,400 followers on the X social media platform that Binance Coin (BNB), the native token of Binance Smart Chain and a utility token on the Binance crypto exchange, is “hanging on for dear life.”

“I think it’s best to stay away from this one in the short term. I still think Binance is likely okay but it’s important to be cautious during these uncertain times.”
Source: Altcoin Sherpa/X
The analyst’s chart suggests that the fourth-largest crypto asset by market cap lacks upward momentum after failing to break through the resistance level at around the $330 price six times since May of 2022. Meanwhile, Altcoin Sherpa’s chart shows that BNB has broken below a two-month-long range, with the next support level over 10% below its current price.
BNB is trading for $210 at time of writing.
Turning to Bitcoin (BTC), Altcoin Sherpa says that he is bullish on the flagship in the near term.
“BTC: Still of the opinion this is going to go to $28,000 overall. Four-hour exponential moving averages all looking decent in the short term and not overextended; I think that we see another push-up.”
Source: Altcoin Sherpa/X
Bitcoin is trading at $26,717 at time of writing.
In the case of Ethereum (ETH), the trader says that the price performance of the second-largest crypto asset by market cap against Bitcoin is likely to determine what altcoins do next.
“ETH: The time is soon to buy altcoins for a run in my opinion… would like to see ETH/BTC come a bit lower and then look for a decent sized altcoin run by the end of this year.”
Source: Altcoin Sherpa/X
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney
The post Trader Warns One Blue-Chip Altcoin Is ‘Hanging On for Dear Life’, Updates Outlook on Bitcoin and Ethereum appeared first on The Daily Hodl.


Widely followed pseudonymous trader Altcoin Sherpa is issuing a warning on three of the top ten crypto assets by market cap. Altcoin Sherpa tells his 196,400 followers on the X social media platform that Binance Coin (BNB), the native token of Binance Smart Chain and a utility token on the Binanc...

Trader Warns One Blue-Chip Altcoin Is ‘Hanging On for Dear Life’, Updates Outlook on Bitcoin and Ethereum


Decentralized finance protocol Linear Finance has reported an attack that has resulted in liquidity being drained in its Linear USD (LUSD) token. It is the latest DeFi exploit in what has been a busy month for them so far. 



On September 21, Linear Finance reported that it was subject to an attack that resulted in the draining of all LUSD liquidity on both PancakeSwap and Ascendex.



DeFi Exploit Season



The attacker was able to mint an unlimited supply of LAAVE and subsequently traded the liquid asset to LUSD on the Linear Exchange. They then sold the tokens on PancakeSwap and Ascendex decentralized exchanges.



The team has halted all smart contracts and bridges on the protocol, it stated in a blog post. There have been no updates on the DeFi protocol’s X (Twitter) feed since the initial alert. 



The Linear Team said they have engaged an “industry-leading team to track the attacker(s) and bring them to justice.”




“Wallets known to have taken part in the exploit have been shared with all major exchanges and authorities. Restoring the protocol and un-doing the damage for our users will be our highest priority until the issue is fully resolved.”




There were no further details of the attack or the amount lost at the time of writing. 



        
          
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The protocol supports cross-chain liquid and synthetic asset trading. It has a collateralized debt pool that allows users to deposit collateral to mint Linear USD, which is used to trade synthetic assets on the Linear Exchange.



The protocol is governed by the LINA token, which is used for voting and staking rewards. Furthermore, Linear Finance offers two main tokens: LINA is used for governance and staking, and LUSD is a stablecoin pegged to the US dollar used to trade synthetic assets.



LUSD Collapse 



According to DeFiLlama, Linear Finance’s total value locked is around $8 million. Moreover, it doesn’t appear to have tanked as a result of this DeFi exploit. 



The same cannot be said about the protocol’s stablecoin. LUSD collapsed to zero when the stablecoin liquidity pools were drained.



LUSD/USD 24 hours. Source: BeInCrypto



Remarkably, the protocol’s LINA token appears to be unaffected by the DeFi exploit. LINA was trading flat on the day at $0.011 at the time of writing. 



The DeFi token has actually gained 3.5% over the past week but remains down 96% from its March 2021 peak of $0.298.
The post Linear Finance DeFi Exploit Collapses LUSD Stablecoin to Zero appeared first on BeInCrypto.


Decentralized finance protocol Linear Finance was attacked, resulting in the draining of all liquidity of its Linear USD (LUSD) token. The team has halted all smart contracts and bridges on the protocol.
The post Linear Finance DeFi Exploit Collapses LUSD Stablecoin to Zero appeared first on BeIn...

Bitget Token price	$0.454252
Low - High 24H	$0.45145 - $0.455201
Market cap	$636.10M
Volume 24H	$15.88M
All time high	$0.515471 -11.87% February 16th 2023
All time low	$0.01428 3081.37% June 25th 2020
Genesis date	N/A

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