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The price of Blockchain Bets ($BCB) has fallen 19% over the past 30 days to $0.0052.
Since hitting its current all-time high (ATH) of $0.05985 last December, delivering a nearly 2,000% return to early investors, BCB has underperformed on the charts, falling around 91% from its all-time high price.
Even amid the most recent stock market rally that pushed Bitcoin’s value above the $63,000 mark, Blockchain Bets’ price has yet to register a solid rebound.
Can BCB still bounce back from its decline? This article analyzes the possible trajectory of BCB price, taking into account its fundamentals, technical indicators, and the broader situation of the global cryptocurrency market.
What is blockchain betting?
Built on Ethereum, Blockchain Bets is a decentralized gaming platform that seeks to provide a safe, secure, and transparent gaming environment for players. It offers a library of games that caters to users’ diverse preferences and tastes.
According to its whitepaper, the Blockchain Bets ecosystem is home to approximately 4,000 slots, table games, and arcade games from reputable software providers.
The platform’s extensive casino segment is also complemented by its anonymous sportsbook that supports popular betting markets like basketball, soccer, American football, etc. To improve punters’ chances of winning big, Blockchain Bets usually provides statistics and odds on all sports and events covered.
Another major aspect of Blockchain Bets is its multi-crypto payment system. Aside from its native token $BCB, the casino also supports payments in popular assets such as ETH, ARB, USDT, PEPE, YDF, and DOGE, among others. Being the primary currency of Blockchain Bets, those who hold and stake $BCB will benefit from all the profits generated by the gaming ecosystem.
According to its website, $398 million BCB has already been staked, representing 39.8% of its total supply of $1 billion. Staking profits are paid out in $BCB, $ETH, and $USDT.
Blockchain Betting Price Predictions
With its GambleFi-focused benefits including a 100% revenue share initiative, highly competitive betting odds, better rake, and more, BCB has had a great start right from the start, attracting the right audience at the right scale.
BCB was born out of World Cup Inu ($WCI), a fully decentralized gaming ecosystem that provided mind-blowing betting odds for the 2022 FIFA World Cup in Qatar. WCI quickly went viral, surpassing a market valuation of $35 million within the first few weeks of its launch.
Inspired by WCI’s strong performance in the market, BCB took flight to take the concept of online gaming to the next level. Within the first month of its launch, the project integrated a range of services including Sportsbook v1 for general users, Sportsbook v2 for advanced users, over 4,000 casino and arcade games from top software providers, and many more.
Meanwhile, those who initially held WCI were given the opportunity to exchange their tokens for BCB in order to own a stake in the online gaming club and receive a share of the profits generated. This particular feature of the token allowed it to attract even more investors to its ecosystem.
BCB officially opened for DEX trading on Uniswap around January 2023, with a starting price of $0.0034. In the first few weeks of its DEX debut, the Blockchain Bets gaming platform generated a huge level of engagement, which in turn increased the value of BCB. As the wheel of engagement continued to turn, more and more people expressed interest in purchasing BCB.
In fact, due to its popularity at the time, major CEX platforms like MEXC and BitMart took notice and quickly listed it. Within two months of its launch, BCB surged over 500% to briefly touch the $0.02 level. Although its price saw a sharp pullback, trading below the $0.006 range during the second and third quarters of 2023, BCB rebounded after the excitement around the Bitcoin ETF approval sparked a significant bullish trend in the crypto city.
The market-wide rally has driven notable gains across nearly every asset class, including BCB. Amid the lively market cycle, the token surged 900% to set a new all-time high price of $0.05975 on December 15, 2023. In addition to the market gains, early investors who staked their tokens, according to the platform, have also seen cumulative returns of over $3 million. These multiple gain mechanisms, coupled with its decent price performance at the time, have led investors and analysts to speculate that the GambleFi token could be the next Rollbit.
However, at a time when investors thought BCB would offer more returns, the token succumbed to a long-term downtrend without any substantial rebounds. According to data from Coincodex, the token’s 50-day simple moving average (SMA) is around $0.0055. With the token still stuck below this trendline, its RSI (Relative Strength Index) has fallen well below 40, suggesting a massive selloff. Additionally, the token’s current market cap is below $5 million, indicating fewer investors and less trading activity.
In case sellers exert more pressure and take full control due to diminishing buying strength, BCB could decline further to test the 0.004 support.
That being said, for BCB to regain its initial momentum, there needs to be developments, integrations or partnerships within its ecosystem that can potentially add compelling value to players and keep its community active.
While the overall outlook for the global cryptocurrency market and interest in GambleFi tokens are expected to play a major role, BCB is unlikely to see much buying pressure unless the developers introduce more valuable updates and utility elements that will attract a broad investor base. Otherwise, market analysts believe that BCB’s downside potential appears to be greater than its upside potential.
Above all, considering BCB’s overall market performance, it is always wiser to invest early in a project. Those who invested in BCB in its early days and realized their return on investment before its prolonged downtrend have made notable gains.
So, rather than buying tokens like BCB that have lost most of their bullish assets, savvy investors would be better off turning their attention to newer alternatives like MEMEBET, which experts believe could be the next GambleFi token to explode.
New Alternative to $BCB – $MEMEBET
$MEMEBET is a brand new meme coin that has positioned itself on the watchlist of degenerate investors looking to multiply their returns this year. Known as the authentic casino for meme degenerates, $MEMEBET is one of the first, if not the first, gaming platform that allows players to bet on their favorite games directly with meme coins.
Building on its comprehensive Memebet casino ecosystem, $MEMEBET is ushering in a new era of crypto gaming with its multi-meme approach, bringing together different meme coin communities to enjoy the thrill of online casino and sports betting opportunities under one roof. At the heart of Memebet’s appeal are its many gaming options, catering to all categories of casino and sports betting enthusiasts.
Being active on Telegram, a popular social networking app with nearly a billion users, means that players will enjoy unlimited access to all the highly rewarding gaming opportunities built into the casino’s ecosystem without having to worry about stringent KYC requirements. Memebet’s presence on Telegram not only enhances its accessibility but also adds an extra layer of flexibility to the ecosystem.
Meanwhile, with the lively degenerate community as its primary target, Memebet will support deposits in major meme coins like Pepe, Dogecoin, Shiba Inu, Bonk, and several others. While betting with the aforementioned meme coins guarantees unparalleled gameplay, those who bet with $MEMEBET will even be able to unlock multiple incentives, ranging from regular P2E airdrops, special NFT lootboxes, early access to new features and games, and VIP bonuses for high rollers.
In terms of security, Memebet has been fully audited by Coinsult, with no security flaws recorded in its code. This remarkable feat, along with its recognition as a regional ambassador of the Argentine Football Federation, creates a positive market sentiment for $MEMEBET, allowing it to gain attention from the broader crypto community.
Despite being a recent launch, $MEMEBET is quickly becoming a hot topic of discussion in cryptocurrency, raising over $300,000 at press time. According to Cryptonews, a leading crypto news channel with over 10,000 subscribers, MEMEBET’s GambleFi utility, coupled with its meme coin aesthetic and multiple reward techniques, makes it a solid buy in 2024.
Those interested in purchasing $MEMEBET at a discounted rate and enjoying its many benefits can participate in its ongoing pre-sale. Priced at $0.0253, $MEMEBET can be exchanged for BNB, ETH, MATIC, USDT, or debit/credit cards.
To stay up to date with the project, follow Memebet on Twitter or join its Telegram channel.
*Cryptonomist did not write the article or test the platform.
