Trading volumes surge for rollbit tokens
Trading volumes for rollbit tokens have experienced a significant increase of 500% following the implementation of a new token buy-and-burn plan. This surge in trading activity is driven by the growing popularity of alternative tokens such as XRP, solana (SOL), rollbit (RLB), and unibot (UNIBOT).
Main breakdown of key points:
- XRP and solana (SOL) tokens lead gains among crypto majors
- Rollbit (RLB) and unibot (UNIBOT) tokens drive most gains with their respective catalysts
- Rollbit plans to buy and burn its tokens using platform revenues daily
- Telegram bot Unibot rises on increasing social sentiment for its tokens
- Reddit-based token moon (MOON) sees a second day of growth with a 14% rise
According to FxPro senior market analyst Alex Kuptsikevich, the recent growth in the crypto market can be attributed to investors seeking to protect their capital from concerns about banks. Moody’s downgrade of ten mid-sized US banks and an unexpected Italian windfall tax have raised new worries. Kuptsikevich suggests that investors are turning to cryptocurrencies as a means of preserving large amounts of capital, away from the banks and their limited deposit guarantees. Technically, the market has made its second failed attempt this month to surpass the 50-day average. The ability to consolidate above $30,000 will be a significant milestone and signal the end of the downtrend in the last four weeks.
Hot Take:
The surge in trading volumes for rollbit tokens demonstrates the growing interest in alternative cryptocurrencies. As concerns about banks continue to arise, investors are turning to crypto as a means of preserving their capital. The success of rollbit’s token buy-and-burn plan and the rising social sentiment for Unibot tokens highlight the potential for growth in the crypto market. If the market can consolidate above $30,000, it could mark a turning point and break the recent downtrend.
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