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The Blockchain Bets ($BCB) price crashed 19% over the past 30 days to bottom at $0.0052.
Since attaining its current all-time high (ATH) of $0.05985 last December, delivering almost 2000% returns to earliest investors, $BCB has been underperforming on the charts, retracing approximately 91% from its peak price.
Even amid the most recent market rally that pushed the value of Bitcoin above the $63k mark, the Blockchain Bets price has yet to record any solid rebound.
Can $BCB still stage a comeback from its downturn? This article analyzes the possible price trajectory of $BCB, taking into account its core fundamentals, technical indicators, and the broader situations in the global crypto market.
What Is Blockchain Bets?
Built on Ethereum, Blockchain Bets is a decentralized gambling platform that seeks to provide a safe, secure, and transparent gaming environment for players. It facilitates a gaming library that caters to diverse user preferences and tastes.
According to its whitepaper, the Blockchain Bets ecosystem is home to approximately 4000 slot, table, and arcade games from reputable software providers.
The platform’s vast casino segment is also complemented by its anonymous sportsbook which supports popular betting markets like basketball, soccer, football, and more. To improve bettors’ chances of winning big sums, Blockchain Bets usually provides statistics and odds on all the sports and events covered.
Another major aspect of Blockchain Bets is its multi-crypto payment system. Apart from its native token $BCB, the casino also supports payments in popular assets like ETH, ARB, USDT, PEPE, YDF, and DOGE amongst others. Being the core currency of Blockchain Bets, those who hold and stake $BCB will benefit from all the profits generated by the gambling ecosystem.
According to its website, 398 million $BCB has already been staked, representing 39.8% of its 1 billion total supply. Staking profits are paid out in $BCB, $ETH, and $USDT.
Blockchain Bets Price Forecast
Thanks to its GambleFi-focused perks spanning a 100% rev-share initiative, highly competitive betting odds, better rake, and many more, BCB got off to a good start upon launch, attracting the right audience on the right scale.
BCB was born from World Cup Inu ($WCI), a fully decentralized gambling ecosystem that delivered mind-boggling betting odds for the 2022 FIFA World Cup in Qatar. WCI quickly went viral, surpassing the $35 million market valuation within the first few weeks of its launch.
Inspired by WCI’s solid market performance, BCB took off to take the concept of online gambling to the next level. Within the first month of its relaunch, the project integrated a range of services, including Sportsbook v1 for general users, Sportsbook v2 for advanced users, over 4000 casino and arcade games from top software providers, and many more.
Meanwhile, those who initially held WCI were provided an avenue to swap their tokens to BCB so that they could hold a stake in the online gaming club and receive a share of the profits generated. This particular attribute of the token allowed it to lure even more investors to its ecosystem.
BCB officially opened for DEX trading on Uniswap around January 2023, with $0.0034 as its starting price. Within the first few weeks of its DEX debut, the Blockchain Bets gambling platform generated a huge level of engagement, which in turn, boosted the value of BCB. As the wheel of engagement kept revolving, more people showed interest in buying BCB.
In fact, due to its popularity at that time, major CEX platforms like MEXC and BitMart noticed and listed it quickly. Within two months of its launch, BCB jumped up by more than 500% to briefly touch the $0.02 level. While it saw a sharp retracement in its price, trading below the $0.006 range throughout the second and third quarters of 2023, BCB bounced back after the excitement around the Bitcoin ETF approval triggered a significant uptrend in the crypto town.
The market-wide rally spurred noticeable gains on almost all asset classes, including BCB. Amid the lively market cycle, the token climbed 900% to set a new peak price of $0.05975 on December 15, 2023. Apart from the market gains, early birds who staked their tokens, according to the platform, also saw cumulative returns of over $3 million. These multiple earning mechanics alongside its decent price performance at that time, got investors and analysts speculating that the GambleFi token could be the next Rollbit.
Nonetheless, at a time when investors felt BCB would deliver more returns, the token succumbed to a long-term downtrend with no substantial bounces. According to Coincodex’s data, the token’s 50-day SMA (Simple Moving Average) is approximately $0.0055. With the token still stuck below this trendline, its RSI (Relative Strength Index) has dropped well below 40, suggesting a tremendous wave in sales. Furthermore, the token’s current market cap is below $5 million, indicating fewer investors and less trading activity.
In the event that sellers exert more pressure and gain full control due to diminishing buying strength, BCB could dip further to test the 0.004 support.
That being said, for BCB to regain its initial momentum, there must be some developments, integrations, or partnerships within its ecosystem that can potentially add compelling value to players and keep its community active.
While the general outlook of the global crypto market and interest in GambleFi tokens are expected to play a huge role, BCB may not witness heavy buying pressure unless the developers introduce more valuable updates and utility elements that will appeal to a wide investor base. Otherwise, market analysts think BCB’s downside potential appears greater than its upside potential.
Above all, considering the overall market performance of BCB, it is always a better investment decision to get in early on a project. Those who invested in BCB at its earliest stage and took their ROI prior to its prolonged downtrend netted noticeable gains.
As such, rather than buying tokens like BCB that have lost most of their bullish strengths, savvy investors may be better off shifting their attention to newer alternatives such as MEMEBET, which experts believe might be the next GambleFi token to explode.
Newer Alternative To $BCB – $MEMEBET
$MEMEBET is a brand-new meme coin that has positioned itself on the watchlist of degen investors looking to multiply their returns this year. Renowned as the authentic casino for meme degens, $MEMEBET is one of the first, if not the first gambling platform that allows players to wager on their favorite games directly with meme coins.
Powered by its comprehensive Memebet casino ecosystem, $MEMEBET is pioneering a new era of crypto gambling through its multi-meme approach, bringing different meme coin communities together to enjoy the thrill of online casino and sports betting possibilities under a single roof. At the heart of Memebet’s appeal is its extensive gambling options, catering to all categories of casino and sports betting enthusiasts.
Being active on Telegram, a popular social networking app with nearly 1 billion users, means players will enjoy unlimited access to all the high-rewarding gambling opportunities embedded in the casino ecosystem without having to worry about any rigorous 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 bustling degen community as its primary target, Memebet will support deposits in major meme coins like Pepe, Dogecoin, Shiba Inu, Bonk, and several others. While wagering with the aforementioned meme coins guarantees unparalleled gameplay, those who wager with $MEMEBET will even be able to unlock multiple incentives, spanning 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 vulnerabilities recorded in its code. This standout feat, along with its recognition as a regional ambassador of the Argentine Football Association, creates a positive market sentiment for $MEMEBET, allowing it to draw the attention of the wider crypto community.
Despite being a fresh launch, $MEMEBET is quickly becoming a hot crypto topic, raising upwards of $300k at press time. According to Cryptonews, a leading crypto news channel with over 10k subscribers, MEMEBET’s GambleFi utility, coupled with its meme coin aesthetics and multiple reward techniques makes it a good buy in 2024.
Those interested in buying $MEMEBET at a discounted rate and benefiting from its numerous upsides can join its ongoing presale. Priced at $0.0253, $MEMEBET can be exchanged with BNB, ETH, MATIC, USDT, or debit/credit cards.
To stay updated with the project, follow Memebet on Twitter or join its Telegram channel.
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