In an interesting development in the digital asset marketplace, Coco, the newly launched crypto casino, has reported a transaction volume of $36 million in the first 12 hours of its introduction. The Ethereum-based casino, inspired by the Milady NFT project, has quickly grabbed the attention of the blockchain community.
Native Token Performance and Listing
Alongside the successful launch, Coco’s native token, COCO, has experienced a surge in value, reaching 8 cents. This increase in value has brought the market capitalization of the token to approximately $8.8 million. Adding to the momentum, the popular crypto exchange Poloniex listed the token on its platform last Friday, further broadening its potential reach.
Coco Amidst Market Stagnation
With the wider crypto market facing stagnation and a noticeable lack of volatility, a certain segment of traders has been shifting focus towards on-chain betting platforms. Coco represents the latest entrant into this market, hoping to capitalize on the success of its predecessors, which included the hamster racing phenomenon last week.
Casino Offerings: A Blend of Traditional and Meme-Inspired Games
Coco’s casino stands out for its unique mix of offerings. It features a slot machine inspired by Milady NFTs and another focused on popular memecoins pepe (PEPE) and dogecoin (DOGE). These meme-inspired offerings sit alongside more traditional casino table games such as blackjack, baccarat, and casino hold’em, thus offering a range of options for players with diverse interests.
Provable Fairness: A Key Aspect of Coco’s Model
In terms of fairness, Coco’s casino operates under a “provably fair” system. Each game generates a seed and reveals its hash using the SHA256 algorithm. This seed, created before each game, ensures that the game results can’t be manipulated, thus providing assurance to players about the fairness of the outcome.
Other Crypto Casinos Also Seeing Traction
Coco’s debut has been marked by a significant amount of attention, although it is not the only crypto casino currently witnessing a rise in interest. Rollbit, a well-known name in the crypto casino sector, has also seen its native token (RLB) rise in value, from 2 cents to 7 cents, this month, indicating increased activity and interest in the platform.
The launch of platforms such as Coco and the subsequent attention they are receiving indicate an increased interest in the convergence of blockchain technology and gaming. As more traders turn their attention towards crypto casinos, it will be interesting to observe the impact on the wider crypto market and the potential changes these platforms could bring about.
