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$BETS, the core currency of an online casino BetSwirl has, in recent weeks, been the subject of dramatic price swings due to its low liquidity.
While it recorded a double-digit pump in the last 7 days, hovering between the $0.00029 and $0.00034 levels, $BETS is still down 10% over the past month.
Meanwhile, among all crypto asset classes, $BETS has one of the lowest trading volumes in history, indicating a lack of market interest and confidence in the project.
Is the $BETS token dead? Our expert will provide an answer to this question in this price prediction article.
What Is BetSwirl?
BetSwirl is a decentralized mobile casino and sports betting site that promises to offer an anonymous, fair, and streamlined gaming experience. Originally built on Polygon, BetSwirl offers a blockchain-powered platform for players to wager on interesting games like dice, coin toss, keno, and roulette.
BetSwirl also caters to crypto sports bettors with its sportsbook which covers a range of betting markets, including football, tennis, cricket, boxing, ice hockey, and baseball. Complementing its sports betting options is its esports segment featuring popular games such as Counter-Strike 2, League of Legends, Dota 2, and CS:GO. Beyond its sports and esports options, gamblers can also engage in political betting, especially elections on BetSwirl.
In terms of payments, BetSwirl is crypto-friendly as it supports a host of crypto assets like MATIC, BNB, AVX, ETH, and even its native token $BETS. $BETS, according to its whitepaper, will provide staking perks, play a governance role, and serve as holders’ ticket to accessing the platform’s NFT collections.
$BETS Price Analysis & Prediction
$BETS officially made its market debut on the QuickSwap exchange around March 2022, with $0.0002 as its listing price. Like other GambleFi tokens, $BETS took off to capitalize on the growing appetite for crypto gambling to gain traction. However, the token laid low and consistently traded down for almost a year due to the prolonged downtrend in the global crypto market at that time.
Don’t forget that 2022 was one of the toughest years for the crypto community as it battled a host of devastating events, including the crash of the Terra/Luna project and FTX. These unfortunate incidents caused a crisis of confidence in the overall stability of the industry.
Nonetheless, the broader market staged a comeback in late 2023 and early 2024 after the wild excitement around the approval of crypto exchange-traded funds triggered a big bounce in the price of Bitcoin. Following the significant upturn in the market, $BETS saw its first major price appreciation, soaring from $0.000034 to $0.0001.
Eventually, $BETS reached its all-time high of $0.001432 in mid-July 2024. However, being a token that’s characterized by minimal trading activity, $BETS couldn’t maintain this uptrend for too long, retracing almost 70% from its peak to bottom at $0.00030 at press time. Furthermore, the token’s market cap is currently below $2 million.
That being said, the issue of low liquidity or market cap associated with less popular tokens like $BETS is usually a double-edge sword. On one hand, these tokens have the potential to deliver staggering returns if they witness meteoric ascents. On the other hand, they can also be susceptible to heavy declines even after the initial surges in their prices, eroding investors’ capital within a blink.
All in all, $BETS’s inability to command a robust market cap, despite launching about two years ago, is enough indication that investors are not really showing huge interest in its gambling offerings. Recall that $BETS, being the native token of BetSwirl, serves as a medium through which players can wager on games and sports betting markets within the casino ecosystem.
While the market performance of $BETS also depends on macroeconomic conditions, its integration as a medium of payment on BetSwirl has been the major factor influencing its value. Since the casino has struggled to fully solidify its presence in the industry, it is no surprise that the demand for $BETS has drastically subsided.
However, for $BETS to improve its overall market atmosphere and bring more buyers to its ecosystem, its casino platform must unveil compelling and top-quality games that will appeal to a broader spectrum of players. The team also needs to bring in more use cases that can deliver better perks to early birds. Unless the aforementioned are met, BETS may not record the level of adoption that it needs to stabilize its value.
Meanwhile, as investors flee $BETS due to the uncertainty around its future, they are now rushing to buy $MEMEBET, a newer meme coin alternative with a novel unique value proposition, strong market position, and multiple earning mechanics.
More Promising Alternative To $BETS – Memebet
Developed on Ethereum, Memebet is the latest GambleFi meme coin that has been electrifying the wider crypto scene. This revolutionary project is not just a meme coin – it blends three of the most popular concepts in the crypto town – meme culture, online gambling, and rewards to gain traction. Described as the first online casino ecosystem for all degen gamblers, Memebet wants to lead the next era of decentralized gambling while creating a sense of unity among all meme coin communities.
Central to Memebet’s appeal is its multi-meme approach, providing an all-around gambling platform that directly caters to various tastes and preferences of different degen crypto gamblers. The innovative casino is the first online gambling platform in the crypto industry to support payments in meme coins alone. From Dogecoin to Pepe, Shiba Inu, Bonk, and its native token $MEMEBET, the Memebet casino ensures that every meme enthusiast can enjoy the thrill of crypto gambling while savoring lucrative winnings.
Meanwhile, the gambling opportunities offered by Memebet cut across various gaming segments including slots, live casino, and table games. Complementing this extensive casino department is its anonymous sportsbook, catering to seasoned bettors seeking to turn their sporting passion into profit.
More so, in line with its lofty ambition to deliver a seamless gambling experience and eliminate any form of barriers that may deter casino enthusiasts from enjoying unrestricted access to its offerings, Memebet has integrated Telegram. Through the aid of its Telegram pathway, Memebet will deliver anonymous gameplay, ensuring that users do not have to undergo any KYC procedures before immersing themselves in its bustling casino universe.
That said, holding or wagering on games with $MEMEBET unlocks a host of exclusive benefits such as high roller bonuses, access to VIP games, mega airdrop perks, special degen rewards, NFT loot boxes, and lots more. These multiple reward mechanics strengthen the appeal of the meme coin, enhance its market viability, and boost its profit potential.
Another key attraction for Memebet is that it is an audited project. While at its earliest stage, the project has already demonstrated its utmost commitment to the security of users and their funds by undergoing a rigorous smart contract audit with Coinsult, a leader in blockchain security. This feat adds an extra layer of trust and legitimacy to the project.
Also, being involved in the global sports arena, through its recent partnership with the Argentine Football Association could lay the groundwork for Memebet’s market expansion and success.
Meanwhile, despite launching its presale just a week ago, Memebet has already earned the backing of noted crypto analysts, including ClayBro. Considering several key factors such as its growing social media popularity, multi-meme approach, and excellent reward potential, the crypto YouTuber says Memebet will definitely make a lasting impact in the broader crypto landscape.
At the time of writing, the project has gathered close to $300k in presale, underscoring investors’ growing belief in its explosive potential. For those interested, one $MEMEBET is still exchanging hands for a discounted rate of $0.0253 and can be swapped 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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