Scorpion Casino (SCORP) and Solana (SOL) continue to garner attention this month. While Solana is one of the most trending tokens on CoinMarketCap, the Scorpion Casino presale has become a hot sensation in crypto and gambling communities.
Here is an analysis of both projects from an investor’s perspective.
Solana is Reversing the Losses
Solana is the world’s 10th largest cryptocurrency with a giant market cap of $8B. Despite losing 92.31% of its value since Nov. 07, 2021, the coin continues to stay in the limelight. More often than not, for the wrong reasons.
The FTX collapse that began in November 2022 was one of the key factors that built a black reputation for SOL. It was also one of the most-affected coins by the liquidation of the crypto exchange. Solana has long been associated with Sam Bankman-Fried, the founder of FTX and Alameda Research.
Sam Bankman-Fried invested in many Solana ecosystem projects during the 2020-2021 bull run.
Solana 1-year price action, CoinMarketCap
When FTX bankrupt in 2022, all coins connected to him were affected, Solana being one of them.
While long-term holders of SOL were hoping for a reversal of the trajectory this year, especially in the second half, the upward movement has yet to gain strength. The token gained 175% to reach a peak of $27.37 in July as a result of ecosystem expansion. That was not meant to last, however.
The recent crypto winter took a toll on Solana too.
Stepping into the second half of September, Solana has been gaining value as part of a much-needed price correction. But SOL’s journey ahead this year looks blurry at this point. FTX is to blame again.
FTX Gets Court Approval to Sell Solana
The Delaware Bankruptcy Court approved the crypto exchange to sell, stake, and hedge its cryptocurrency holdings. In addition to Bitcoin and Ethereum, this includes 55.75 million SOL that roughly translates to $1.062 billion.
The news has yet to reflect in the price movement of Solana. It could also be because of the unlock schedule of FTX’s holdings and derivatives market positioning, which hint at an upside potential. A substantial share of SOL tokens held by the bankrupt exchange are locked until 2027.
FTX/Alameda Research’s SOL holdings and unlock schedule. Source: Solana Foundation
Nevertheless, SOL remains a risky investment as FTX begins to sell off and panic grips the market. Given that FTX has a weekly cap of $100 million in selling off its assets, the coin will face both upward and downward volatility in the coming weeks, mitigating its allure from an investor’s perspective.
Unless you are prepared to keep track of the market to seize the mercurial movements of the coin, it is best to not expect significant returns from SOL this year.
Solana Investors are Shifting to Scorpion Casino
Scorpion Casino has emerged as a top alternative for Solana investors. The licensed online gambling and sports betting platform is one of the most promising projects to enter the market this year. It is called the next Rollbit, preparing for a 5000-7000% in a year.
Rollbit 1-year price action, CoinMarketCap
And rightly so. The vibrant online gambling and sports betting dashboard of Scorpion Casino features an extensive selection of 30,000 monthly betting options, a rich assortment of 210 casino games, and 160 live games to cater to diverse players.
Sports fans can use their expertise across more than 35 sports like football, tennis, American football, horse racing, basketball, golf, boxing, and MMA in the sports betting module — offering an experience that rivals even state-regulated platforms in growing markets like Delaware sports betting.
Scorpion’s recent partnership with Tenset as the Bronze Sponsor of the Tenset Infinity Program also established its foothold and credibility.
Tenset Infinity ♾ keeps expanding with 65th airdrop and Bronze sponsor @ScorpionCasino 🎁
New online crypto platform offering 35+ sports to bet on and 200+ casino games 🎲
Read: https://t.co/46TEMrJvDY
TG: https://t.co/sK5srvtdJL pic.twitter.com/ykqkyJ5yhk— TenseT.io (@TenseT_io) September 13, 2023
Staking and Burning Strengthens the Investment Potential
One of the key factors that fuelled the bull run of Rollbit (RLB) was the announcement of its burning mechanism. Burning slashes the supply of a token over time, nurturing its value. It also acts as a great tool against market volatility.
Interestingly, Scorpion Casino has implemented a more robust burning mechanism than its competitors. While most crypto staking systems are accused of solely relying on tokenomics, the Scorpion staking system is anchored in the platform revenue. Being underpinned by utility and real-world value, it doesn’t cripple the internal economy of SCORP.
Another factor that pronounces the shift to Scorpion Casino is the ongoing presale of SCORP tokens, which is past the $1M milestone already. Priced at $0.018/piece, the Scorpion Casino presale presents one of the best investment gateways of 2023, if the trajectory of Rollbit is any cue.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
