The newly-launched crypto casino Coco has made a splashy debut, achieving a staggering transaction volume of $36 million within just 12 hours of its launch. The platform’s native token, COCO, has also experienced a remarkable surge, gaining more than 1,200% since its listing earlier in the day.

Crypto Traders Turn to Gambling Tokens As Market Stagnates

As the crypto market struggles with stagnant growth and limited volatility, traders eagerly seek new and exciting opportunities. In recent weeks, on-chain betting platforms have gained significant attention.

Capitalizing on this growing interest, Coco’s casino has rolled out on the Ethereum blockchain. The platform offers a slot machine inspired by Milady NFTs and another machine dedicated to the popular meme coins, pepe (PEPE), and dogecoin (DOGE), according to its website.

Aside from competitors, Coco prides itself on being a “provably fair” casino. Each game generates a seed and reveals its hash using the highly secure SHA256 algorithm. This seed is generated before each game, ensuring every transaction’s integrity and preventing tampering.

Coco has gained notable traction since its launch. According to etherscan data, the crypto casino has hit $36 million in transaction volume in the first 12 hours after its debut.

The platform’s native token, COCO, has also enjoyed impressive gains, skyrocketing to 8 cents from its initial listing price of less than $0.007 in hours. As a result, Coco now boasts a remarkable market capitalization of $8.8 million.

Notably, Coco is not the only crypto casino that has made waves across the industry over the past few days. Blockchain-based platform Hamsters.gg, which puts actual hamsters to races, has attracted the attention of crypto traders.

“The hamsters are real and the bets are real. The hamsters are running on a track, and the first hamster to cross the finish line wins,” the platform’s website explains. Bets could be placed via the US dollar-pegged Binance USD (BUSD) by depositing Ethereum or BNB Chain tokens.

Crypto Gambling Becomes Key Trend in Online Casinos

As cryptocurrencies like Bitcoin and Ethereum gain popularity, more and more online casinos are incorporating these digital currencies into their platforms. This has made crypto gambling a key trend in online gaming, providing players with a secure and anonymous way to bet and win.

One of the most significant advantages of crypto gambling is enhanced security and privacy. Traditional online casinos require players to provide personal and financial information, which can be vulnerable to hacking and identity theft.

With crypto gambling, however, players can enjoy an utterly anonymous gaming experience. Transactions are made using blockchain technology, ensuring that all bets and wins are transparent and tamper-proof.

Furthermore, crypto gambling eliminates the need for third-party intermediaries, allowing quick and hassle-free transactions. Traditional online casinos often have lengthy withdrawal processes that take several days or weeks to complete. With crypto gambling, players can access their funds almost instantly.

Another critical benefit of crypto gambling is the global accessibility it provides. Cryptocurrencies can be used and traded worldwide, allowing players from different countries to participate in the same online casinos. This opens up a whole new world of opportunities and competition, enhancing the overall gaming experience for players.

This article originally appeared on The Tokenist

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