Is there a way to know what caused the spike? Was it in sports-betting or casino wagers? I believe it's from sports-betting, the spike might be seasonal. Casino wagers might have more permanence.
We will never know from the spike and they are the ones with the stats. But you're right, I think it comes from sports betting, @noah said the amount of sports betting is small but it changes when a big game comes along where the bettors will bet even bigger so maybe the spike is the result.
[1].
https://twitter.com/noahdummett/status/1785526493675913682I believe if you're a speculator/trader, it might be consistently profitable to accumulate SHFL days or weeks before big games like the NBA Finals, then start taking profit when the casino starts buying back larger amount of the tokens for burning?
If the trade actually is profitable, and the public notices that it's profitable, then more and more people will start accumulating the token in anticipation causing FOMO.
But would it be causing the spike though? Wouldn't people rather accumulate by just buying the cheap tokens now rather then gambling hard? As it's probably more cost effective if only reason is to speculate with the price. Or has someone done the math on how much $ worth you need to gamble in order to get one $shfl?
To be honest, I don't know. Please don't take it as financial advise. You should remember that I'm the stupid one in the forum.
But with every big event in sports, it might possibly also increase wagers in Shuffle, and therefore also increase buy back and burn, which therefore might increase the token's price.
And there might be some weird algorithm that changes rewards depending how you are gambling. That is rewarding more the non "miners". Like getting more by playing certain games, slots or sports. For example in stake you get x3 boost on vip leveling with sports betting. I would expect that they would have revealed if they had something like that, but who knows.
¯\_(ツ)_/¯
Anyway, i noticed that they have now double VIP level-up rewards when wagering in SHFL. I thought this would cause huge burn rate, as i thought that all lost tokens are being burned, but turns out they are burning only 30% of lost tokens. I guess it's something, but i am little disappointed on that.
Burn is burn, and that makes an asset more scarce. It is definitely something.