Join Our Telegram channel to stay up to date on breaking news coverage
When the updated version of its token was launched yesterday on the Lbank centralized exchange (CEX), LBLOCK was one of the top gainers on the market. According to various publications, its price experienced an approximate 10% increase.
The price has continued to rise, reaching $0.001546 today, which is an increase in recent times. The rise in trade volume is something that will be encouraging to bulls.
Since, in contrast to its earlier iteration, the ERC20 V2 version of LBLOCK does not impose a tax on transaction fees, it was developed expressly with the intention of being listed on CEXs. It appears to be successful in luring customers to purchase the product.
The 57,000 people who now possess the LBLOCK token will most likely be incentivized to trade it on the LBank platform in Hong Kong due to the $255 promotional bonus incentives that can be earned in USDT. LBank is a digital asset exchange situated in Hong Kong.
LBank has, over the course of the past several months, been listing a wide range of enterprises operating in the cryptocurrency field. The exchange was a supporter of the Lucky Block project from the very beginning, and it has provided comprehensive assistance during the transition from V1 to V2 LBLOCK.
LBLOCK Price Prediction: Will There Be A Recovery?
LuckyBlock started out as a jackpot prize draw, but it has since transitioned into what it calls a “NFT contests platform.” By acquiring an NFT, users are given the opportunity to take part in a variety of competitions, each of which offers a unique reward.
When a person has an NFT, they not only have the ability to take part in certain tournaments, but they also have the ability to mine LBLOCK tokens in order to store them. This is a significant benefit.
Some NFT initiatives, particularly 10k collections that are attempting to bring benefit to their communities, have found this to be troublesome.
This is due to the fact that OpenSea has, as of the latter half of 2021 and the beginning of 2022 so far, begun the process of delisting collections that let NFT holders to farm other ERC20/BEP20 tokens. OpenSea considers these collections to be securities (DAO Turtles in October, for example).
Although LBLOCK trades on an NFT platform known as NFT Launchpad rather than on OpenSea, they have not seen any difficulties in this regard.
Since the price of LBLOCK is inextricably linked to the accomplishment of the project as a whole, it serves as a social “temperature gauge” for determining how well the LuckyBlock platform is doing overall.
Competition a Threat to Lucky Block NFT?
The project is undergoing a significant adjustment in its overall strategic orientation in preparation for the imminent debut of Lucky Block’s NFT contests. The price should be supported by this, as well as by the fact that there is a pipeline of CEX listings now that version 2 has been released.
There are many other criteria that one may assess in order to determine the right value that the token ought to have given the circumstances. While some experts feel that the value of a company’s treasury and cash flows ought to correlate to the fully diluted market cap of a token, others would argue that the TVL of the accompanying decentralized applications is a more accurate indicator.
If Lucky Block is successful in catching the interest of customers outside of the realm of cryptocurrency through its NFT tournaments, then the company’s future cash flows are going to seem quite promising.
It has a very high chance of accomplishing the goal that it has set for itself, judging by the first prizes that will be offered, which include a mansion, a VIP package for the FIFA World Cup, and one million dollars’ worth of bitcoin. These prizes will be offered.
Where Will The Price Of LBLOCK Go From Here?
Although it is true that the value of one LBLOCK token has dropped from its all-time high of $0.01 to its current price of $0.001546 over the course of the past few months, which represents a decline of approximately 90%, it is important to note that it is hardly unique among drawdowns of this magnitude. When compared to the standard for the industry, a fall of this kind in the value of a project with a medium-sized market cap like LBLOCK is not at all exceptional in any way.
ETH has rebounded about one hundred percent from its lows, and the majority of other cryptocurrencies are making double or triple-digit gains. It is now highly probable that the market as a whole has reached its lowest point.
Since the token has only been traded on decentralized exchanges on Binance Smart Chain up until this point, there is no doubt that this listing on LBank will assist in LBLOCK gaining more exposure. One of the main reasons for this is that up until this point, the token has been the only cryptocurrency to be traded exclusively on Binance Smart Chain.
As a result of the introduction of the new trading pair on LBank, which is a centralized exchange, more users will be able to trade the token directly against ETH, which will result in a large increase in the available liquidity.
The prospect of LBLOCK becoming listed on other exchanges in the near future is what will most likely keep LBLOCK in the minds of many traders. On August 1, it was listed for the first time on the MEXC exchange, which is the 24th largest stock market in terms of daily volume worldwide.
LBLOCK is supported by a sizable community that continually drives new upgrades and innovations, so if the market continues its rebound, things might continue to look quite bright for LBLOCK.
But regardless of the size of the overall market, investors who keep tokens for longer periods of time will find motivation in the ongoing product development as well as the recent upgrade to the token, which exposes the ecosystem to the world of Ethereum.
In the following weeks, a software bridge that will allow users to transition between the two versions of the currency will become available. This bridge is now undergoing penetration testing to ensure that it is as safe as it possibly can be.
LBLOCK has a fully diluted market valuation that is somewhere around $100 million, which is plenty of space for growth, especially when one considers that its ATH was 10 times that amount.
Read More
Join Our Telegram channel to stay up to date on breaking news coverage
