When the updated version of its token was launched yesterday on the centralized exchange Lbank (CEX), LBLOCK was one of the top gainers in the market. According to various publications, its price has seen an increase of around 10%.
The price continued to rise, reaching $0.001546 today, which is an increase lately. Increasing trading volume is something that will encourage bulls.
Since, unlike its previous version, the ERC20 V2 version of LBLOCK does not impose a tax on transaction fees, it was developed expressly with the intention of listing on the CEX. It seems to be successful in enticing customers to buy the product.
The 57,000 people who now own the LBLOCK token will most likely be incentivized to trade it on the LBank platform in Hong Kong due to the promotional incentives of $255 that can be earned in USDT. LBank is a digital asset exchange located in Hong Kong.
Over the past few months, LBank has listed a wide range of companies operating in the cryptocurrency space. The exchange supported the Lucky Block project from the start and provided full assistance during the transition from V1 to V2 LBLOCK.
LBLOCK Price Prediction: Will There Be A Recovery?
LuckyBlock started out as a jackpot sweepstakes, but has since evolved into what it calls an “NFT contest platform.” By acquiring an NFT, users have the opportunity to participate in a variety of competitions, each offering a unique reward.
When a person has an NFT, they not only have the ability to participate in certain tournaments, but they also have the ability to mine LBLOCK tokens in order to store them. This is a significant advantage.
Some NFT initiatives, especially 10k collections trying to bring benefits to their communities, have found this troublesome.
This is due to the fact that OpenSea has, since the second half of 2021 and the beginning of 2022 until now, started the process of delisting collections that allow NFT holders to farm other ERC20/BEP20 tokens. OpenSea considers these collections as titles (DAO Turtles in October for example).
Although LBLOCK trades on an NFT platform known as NFT Launchpad rather than OpenSea, they have not encountered any difficulties in this regard.
Since the price of LBLOCK is inextricably linked to the achievement of the project as a whole, it serves as a social “temperature gauge” to determine the overall performance of the LuckyBlock platform.
Is competition a threat to Lucky Block NFT?
The project is undergoing a significant adjustment in its overall strategic direction in view of the imminent launch of Lucky Block’s NFT contests. The price should be supported by this, as well as the fact that there is a pipeline of CEX listings now that version 2 has been released.
There are many other criteria that one can evaluate in order to determine the correct value that the token should have had given the circumstances. While some experts believe that the value of a company’s cash and cash flow should correlate to a token’s fully diluted market capitalization, others would argue that the TVL of accompanying decentralized applications is a more accurate indicator.
If Lucky Block is successful in capturing customer interest outside of the cryptocurrency realm through its NFT tournaments, then the company’s future cash flow is going to look quite promising.
He has a very high chance of achieving the goal he has set for himself, judging by the first prizes that will be offered, which include a mansion, a FIFA World Cup VIP package and a million of bitcoin dollars. These prizes will be offered.
Where will the price of LBLOCK go from here?
While it is true that the value of an LBLOCK token has fallen from its all-time high of $0.01 to its current price of $0.001546 over the past few months, which is a decline of around 90%, it is important to note that it is hardly unique among levies of this magnitude. Compared to the industry norm, such a drop in the value of a mid-market cap project like LBLOCK is nothing out of the ordinary.
ETH has rebounded around one hundred percent from its lows, and the majority of other cryptocurrencies are seeing double- or triple-digit gains. It is now highly likely that the market as a whole has bottomed out.
Since the token has only been traded on decentralized exchanges on Binance Smart Chain so far, there is no doubt that this listing on LBank will help LBLOCK gain more exposure. One of the main reasons for this is that until now the token was the only cryptocurrency to be traded exclusively on Binance Smart Chain.
Following 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 lead to a large increase in available liquidity.
The prospect of LBLOCK being 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 stock exchange, which is the 24th largest stock market by daily volume in the world.
LBLOCK is backed by a sizable community that continually generates new upgrades and innovations, so if the market continues its rebound, things might still look pretty bright for LBLOCK.
But regardless of the size of the overall market, investors who hold tokens for longer periods of time will find motivation in the ongoing product development as well as the recent token upgrade, which exposes the ecosystem to the world of ‘Ethereum.
In the coming weeks, a software bridge that will allow users to switch between versions of the currency will be available. This bridge is currently undergoing penetration testing to ensure it is as secure as possible.
LBLOCK has a fully diluted market valuation that sits around $100 million, which leaves plenty of room for growth, especially considering that its ATH was 10 times that amount.
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Lucky Block – Our Recommended Crypto of 2022
- New Crypto Gaming Platform
- Featured in Forbes, Nasdaq.com, Yahoo Finance
- LBLOCK token up to 1000%+ from presale
- Listed on Pancakeswap, LBank
- Free tickets for jackpot draws for holders
- Passive Income Rewards – Play to Earn Utility
- 10,000 NFTs Hit in 2022 – Now on NFTLaunchpad.com
- $1 Million NFT Jackpot in May 2022
- Decentralized Global Competitions