The Lucky Block ERC20 token is trading on LBank as of Wednesday 27 July, and the impact on price was immediately positive.
In fact the price leapt to $0.0013 when trading in the newly upgraded token began, as LBLOCK buyers snatched up the token after a brief suspension while the migration process was completed.
Market watchers expect the price of the coin to see upward pressure as a result of the increased liquidity flows into the LBLOCK/USDT trading pair now that the project has an Ethereum token.
Previously, LBLOCK was confined to running on the BEP20 standard of the Binance Smart Chain. The BEP20 token trades on decentralised exchanges and comes with a transaction sales tax of 12%.
Although intended as a mechanism to fund its prize pool and to discourage selling, it meant that the original V1 token was not likely to attract liquidity from speculative traders.
Unlike the BEP20 token, owners of the Ethereum version do not receive rewards for holding it and voting for the charities to be recipients of a portion of the weekly jackpot prize.
A bridge to facilitate movement between the two versions of the token will be released in coming weeks – the bridge is currently undergoing penetration testing to make sure that its security is robust.
Buyers of the improved version of the LBLOCK token who sign up on LBank will receive a $255 bonus, a generous offer that is likely to encourage inflows.
Your capital is at risk.
MEXC exchange listing is up next on 1 August
Now, with a non-tax token optimised for day traders, the Lucky Block team is again lining up listings on centralised exchanges.
On 1 August the LBLOCK lists on the MEXC exchange, which attracts daily volumes of around $700 million and is the 23rd largest crypto trading venue globally.
More listings are apparently in the pipeline, so the price is expected to see the beneficial effect of this tailwind over the coming days and weeks.
Lucky Block introduces new mass market pitch – NFT competitions platform
Aside from the developments directly related to the token migration, the Lucky Block team have been busy with the implementation of a strategic tilt in the project’s product offering.
Tomorrow, head of product Terence Ribaudo will demonstrate the brand new NFT competitions platform. The website launched in beta last week. The video walkthrough is at 2pm BST (GMT +1) and takes place on the project’s Discord server.
In a novel use case for NFTs, a raft of prize draws will be promoted, each with its own NFT collection. To enter the competitions you must buy an NFT.
The prizes will include cars, houses, VIP holidays and a million dollars worth of bitcoin, according to the “coming soon” competitions shown on the Lucky Block website.
Lucky Block is shaping up to be on of the best Web 3 coins to buy in 2022, even though it is 85% off its all time high.
Hopefully you win the prize, but for those who don’t, they still receive a cut of the pool of funds built up from transaction fees on the NFTs.
Although the price has slid back on profit-taking after LBank trading restarted, buyers are likely to continue to take positions in the lead up to the MEXC exchange listing.
A fair assessment would suggest that the price momentum will be sustained as more CEX listings news is announced by the project and its NFT competitions start to attract paying customers.
Lucky Block trading volume up 35% in 24 hours, price up 10% to 0.001084
Aside from the NFT competitions platform, the weekly jackpot is running every Friday. And on that, the eagerly awaited charity voting and rewards system is now up and running, as the final major piece of the jigsaw of the jackpot system falls into place.
Trading volumes for LBLOCK will be an indication of how well this bullish scenario is playing out. Volumes are up today, at 133,364, up 35% in the past 24 hours, according to coinmarketcap.
LBLOCK is currently trading 10% higher on a 24-hour view, at $0.001084. Also, over the past 14 days the price of LBLOCK has advanced significantly, by 32%.
LBLOCK price prediction: challenge to major resistance at $0.002300 ahead
Bulls expect the LBLOCK price to challenge resistance at $0.002300. If that levels is successfully scaled, then a secure upward trajectory seems likely.
However, price predictions must take into account external factors, such as the state of the wider crypto market.
Still, notwithstanding the general weakness in the market, a combination of strong fundamentals, solid product news flow and exchange listings upcoming, LBLOCK is a serious contender to trade higher over the coming summer weeks.
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This article was written for Business 2 Community by Gary McFarlane.
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