LBLOCK was among the top gainers yesterday when the latest version of its token was released on the Lbank centralized trade (CEX). Different sources report that its price increased by anywhere around 10%.
The current price is $0.001546, which represents an increase from earlier this year. Bulls will take heart from the increase in trade volume.
The ERC20 V2 version of LBLOCK was designed specifically with listing on CEXs in mind because, unlike its predecessor, it does not levy a fee on transaction charges. It appears to be effective in convincing potential customers to make a purchase.
The 57,000 people who now have access to the LBLOCK token will likely be encouraged to trade it on the LBank platform in Hong Kong by the $255 promotional bonus incentives that can be earned in USDT. LBank is a Hong Kong-based digital asset exchange.
For the past few months, LBank has been compiling a list of various companies operating in the cryptocurrency space. The industry has supported the Fortunate Block project from the outset and has been instrumental in the successful upgrade from LBLOCK version 1 to version 2.
Are We Going to See A Recovery In LBLOCK’s Price?
LuckyBlock has evolved from its original function as a jackpot prize draw to that of an “NFT contests platform.” Customers that invest in an NFT are entered into a number of contests, each of which provides a unique prize.
One can mine LBLOCK tokens for storage purposes if they have an NFT, and they can also take part in certain tournaments. This may result in a substantial gain.
This has been challenging for several NFT efforts, particularly 10k collections aiming to generate revenue for their local communities.
This is due to the fact that OpenSea has initiated the process of delisting collections that allow NFT holders to farm alternative ERC20/BEP20 tokens, and this has been going on since the second part of 2021 and the beginning of 2022. These funds are considered securities by OpenSea (DAO Turtles in October, for instance).
LBLOCK has not had any issues in this regard, despite the fact that it trades on an NFT platform commonly known as NFT Launchpad rather than on OpenSea.
LBLOCK’s worth is directly proportional to the overall success of the project, making it a useful social “temperature gauge” for gauging the health of the LuckyBlock ecosystem as a whole.
Is the Lucky Block NFT Threatened by Competitors?
The company has recently undergone a major shift in its overall strategic orientation in anticipation of the upcoming launch of Fortunate Block’s NFT competitions. This, along with the notion that there will soon be a slew of model 2-related CEX postings, must be true.
The precise value that the token must have under the circumstances can be determined using a variety of criteria. It has been argued that the TVL of the associated decentralized applications is a more accurate indicator of a token’s value than the conventional consensus that the value of a company’s treasury and cash flows must correspond to the token’s fully diluted market cap.
Fortunate Block’s NFT competitions have the potential to attract new customers from beyond the cryptocurrency industry, which would bode well for the company’s financial prospects in the future.
The principal prizes that will be offered are a home, a VIP package to the FIFA World Cup, and one million dollars worth of bitcoin, thus there is a good chance that the organization will achieve its stated goal. The prizes in question will be provided.
Where Will LBLOCK’s Value Go From Here?
Even if the value of one LBLOCK token has gone from its all-time high of $0.01 to its current value of $0.001546 over the past several months, representing a decline of almost 90%, it is vitally important to remember that this is rarely exceptional among drawdowns of this scale. This kind of drop in value for a company with a medium market cap, like LBLOCK, is not unusual when compared to the norm in this industry.
Ethereum’s price has recovered by almost 100% from its lows, while the great majority of altcoins are up by double- or triple-digit percentages from their lows. It’s highly likely at this point that the market bottom is in for good.
This listing on LBank will undoubtedly aid in LBLOCK garnering additional attention, as the currency has hitherto only been traded on decentralized exchanges like Binance Good Chain. One of the most important reasons for this is because, until now, the token has been the only cryptocurrency that has been traded only on Binance Good Chain.
With the launch of the new trading pair on LBank, a controlled exchange, more users will be able to trade the token directly against ETH, which is expected to significantly increase the market’s liquidity.
Many traders are likely to keep LBLOCK in mind because of the possibility of it being listed on other exchanges in the near future. On August 1, it debuted on the MEXC exchange, the world’s twenty-fourth busiest stock market in terms of average daily volume.
Since LBLOCK has a sizable community behind it that actively pushes for updates and improvements, its prospects could remain bright if the market keeps on its recent upward trend.
Token holders, regardless of market size, will find long-term incentives in the token’s continued product development and the recent token upgrade that opens the ecosystem to the Ethereum community.
A software “bridge” between the two currency variants will soon be available, allowing users to seamlessly make the switch. Currently, penetration testing is being performed on this bridge to ensure it is as safe as it can be.
With a market cap of around $100 million after all shares have been issued, LBLOCK has a lot of room to grow, especially when one considers that its all-time high (ATH) was worth $10 billion.