LBank Review – LBLOCK Among Top Gainers, Price Forecast

Last Updated on 40 mins by cryptoevent

LBLOCK was a top gainer on the LBank Centralized Exchange (CEX) when the new version of its token was listed yesterday. Its price increased by 10% according to Coinmarketcap.

Today, the price has continued to gain and is up 7.4% to $0.0011. Bulls are encouraged by the 72% increase in trading volume.

The ERC20 V2 version of LBLOCK is specifically designed for listing on CEXs as it has no transaction tax unlike its previous version. It seems to do the trick in attracting buyers.

LBank is a Hong Kong-based digital asset exchange, and the 57,000 holders of the LBLOCK token will likely be encouraged to trade it at this venue given the $255 promotional bonus rewards in USDT.

In recent months, the LBank has listed a large number of different projects in the crypto area. The exchange was an early supporter of the Lucky Block project and fully supported the migration from V1 to V2 LBLOCK.

Cryptoassets are a highly volatile unregulated investment product.

LBLOCK Price Prediction – Consolidation Before Takeoff?

LuckyBlock started out as a jackpot sweepstakes but is now evolving into an “NFT Contest Platform”. Users can enter a number of competitions with different prizes by purchasing an NFT.

Owning an NFT not only means you can enter certain competitions, but also farm LBLOCK tokens to hold.

Some NFT projects have found this problematic, particularly over 10,000 collections trying to bring benefit to their communities.

This is because in the second half of 2021 and 2022 so far OpenSea has deleted collections which allow NFT holders to farm other ERC20/BEP20 tokens as it classifies them as securities (e.g. DAO Turtles in October).

This was not a problem for LBLOCK as they use an NFT marketplace called NFT NFT launchpad instead of OpenSea.

The price of LBLOCK is of course linked to the success of the overall project and thus acts as a social “temperature gauge” to assess the health of the LuckyBlock platform.

Lucky Block NFT contests are a big deal

The upcoming launch of Lucky Block’s NFT competitions represents an important strategic shift for the project. That, coupled with a pipeline of CEX listings now that V2 is out the door, should support the price.

There are various metrics one could assess as the token should be appropriately assessed in this context. Some analysts believe that a token’s fully diluted market cap should reflect the value of the company’s treasury and cash flows, while others would argue that its associated dApps TVL is a better metric.

Based on that, future cash flows look good for Lucky Block if its NFT competitions manage to generate consumer interest beyond the world of crypto.

Judging by the initial prizes on offer, including a house, a FIFA World Cup VIP package and $1 million worth of bitcoin, she has a very good chance of achieving this stated goal.

Where next for the LBLOCK prize?

Admittedly, over the past few months, the value of LBLOCK token has fallen from a high of $0.01 to the current price of $0.001, down about 90%, but it’s hardly alone for drawdowns of this magnitude. For a mid-cap venture like LBLOCK, this kind of decline compared to the industry standard is not at all unusual.

It now seems entirely possible that the market as a whole has bottomed: ETH is now up almost 100% from its lows and most alts are recovering in double or triple digits.

No doubt this listing on LBank will give LBLOCK more exposure, not least because the token has so far only been traded on decentralized exchanges on Binance Smart Chain.

The new trading pair on LBank, a centralized exchange, will allow more people to trade the token directly against ETH, providing a significant injection of liquidity.

LBLOCK will be listed on the MEXC exchange on August 1st

But it’s the pipeline of future listings that will likely keep LBLOCK on the radar for many traders. The next listing is on August 1, when the company debuts on the MEXC exchange, the 24th largest by daily volume in the world.

If the market continues to recover, things could continue to be very optimistic for LBLOCK as it is supported by a large community that is constantly pushing new updates and developments.

But regardless of the broader market, long-term holders are encouraged by the product development and now the upgrade to the token that opens up the ecosystem to the world of Ethereum.

A software bridge to switch between the two versions of the coin will arrive in the coming weeks – it is currently undergoing penetration testing to ensure it is as secure as possible.

With a fully diluted market cap of around $100 million, there’s plenty of room for growth for LBLOCK, especially considering its ATH was up 10x.

Relevant news:

  • Lucky Block lists LBLOCK V2 LBank – Daily Price Analysis and Prediction
  • Top 5 Cryptos to Trade This Week – Exploding Lucky Block With CEX Listings?
  • Lucky Block LBLOCK ERC20 Token is expected to be traded on LBank

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