Lucky Block Tops 30k Holders, LBLOCK Price up 20% to $0.005471

Lucky Block Tops 30k Holders, LBLOCK Price up 20% to $0.005471

Crypto lottery platform Lucky Block today hit the important milestone of ۳۰,۰۰۰ holders of its LBLOCK token, less than three weeks after it started trading publicly.

This news follows continuing strong news flow for the project. Today the team announced on Twitter and Telegram that beta testing of its app will start on 7 March, two weeks before the app is scheduled to launch on 21 March.

Lucky Block developers also provided some more screenshots of the app development progress.

With the lottery’s first draw set to take place on 25 March, the schedule is tight but the team are confident that there won’t be any slippage on the launch date.

By connecting their DEX wallets to the iOS and Android mobile app, players will be able to buy lottery tickets directly through the app with their LBLOCK tokens.

The news appears to have been well received by the Lucky Block community, if the price of the token is anything to go by.

Lucky Block price up 20% to $0.005471 in past 24 hours, while rest of market struggles

lucky block price

On Pancakeswap LBLOCK is trading at $0.005471 and at a discount on centralised exchange LBank, where the coin listed at 6pm GMT Friday last week. Today is the first full 24 hour trading cycle for the coin on a centralised exchange.

Lucky Block briefly recorded an all-time high of $0.007497 on Friday during volatile trading when the coin listed on LBank.

Lucky Block is up 20% in the past 24 hours on Pancakeswap where trading volume exceeds LBank ($586k). Volume on Pancakeswap is $1.32 million compared to USDT586k on LBank. Also total liquidity in the Pancakeswap pool is $7.5 million.

LBLOCK a market outperformer, Coinbase ad pulls more into crypto economy

Lucky Block’s price appreciation over the past 24 hours is all the more impressive given the blood on the screens being seen at the moment across the crypto complex.

Not even a blitz of crypto ads at Super Bowl, where ads cost around $7 million for 30 seconds’ airtime, has been able to turn the bearish tide, although there are signs that the bottom may have been put in in the low $30,000s.

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The Coinbase ad at Super Bowl was particularly well received because of its use of a QR code that seems to have caught the imagination of viewers, helped by the $15 it was giving away for each new sign up.

coinbase super bowl ad

Should you buy LBLOCK on LBank or Pancakeswap?

The discounted price on LBank is due to the differences between trading with an order book on the CEX and a liquidity pool pair on the DEX and the different amounts of liquidity available on each, but is also being affected by the transaction fee that is meant to be imposed on transfers of LBLOCK from the DEX to the CEX.

When an LBLOCK holder sells on the DEX they incur a tax of 12% on the amount. By depositing LBLOCK on LBank via a transfer to LBank from Pancakeswap and then selling, it would be possible to avoid the tax.

As it happens, LBank has been unable to implement the tax, but transferring to LBank even without the tax is hardly worthwhile for would-be sellers because the price is lower there by around 10%.

However, some canny traders have noticed a slight lag in price moves on Pancakeswap being reflected on LBank in terms of the effect of arbitrage trades between the two venues.

Most are preferring to buy on Pancakeswap because in order to receive the token distributions from the lottery draws. LBLOCK tokens must be held in a DEX wallet such as Trust Wallet or Metamask, or on a hardware wallet – but not on a centralised exchange.

Lucky Block listing on Bitfinex soon?

Project CEO Scott Ryder also announced over the weekend that Lucky Block has applied for a listing on top 10 exchange Bitfinex.

“I can now confirm our application to List on Bitfinex has been submitted and we are in direct contact with them. This is now another huge step forward for Lucky Block and the community. Our goal is to gain an additional 70,000 holders to Lucky Block within the next 5-6 weeks bringing our total to 100,000. This is extremely bullish news and we look forward to bringing plenty of additional good news next week!”

More exchange listing news is expected over the next couple of weeks.

Also, on a lighter note, the LuckyBlockArmy seems to be going from strength to strength, with a highly engaged community of loyal investors – check out the cake:

 

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