LBLOCK MEXC Debut Sees V2 Token Rocket to $.00499 at The Open

lblock top gainers
The LBLOCK V2 token is red hot, topping the leaderboards again

Lucky Block’s LBLOCK started trading today on the MEXC exchange at 1pm BST and almost immediately leapt to an intra-day high of $0.004999.

At one point today the price was up more than 400% on the opening price for its centralised exchange (CEX) debut on 27th July.

With each CEX listing of the LBLOCK V2 token new near-term highs are being made, boding extremely well for the price of LBLOCK over coming days and weeks.

The MEXC exchange is the 18th largest CEX by trading volume. It currently turns over a 24-hour volume of $1,126,372,022, according to Coinmarketcap.

Adding to those volume numbers today are a new band of LBLOCK day traders, as well as V1 holders who migrated to the V2 token before last week’s launch on the LBank exchange (the 15th largest CEX in the crypto sector).

LBLOCK v2 is an Ethereum-based token compliant with the ERC20 standard. Unlike its V1 counterpart, LBLOCK V2 is not subject to any transaction taxes but on the other hand is not eligible for rewards available from the Lucky Block jackpots.

How do V1 token holders get in on the action? Wait for the bridge

V1 token holders had the opportunity to transfer their tokens to the LBank exchange to be part of the migration process. However, sending V1 tokens to LBank or MEXC or other exchanges the V2 token will be listing on at this stage will result in the loss of the tokens – you cannot send a BEP20 token (V1) to an ERC20 contract.

Current V1 holders will benefit from the upsurge in the V2 price when the bridge between the two versions of the asset goes live in the near future.

Due to ongoing security testing the exact date of the bridge’s appearance is yet to be announced. The bridge is being audited by Binance-approved Certik.

The prevalence of hacks and exploits that has affected bridges, security is of paramount importance. Bridges are software mechanisms that allow different tokens to effectively be moved from one chain to a different one.

Bridges have proven to be particularly attractive to bad actors who seek to drain funds from them by homing in on vulnerabilities. Bridges by their nature involve large amounts of funds, with deposits at one end matched by burning, or in LBLOCK’s case locking at the other end.

Although exact details are yet to be announced, we can reveal that at least one top 10 exchange that the project was engaged in discussions with has requested an expediting of listing in preparations.

Where is the Lucky Block price headed from here?

LBLOCK price chart 1 August 2022
LBLOCK V2 target price $0.0049

Having achieved a remarkable intra-day high of $0.0049, traders will be pencilling in that level as the next challenge for bulls.

With Lucky Block taking out two major areas of resistance in short order, bullish traders will be eagerly awaiting the next listing announcement.

Profit-taking by day traders is in evidence at the time of writing, which looks likely to add fuel for the next firing up of the price.

A nice buy wall has emerged at the current $0.0031 level, as seen on the MEXC order book below, likely limiting downside movement from here:

LBLOCK buy wall 1 August 2022
MEXC LBLOCK/USDT order book– buy wall at $0.00300

Lucky Block’s ERC20 token opens up the ecosystem to the perviously untapped world of Ethereum traders and investors, making the platform more valuable.

As liquidity builds up in the LBLOCK/USDT pair, more pairs are likely to be offered by exchanges as market makers look for opportunities to profit from an emerging asset of interest.

Lucky Block product development underpins price strength

In the meantime, however, there is plenty for Lucky Block token holders (of both versions) and traders to get excited about when it comes to product development.

The week before last the team revealed the beta of the new NFT competitions platform. That comes hot on the heels of the competition of the implementation of the charity voting and rewards system for the jackpot.

Lucky Block NFT competition prizes include 41 million worth of bitcoin, a house, A Bored Ape Yacht Club NFT and VIP FIFA World Cup package. Other prizes will range from luxury watches to PS5 games consoles.

Entry to the competitions is secured by buying one of the NFTs from the collection that is minted for each prize. And even if you don’t win you still receive rewards for as long as you own the NFT – and you get some unique art in jpg form.

Investors will watch closely to see how the competitions platform performs in terms of pulling in customers from within and without crypto.

Having market-tested the prizes, the product team is confident that Lucky Block’s novel use of NFTs that stand out from the crowd with their real utility value, will be snapped up by consumers.

Also the existing collection of NFTs – The Platinum Rollers Club also get free entry to their very own exclusive competition prizes from which they also will receive a lifetime of rewards. In addition, when the 10k collections sells out a Lambo will be up for grabs.

To buy LBLOCK V2 on the MEXC exchange fund your account at MEXC and head to the trading page: https://www.mexc.com/exchange/LBLOCK_USDT