Lucky Block Price Gains Bullish Momentum as Token Burn Officially Starts
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The recent launch of the Lucky Block (LBLOCK) burn program has caused quite a stir recently. By reducing the supply of LBLOCK tokens, it will take less demand to influence positive price action. As such, these are very interesting times for LBLOCK token holders.
What is Lucky Block?
Lucky Block is the world’s number one NFT competition platform. The platform allows people to enter competitions with huge jackpots ranging from property to cars, and even $1 million in Bitcoin. To enter a competition, the user is required to purchase a unique NFT that acts as an entry ticket. Each NFT has a unique number/design and awards the holder with a portion of the rewards pool daily.
The Lucky Block Burn Program
The Lucky Block burn program is an initiative to reduce the total supply of LBLOCK tokens. Every single month the Lucky Block team will burn 1% of the supply, equating to around an 11.5% reduction over a year.
With the supply of Lucky BLock set to continually drop, things are looking up for the LBLOCK token. The recent introduction of token burns to Luna Classic led to the asset pumping significantly over the past month. It’s likely that LBLOCK will enjoy a similar fate.
Right now, the price of LBLOCK is being held somewhat underwater following the release of the V1 to V2 LBLOCK token bridge. While this update is excellent for Lucky Block as a whole, it has caused an increase in selling pressure as early investors swap their V1 tokens for the new exchange-friendly ERC-based V2 variant.
While this jump in selling pressure has led to a short-term decline in price, the token has found strong support around the $0.0002 region and seems to be consolidating at that level prior to a sharp upward movement. The V2 LBLOCK has enjoyed an 87.76 increase in daily trading volume, highlighting the demand for the token.
With the drastically increased trading volume in mind, along with the fact that LBLOCK has been consolidating at a key level, it seems likely that LBLOCK could take off over the coming weeks. Check out Lucky Block today in order to get in ahead of the next big move.
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