Lucky Block Price Nears $1 billion Diluted Market Cap as Hype Grows
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Lucky Block (BLOCK) is trading at all-time highs today, at $0.009064, as the dramatic price appreciation of the coin continues.
With little overhead resistance, the LBLOCK token may have a relatively clear path to reach a fully diluted market capitalisation of $1 billion ($0.01 x 100 billion total token supply).
A $1 billion valuation for Lucky Block is impressive for such a new project, and underscores the attractiveness of the lottery platform’s business proposition. Among other things, token holders will receive a passive income from holding the coin.
But it also comes at a time when bitcoin is struggling, down 3.5% at $41,800 in the past 24 hours according to coinmarketcap. Over the same period LBLOCK is up 19%.
It also promises to give 10% of every jackpot to charity. A donation to the British Red Cross has already taken place.
Set to go live on 21 March when its mobile app is launched, Lucky Block has amassed a lottery pool for prizes now totalling more than $6 million.
Yesterday alone around $700,000 was added to the pool. Reaching this milestone comes only three weeks after the token started trading on crypto exchanges.
Lucky Block has also achieved another significant milestone – it now boasts more than34,000 holders of its LBLOCK token, just three weeks after it started trading. The project is adding more than 1,000 new holders a day.
The Telegram group is growing just as fast, now with 40,000 members.
Lucky Block raised $5.7 million in its January 2022 presale which sold out 11 days early.
Early investors have seen gains of 5,699%. But by targeting an addressable market of $330 billion, the project has much more room to grow.
The project also plans to add other gambling products to its portfolio such as scratchcards, in addition to branching out into NFTs.
Lucky Block token distributions proves extremely attractive
Lucky Block bills itself as the People’s Lottery because of its unique rewards mechanism by which all holders receive a token distribution from the lottery jackpots.
The jackpot is automatically funded via a 12% tax on token sellers. When the lottery ticket sales begin, those revenues will go into the lottery prize pool.
The coin has been trending at No. 1 on Dextools for the past few days and is starting to pop up in top coin lists.
Yessss! #1 BSC project in the last 7 days!
That's huge 🚀 https://t.co/jUsl57RZVI
— Lucky Block (@luckyblockcoin) February 16, 2022
App beta testing to start on 7 March
Earlier this week the team announced on Twitter that beta testing of the Lucky Block mobile app will begin on 7 March, two weeks before the app is scheduled to launch on 21 March.
The first lottery draw is scheduled to take place on 25 March.
Lucky Block began trading on the PancakeSwap decentralised exchange on 26 January and was listed on its first centralised exchange – LBank – on 11 February.
Lucky Block says its lottery draws will take place daily and be easier to win than UK national lottery products, as well as being more transparent because transactions are recorded on a public blockchain. Lucky Block is built on the Binance Smart Chain.
10% of every draw goes to charity and lottery tickets will cost $5 each, paid for through the app and website with its LBLOCK token.
Lucky Block CEO Scott Ryder, commented:“Our $5 million lottery pool is testament to the popularity of our product. People are coming onboard in their thousands to be part of this exciting new approach to lotteries, where the players get to own a part of the platform.
“My team is ramping up our development and marketing efforts across all channels. We are getting the app ready for beta testing on 7 March – and one of the centrepieces of our marketing will be a billboard poster in New York City’s Times Square, coming soon.
“We are also working on major sponsorship deals to make sure we launch with a bang.”
Lucky Block sponsorship teaser gets community buzzing
On the marketing front, the team says they are pursuing sponsorship deals with celebrities and sports car – and with a $5 million marketing budget Lucky Block can start playing in the big league.
Lucky Block left a tantalising post on Telegram about a couple of prospects its running down – one, an Irish celeb and another, a female Instagram influencer described as having “tens of millions” of followers.
A merchandise store may becoming to the Lucky Block website fairly son too. An image of branded clothing of various types was released today.
The media team is also believed to be working on a video as part of the promotional work around the NYC billboard that was planned as part of the marketing around its first listing on a centralised exchange – LBank.
Prices on LBank continue to trade at a discount to those on decentralised exchange PancakeSwap by some 10%.
The difference may have something to do with the failure of the exchange to implement the Lucky Block “tax” on deposits from DEX wallets to centralised exchanges, which is meant to help underpin the coins utility. The tax will likely provide the major part of the funding for the lottery pool.
Negotiations have been taking place for several days between Lucky Block and LBank.
