Lucky Block has made a new all-time high of $0.0003135 on only its third full day of trading, as the innovative lottery platform coin continues to break new ground.
There are now 14,106 addresses holding the LBLOCK token compared to 8,611 when the presale completed after all tokens sold out early.
Price support is currently consolidating around $0.001960 to $0.002100, which means the project now has a diluted market cap of $225 billion. Lucky has a total token supply of 100 billion. On a circulating supply basis (32.5 billion) the market cap is $73 million.
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1,300% return on Lucky Block presale price
At the time of writing LBLOCK was priced at $0.002149. Buyer who bought at $0.00015 in the presale price have seen gains of 1,300%, while those buying at the second price of 0.00019 are up 1,005%.
The spike to 3135 was caused by a a buy order (or swap because Lucky Block trades on the PancakeSwap decentralised exchange) of circa $250,000. Another recent trade went through of $59k.
A trading bot for DexTools.io reported on the official Telegram group recorded:
Spent: 150.99 BNB ($59,301.07)
Got: 28,128,254 LBlock
Buyer Position: ⬆️92.64%!
Price: 0.000005533 BNB ($0.002173)
Lucky Block has been consistently trending at the top of the leader board for most popular Binance Smart Chain coin on Dextools.
Speculation is rife that pro-traders and hedge funds may be taking a look at Lucky Block, which has had a stellar launch, raising $5.7 million in its presale.
Binance listing rumours stir the pot
However, rumours of an imminent Binance listing are likely wide of the mark, with the team on record as saying the first exchange listings will likely be on FTX and Crypto.com, according to a media communication available on the Lucky Block website.
Aside from the strong use case of the lottery platform, which will give 10% of jackpots to charity and pays a dividend to all token holders, other aspects of Lucky Block’s tokenomics have also caught the eye.
Every time a sell is executed, 12% of the amount goes in transaction fee. The fee is divided up in such a way that 4% (of the amount being sold) goes to the lottery pool.
In addition to disincentivising selling, each sale benefits the lottery platform directly: 4% goes into the liquidity pool, 3% into its NFT and Royalty Gaming fund and 1% token burn.
‘People’s Lottery’ Lucky Block $1 billion market cap in February?
Although a $1 billion valuation for the project may have been dismissed as outlandish during its presale, that is not so fanciful after all.
The worldwide lottery industry is valued at around $so a $330 billion so if Lucky Block was able to grab just 1% of that market share it could easily justify a valuation of $3.3 billion, especially when its NFT and gaming plans are taken into account too.
Further price catalysts will be provided by development news and exchange listings.
The lottery platform is not due to launch its mobile and desktop applications until 21 March, with the first lottery draw taking place on 25 March, but anticipation appears to be building in anticipation if the current pricing action is anything to go by.
In a communication to the Telegram group, CEO Scott Ryder urged investors to look out for a SUR-prize next week.
But even without the marketing efforts of the Lucky Block team and its growing army of supporters, the price action alone is attracting interest all by itself.
LBLOCK bulls near-term price targets $0.002600, $0.003000 – support at $0.001969 and $0.001437
Although, as to be expected, there are bouts of extreme volatility in the price, such as this morning in the European session and last night when the price fell back to $0.001400s, the upward channel has two significant support levels already, at $0.001969 and $0.001437.
Although traders will continue to play the market and take profits, a sizeable cohort of buyers are holding. Also with the majority of those looking to exit after buying in the presale at a profit, already having done so, buying strength on the chart continues to grow.
The next targets for bulls are at the $0.002600 and then $0.003000 price levels.