Lucky Block, a major NFT competition and gaming platform, is in the news again following yet another token burn program. With the reduced circulating supply and a new community initiative, the platform’s token is set for another pump.
1% of LBLOCK Burned
Earlier today, Lucky Block’s developers announced that they had completed another round of token burns. Per the announcement, 1% of the total LBLOCK tokens in circulation have been burned.
At the time of the transaction, 1 billion LBLOCK tokens worth $206,000 were burned. The entire transaction had a fee of just $0.13.
This token burn is part of a mechanism to promote a healthy tokenomic model for LBLOCK. Several prominent digital assets, including Shiba Inu (SHIB) and Terra Luna Classic (LUNC), have initiated token burns to foster deflationary models. As the laws of economics dictate, a digital asset becomes more valuable when it gets scarcer.
LBLOCK Price Movement
Has the token burn led to a surge in LBLOCK’s price? Not particularly. Lucky Block’s V2 token currently trades at $0.00022, which indicates a downtrend of 0.80% in the past 24 hours.
The price reduction appears to be due to the adjusting broader crypto market. After enjoying several days of gains, the broader crypto market appears to be consolidating, as it is currently experiencing a downtrend of 1.62%. The prices of major digital assets have also plunged, showing that this is an industry-wide consolidation.
Despite this, the market outlook is positive. The total crypto market cap is still above $1 trillion, while major coins are performing well above their resistance levels. This provides hope for LBLOCK to surge over time.
Competition Still Doing Well
The Lucky Block ecosystem is also very vibrant; its developers have organized several initiatives.
Last week, they announced a new giveaway, with community members eligible to win a Lamborghini exotic car once they purchase the Platinum Rollers Club non-fungible token (NFT). The initiative is yet another NFT-focused giveaway, with other NFT giveaways offering a house and an all-expense-paid vacation.
Considering that competitions and giveaways are the foundation on which Lucky Block stands, this shows a commitment to continued community engagement.
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