Lucky Block Gears Up for May Giveaway—Announces $2 Million Up for Grabs

Lottery cryptocurrency Lucky Block (LBLOCK) recently announced a mouth-watering $2 million giveaway for its “ground-breaking free-to-enter jackpot,” with a portion of the fund reportedly designated to charitable organizations.

All LBLOCK holders automatically qualify for the upcoming giveaway scheduled for a few days from today. This event will be the first of several others as Lucky Block plans to make good on its promise to “reward everyone.”

As revealed previously, the network has attracted over 50,000 token holders, who have all benefited from its interesting tokenomics, which charge sellers a huge levy and distribute among holders to encourage HODLing.

Reports show that the fund set to be distributed in its upcoming jackpot came from the collection of short-term trading tax and will be distributed across the network. 70% of the fund will find its way to the winners of the giveaway, 10% to all LBLOCK holders, 10% to charitable organizations, 8% to marketing expenditures, and the final 2% to a different Lucky Block NFT prize draw.

At the time of the announcement, roughly three days ago, LBLOCK surged by over 40%, highlighting investors’ excitement towards the event, as new investors rushed to purchase tokens to partake in the jackpot.

Key Lucky Block Levels to Watch — May 12

LBLOCK was on track to break the long-lasting 100 EMA barrier around the $0.0015 barrier on Monday, following a clean rebound off the $0.0010 base. However, the broader crypto market suffered a sharp crash amid the de-pegging of the UST (TerraUSD), which sent the lottery cryptocurrency below the critical $0.0010 level.

After bottoming at $0.00078 earlier today, LBLOCK appears to be on track to resurfacing above the previously mentioned critical level. A break and close above that level should put it back on track to retaking the $0.0015 barrier in the coming days. Regardless, market action remains heavily influenced by developments around Terra.

Meanwhile, my resistance levels are at $0.0010, $0.0015, and $0.0020, and my support levels are at $0.00090, $0.0080, and $0.00070.

Total Market Capitalization: $1.20 trillion

Lucky Block Market Capitalization: $95.9 million