- Reddit’s Moons and Bricks see a staggering 50% price surge following their listing on the prominent Kraken exchange.
- Both tokens, integral to their respective Reddit communities, can now be traded against the U.S. dollar and euro on Kraken’s spot market.
Reddit Tokens Get a Boost from Kraken
In an impressive demonstration of market dynamics, Reddit’s community tokens, Moons (MOON) and Bricks (BRICK), experienced a surge in valuation after their introduction to Kraken, a leading figure in the realm of centralized cryptocurrency exchanges.
MOON spot & futures markets now live on Kraken Pro 🌖
To the $moon: https://t.co/1xlBiZA4ty pic.twitter.com/UkQR1Gr4ab
— Kraken Pro (@krakenpro) August 7, 2023
MOON, which plays a pivotal role in the r/CryptoCurrency community boasting over 6.5 million aficionados, witnessed an impressive 47% leap, stabilizing at 42 cents within a day. Not to be outdone, BRICK, the heartbeat of the r/Fortnite subreddit, saw a near-identical climb, settling close to 4 cents, as per the data collated by Coingecko.
Understanding the Role of MOON and BRICK
For the uninitiated, MOON is not just a speculative asset. An ERC-20 token, it’s distributed to users within the r/CryptoCurrency subreddit as a reward mechanism for engaging posts or comments. These tokens aren’t just for show. They reside in Reddit’s Ethereum-based digital wallet, known as the Vault. From here, users can harness their MOON tokens in diverse ways, from trading to tipping, and even spending them within their community. The utility extends to unlocking exclusive community features, such as flaunting badges or deploying GIFs in comment sections, and even amplifying their voice in community polls.
In parallel, BRICK offers similar functionalities and significance but within the confines of the r/Fortnite community.
It’s noteworthy that Kraken’s move wasn’t entirely unforeseen. Speculation had been rife for weeks after the exchange’s support personnel dropped hints in the r/CryptoCurrency subreddit about their openness to enlisting new digital currencies. The formal listing of MOON and BRICK, thus, seemed like a natural progression to many seasoned observers.
Today, both Kraken and its professional counterpart, Kraken Pro, are facilitating trades of these Reddit-native tokens against conventional fiat currencies like the U.S. dollar and the euro in the spot market. Moreover, for those interested in more advanced trading instruments, perpetual futures tied to the MOON/USD pair have also been introduced.
