HomeNewsCashing in on Reddit? Moons & Bricks Surge Following Kraken Spotlight

Cashing in on Reddit? Moons & Bricks Surge Following Kraken Spotlight

- Advertisement -
  • 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.

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -
ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
- Advertisment -spot_img