- The Reddit community tokens MOON and BRICK have seen a 300% and 533% surge, respectively, fueled by potential changes to Reddit rules and speculation about a Kraken listing.
- The Reddit Terms of Service (ToS) review, hinting at easier trading of blockchain-verified virtual items, alongside hints of Kraken listings, has stirred a significant market rally for these tokens.
Reddit community-based tokens MOON and BRICK have seen unprecedented rises in value, powered by speculation around a Reddit rule change and potential listing on prominent cryptocurrency exchange, Kraken.
The MOON Ascends, Rallying 300% in a Week
MOON, a token exclusively driven by the r/CryptoCurrency community, is at the forefront of this phenomenal market movement. The r/CryptoCurrency subreddit, a vibrant hub of over 6.6 million crypto enthusiasts, uses the MOON token as a reward for engaging posts and commentary within its platform.
From a trading value of $0.0931 on July 16th, MOON skyrocketed by 244%, reaching a peak of $0.3210. Despite slight resistance at this high, the asset managed to regain bullish support and climbed to an impressive $0.3721. As of this moment, MOON enjoys a 104.2% 24-hour gain and an outstanding 300.2% surge over the past week.
BRICK Builds High with a 533% 1-Week Surge
In tandem with MOON, BRICK, the token of the Fortnite-centered subreddit, r/FortniteBR, has also seen a substantial increase in its market value. The BRICK token is awarded to contributors of the subreddit, serving similar functions to MOON.
Kicking off from a trading value of $0.0059 on July 16th, BRICK soared by 516.9% to a high of $0.0364. Following minor resistance, the token bounced back with renewed bullish support to a current high of $0.4402. This surge equates to a 533% weekly increase and a 238% boost in just 24 hours.
Reddit’s TOS Review and Potential Kraken Listings Fuel Rally
The impressive rallies of MOON and BRICK can be traced back to a review of Reddit’s Terms of Service (ToS). On July 16th, a tweet from the unofficial community-driven handle for r/CryptoCurrency subreddit highlighted a change in Reddit’s terms. The revised TOS, if implemented, would allow users to trade virtual items and avatars verifiable on a blockchain – a previously prohibited activity on the platform.
Amid this development, Redditors speculated about potential listings on major exchanges, most notably Kraken. While Kraken has not confirmed the inclusion of MOON, the exchange has indicated openness to new tokens, further fueling the market rally for these community tokens.