HomeNewsReddit Tokens Surge as Revised Terms Ignite Trading Buzz

Reddit Tokens Surge as Revised Terms Ignite Trading Buzz

- Advertisement -
  • Reddit’s MOON and BRICK tokens have experienced triple-digit price gains this week, following a change in the platform’s Terms of Service.
  • The modified terms explicitly permit trading of tokenized Community Points, igniting speculation about increased attention to these points from Reddit.

Reddit’s native tokens, Moons (MOON) and Bricks (BRICK), associated with the r/CryptoCurrency and r/Fortnite communities, respectively, have seen a significant price surge this week. Analysts attribute this boost to a recent revision in Reddit’s terms of service, which now openly allows trading of its tokenized Community Points.

MOON and BRICK Tokens in Ascendance

MOON’s price has skyrocketed by 170% to nearly 25 cents from 9 cents, data from Coingecko reveals. The token, closely linked to the r/CryptoCurrency community of over 6.5 million users, is listed on SushiSwap, Gate.io, and MEXC. These MOON tokens, an ERC-20 offering, are awarded to users for their contributions to the community in the form of posts or comments.

- Advertisement -

Similar to MOON, BRICK tokens, rewarded to contributors in the r/Fortnite subreddit, have experienced a 300% price leap within two days.

Over the past weekend, a post on the r/CryptoCurrency subreddit highlighted a significant change in Reddit’s terms of service. The update allows trading of verified virtual goods, including avatars and the platform’s Community Points.

Booby Ong, co-founder and COO of Coingecko, points to this speculated change as the catalyst behind the soaring token prices.

“The community is speculating that Reddit will give more attention to the Community Points. This has resulted in MOON and BRICK tokens increasing by over 100% in value this week,”

- Advertisement -

Ong told CoinDesk.

While Community Points have always been tradable, the process through the Reddit app was complex. It required exporting the private key from the Reddit wallet and importing it into a crypto wallet to facilitate trading on an Arbitrum Nova DEX, as per Ong.

Members of the r/CryptoCurrency subreddit reacted positively to this change, with cryptocurrency exchange Kraken expressing gratitude for the update about the revised terms of service. A representative from Kraken hinted at the possibility of MOON token being listed on their exchange, thereby amplifying the buzz around the token’s future and contributing to its price surge.

- 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.
Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
- Advertisment -spot_img