Reddit community tokens MOON and BRICK register massive gains on speculations of a favorable Reddit rule change and possible listing on Kraken.
A surge in value has taken hold of two Reddit community-driven tokens on the heels of speculations surrounding a potential favorable Reddit rule change and the highly anticipated listing on a prominent cryptocurrency exchange, Kraken.
MOON Rallies 300% in a Week
At the center of this astronomical surge is MOON, the exclusive community-driven token of r/CryptoCurrency. r/CryptoCurrency is a thriving subreddit boasting an impressive user base of over 6.6 million crypto proponents.
The system rewards MOON to participants as a form of recognition for their engaging posts and comments within the subreddit.
MOON traded for $0.0931 at 15:00 (UTC) on July 16. However, the asset rallied by 244% to a high of $0.3210 today at 9:00 (UTC). Following opposition at the $0.3210 high, MOON declined to $0.2490.
The token then leveraged renewed support from the bulls to rally to the current high of $0.3721. MOON has sustained its momentum as of press time, with a 24-hour gain of 104.2%. The asset is also seeing a 300.2% increase over the past seven days.
BRICK Surges 533% in 1 Week
BRICK, the native token of r/FortniteBR, a subreddit dedicated to avid followers of the popular video game Fortnite, has also experienced a substantial surge in value.
BRICK is awarded to users for their contributions to the subreddit. Like MOON, BRICK can be traded, tipped, or used for various community-related activities.
BRICK’s rally also gained momentum on July 16, when the asset was changing hands at $0.0059. BRICK surged by 516.9% to a high of $0.0364 today at 07:00 (UTC) before also witnessing resistance.
The resistance from the bears dropped BRICK to $0.0277. However, a resurgence of bullish momentum resulted in a surge to the current high of $0.4402. This represents a 533% increase over the past week and a 238% 24-hour surge.
Kraken Hints at Listing as Reddit Reviews TOS
These rallies from MOON and BRICK come on the back of a review of Reddit’s TOS. On July 16, the unofficial community-driven Twitter handle for the r/CryptoCurrency subreddit called attention to a change in Reddit’s terms of service.
Interesting changes to Reddit TOS.
Clear separation between Virtual Goods (web2) and Verified Virtual Goods (web3).
• Coins ❌
• Awards ❌
Coins and Awards to be canceled soon.
Verified Virtual Goods:
• Collectible Avatars
• Community Points
— r/Cryptocurrency MOONs (@unofficalMoons) July 16, 2023
The review in Reddit’s TOS would allow Redditors to claim and trade virtual items and avatars verifiable on a blockchain. Initially, Reddit prohibited the use of trading points on the platform.
Amid the hype surrounding the recent development, some Redditors called attention to listings on major exchanges. Community members pointed to Kraken, a favorite among them over the years. In response, Kraken stressed that they are always open to adding new tokens. However, the exchange did not explicitly confirm listing MOON.