Reddit’s MOON and BRICK tokens have seen a dramatic rise in recent days. The MOON token, used in the r/CryptoCurrency community, increased by more than 400% in one week, while the BRICK, associated with the r/Fortnite community, soared by more than 880% over the same period. Why such a rise and above all, why so dazzling?
Reddit tokens explode on the rise
The Reddit social network, which has already widely embraced Web3, particularly via non-fungible tokens, has been at the heart of cryptocurrency news for 2 days regarding the meteoric rise of the MOON token. Effectively, the latter has increased by more than 400% over a weekas the BRICK token, also linked to Reddit, which has increased by more than 880% over the same period.
The MOON is the native token of the r/CryptoCurrency community of Reddit, which currently has over 6.6 million members. Like the BRICK (the token dedicated to the r/Fortnite community), the MOON rewards the most active members of the associated Subreddit.
When a user gets MOON, they can then decide to trade it, tip it to other users offering quality content, or spend it. As an ERC-20 token, MOON can be traded through the Ethereum (ETH) network and stored on Vault, the platform’s wallet.
However, until now, to trade MOON tokens, it was necessary for a Reddit user to export their Vault private key to an external wallet, before transferring the tokens via a DEX hosted on Arbitrum Novaa rather restrictive procedure.
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Why such a dazzling rise of MOON and BRICK?
Well, the origin of this increase would actually come from the Reddit forum itself. Effectively, the platform would have changed its terms of service in order to promote the exchange of the tokens offered on the platform, i.e. the MOON and the BRICK, in addition to exchangeable avatars. This recent change was brought to light by a Reddit user himself.
Overview of Reddit’s new terms of service
According to CoinGecko co-founder Bobby Ong, interviewed by our colleagues at CoinDeskthe Reddit community strongly speculates on a probable promotion by the platform of these tokens in the future:
“This change also goes hand in hand with the removal of Coins and Awards from Reddit, which are not monetized. No firm changes have yet been announced for Reddit’s Community Points, but the community is speculating that Reddit is going to pay more attention to Community Points. »
Additionally, MOON and BRICK tokens received a second boost today, after cryptocurrency exchange Crypto.com announced that it would list MOON.
Moreover, responding to many users who requested it on Reddit, Kraken also mentioned the possibility of listing the MOON on its platform, although it has not yet been made official. It is difficult to predict the future of such volatile tokens, but listing on CEX generally participates in their often short-lived surge.
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Sources: CoinDesk, CoinGecko
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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