The native token of Reddit’s r/CryptoCurrency community, called Moons (MOON), has experienced a significant price surge this week, recording a triple-digit gain. An analyst suggests that this impressive rally could be attributed to a recent change in Reddit’s terms of service. According to data from Coingecko, the price of MOON has surged by 170%, climbing from 9 cents to nearly 25 cents. Currently, this cryptocurrency is listed on SushiSwap, Gate.io, and MEXC.
Moons, the ERC-20 tokens, are rewarded to users for their contributions in the form of posts or comments within the r/CryptoCurrency subreddit. These coins hold various uses within the community, including free trading, tipping, and expenditure for different purposes. Additionally, Reddit provides a dedicated Ethereum-based wallet known as Vault to store these tokens securely.
Similarly, another token called Bricks (BRICK) has also seen a remarkable surge, with a 300% increase in just two days. The distribution of BRICK tokens serves as a reward for contributions made in the r/Fortnite subreddit.
Kraken’s Gratitude Fuels Hope for MOON’s Exchange Listing
Over the weekend, a popular post in the r/CryptoCurrency subreddit highlighted a change in Reddit’s terms of service, enabling the trading of verified virtual goods, including avatars and the platform’s community points. Coingecko’s co-founder and COO, Booby Ong, believes that this change, coupled with the removal of non-tokenized Coins and Awards, has generated speculation about future modifications within Reddit. Ong stated that the community speculates Reddit will place greater emphasis on Community Points, resulting in a substantial increase in the value of both MOON and BRICK tokens.
It should be noted that although community points have always been tradeable, the process is complicated within the Reddit app. ONG, in a tweet thread, explained that while it is easy to send community points to other Reddit users through the app, trading them requires exporting the private key from the Reddit wallet and importing it into a crypto wallet. The community points can then be traded on an Arbitrum Nova DEX.
Members of the r/CryptoCurrency subreddit have responded positively to the news of the terms of service change. Notably, cryptocurrency exchange Kraken expressed gratitude to the subreddit for providing updates on the alteration. Furthermore, a representative from Kraken mentioned the exchange’s willingness to consider adding new digital assets, raising hopes of potential listing of the Moons token on the platform. This sentiment likely contributed to the surge in the token’s price.