In a significant development that has the cryptocurrency community buzzing, Reddit’s community tokens, MOON and BRICK, have seen a meteoric rise in their price following their recent listing on Kraken, one of the premier cryptocurrency exchanges.
With the internet’s pulse always set to the rhythm of trending topics, the ascent of these community-specific tokens has certainly set a new beat.
Reddit MOON and BRICK Tokens Keep Growing
Following their listing on the Kraken crypto exchange, MOON, the hallmark of Reddit’s r/CryptoCurrency community, soared by over 47%,
This listing was particularly anticipated, especially after the Kraken support team hinted in the r/CryptoCurrency subreddit that they are perpetually receptive to introducing new tokens to their platform. The rumor mill, thus, had been active with speculations surrounding the eventual listing of MOON and BRICK tokens.
A recent announcement clarified,
“Kraken and Kraken Pro users can now engage in trading both coins against major fiat currencies like the US dollar and euro in the spot market.”
The exchange also offers perpetual futures linked to the MOON/USD, likely adding further potential and volatility.
Not far behind, BRICK, representing the r/Fortnite subreddit, spiked to briefly reach an all-time high of $0.07, according to data from Coingecko. It has since retreated and is currently trading for $0.05.
Understanding the Essence of Community Tokens
For the uninitiated, MOON and BRICK are not just ordinary altcoins or tokens. The r/CryptoCurrency’s MOON, introduced in May 2020, is an ERC-20 token. It is used as a way to reward users for impactful contributions to the subreddit.
These tokens can be used to purchase premium subscriptions and give users voting rights.
BRICK tokens, specific to the r/FortNiteBR subreddit, are also ERC-20 tokens that users earn based on the karma they amass.
Unlike some digital currencies, BRICKs also have some utility. They enhance the user experience by facilitating the purchase of exclusive memberships, custom badges and allow users to embed GIFs in the comment section.
The Kraken listing undoubtedly provides these tokens an avenue to allow further growth. Community engagement and interaction are still at the forefront on platforms like Reddit. It’s plausible that similar community tokens will also spread to other subreddits.
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