Reddit’s MOONS, BRICKS tokens surge on Kraken listing Reddit’s MOONS, BRICKS tokens surge on Kraken listing
The new listings follow earlier speculation and past price gains.
2 min read
Updated: Aug. 7, 2023 at 10:32 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Cryptocurrency exchange Kraken announced the listing of two Reddit cryptocurrency tokens — MOONS and BRICKS — on Aug. 7.
Kraken said users can trade the two cryptocurrencies on Kraken and Kraken Pro, on spot and futures markets, and through USD and EUR trading pairs. The company also said that it will enable trading on the Kraken App and Instant Buy feature as more traders enter the market and as the platform gains sufficient liquidity.
Kraken added that users can begin two deposit the two assets immediately. It said that trading will begin later in the day; it is unclear whether trading has begun.
The company noted that the two assets can only be deposited through Arbitrum Nova, the network that the tokens mainly exist upon.
MOONS and BRICKS are part of Reddit’s Community Points project, an initiative that rewards users with crypto for creating highly-quality posts. Each token is related to a different subreddit or community: MOONS are related to /r/CryptoCurrency, while BRICKS are tied to the gaming community /r/FortniteBR.
Kraken listings build on earlier gains
Kraken hinted at its interest in listing the tokens in mid-July when a company representative acknowledged that possibility in a statement on Reddit. The competing exchange Crypto.com listed MOONS shortly after that on July 18.
The two cryptocurrencies saw significant gains alongside each event. BRICKS are up 439.5% over 30 days while MOONS are up 279.7% over the same period. Bitcoin (BTC), by comparison, is down 3.6% over 30 days.
The latest listing has similarly coincided with a rise in prices. Each asset reached a 13-day high around the time that Kraken announced the listing. MOONS saw a 53% price increase over one hour, while BRICKS saw a 133% increase over 1.5 hours.
Though some of those gains have now been lost, prices are still up significantly. As of 8:03 p.m. UTC on Aug. 7, MOONS were up 35% over 24 hours, while BRICKS were up 49% over the same period. The entire crypto market was down 0.4%.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Reddit is a social news aggregation, conversation, and content-rating website based in the United States.
Kraken
Kraken is a San Francisco-based digital asset exchange in euro volume and liquidity that trades various currencies, including Canadian dollars, US dollars, British pounds, and Japanese yen.