Moons’ name checked out on the price chart with a 72% gain by late Tuesday.
Moons and Bricks are tokens Redditors earn from the user-generated content they post on Reddit. Kraken recently listed them, and they’re soaring in price on the San Francisco-based crypto exchange.
Kraken listed the decentralized tokens for spot and futures trading on Aug 7. Both Reddit coins are available for exchange with the USD and EUR, while Moons is up for perpetual futures contracts.
Bricks (BRICK) is an ERC-20 token used on the /r/Fortnite subreddit. Moons (MOON) is an ERC-20 for the /r/Cryptocurrency subreddit. Users can tip for posts or comments or spend them on subreddit marketplaces with these tokens.
The Fortnite and Cryptocurrencies subreddits have 610K and 308K members, respectively. They’ve apparently got some serious clout online. As rumors of a Kraken listing faded last month, Crypto.com’s Moons’ listing launched the coin 470% by Wednesday evening from that Sunday’s prices.
While the SEC continues to move aggressively against crypto exchanges in court, clearly not all online investor interest is feeling the chill.
Here’s an interesting question that could help clarify matters in the ongoing debate over crypto’s classification: Are Moon and Brick tokens securities contracts, or digital artifacts of value, bought and sold in resale markets like eBay?
Either way, the rally in Moon and Brick Reddit tokens shows strength for the social media company after a hectic summer. Subreddit communities closed shop to protest changes in API fees at Reddit. Last month an L1 social media blockchain even put out a $1M bounty for a decentralized Reddit.
However well a blockchain alternative may do, it seems Reddit is pulling through.
