Reddit is known as one of the popular social media platforms of the internet, a place where millions of users share their ideas, discuss and exchange information. Reddit has many different communities that share content based on their interests. Speculation about a potential rule change on the platform and accompanying crypto listings has fueled the rise of two Reddit-focused altcoins.
MOON Up 384% in One Week
First, r/CryptoCurrency’s proprietary community-focused token MOON is at the center of the massive surge. r/CryptoCurrency is known for being a thriving community with an impressive user base of over 6.6 million crypto advocates.
MOON was trading around $0.0931 on July 16. However, the asset rose 384% to $0.4512 a few hours ago. Although the altcoin has lost some of its gains, it is still trading at $0.3683 with a notable increase.
BRICK Increases 667% in 1 Week
BRICK, the native token of r/FortniteBR, a community dedicated to avid followers of the popular video game Fortnite, also saw a significant increase in value.
BRICK’s rally also started on July 16. The altcoin was trading at $0.0059 at that time. It then rose 667% to as high as $0.04529074. At press time, BRICK is trading at $0.03350848.
Why Did Altcoins Rise?
These rallies from MOON and BRICK came after Reddit’s TOS review. On July 16, r/CryptoCurrency’s unofficial community-focused Twitter account highlighted a change in Reddit’s terms of service. Reddit’s latest innovation will allow Redditors to request and trade verifiable virtual items and avatars on a blockchain.
While the latest development had a big impact on the agenda, some Reddit users drew attention to the listings on the exchanges. Community members pointed to Kraken, which has been a favorite among them for years. In response, Kraken emphasized that they are always open to adding new tokens. However, the exchange has not publicly confirmed that it will list MOON.
In summary, when these two important developments came together, there was an increase in the value of the two tokens focused on the Reddit communities. As the cryptocurrency market is often responsive to news and announcements, such developments can have a quick impact on prices. However, it is important to be careful about the sustainability of this increase. Since the cryptocurrency market is often volatile and speculative, any gains in value can recede just as quickly. It is important for investors to make decisions by considering these factors.
You can follow the current price action here.
Source : the crypto basic