Cryptocurrency exchange Kraken has recently announced the listing of two Reddit cryptocurrency tokens, MOONS and BRICKS, on its platform. This move by Kraken aims to further expand its token offering and provide users with more trading options. Users of the Kraken platform can now trade these two tokens on spot and futures markets, as well as through USD and EUR trading pairs. Kraken also plans to enable trading on its mobile app, Kraken App, and Instant Buy feature once the platform gains sufficient liquidity.
MOONS and BRICKS are part of Reddit’s Community Points project, which aims to reward users for creating high-quality posts within specific communities. Each token is associated with a different subreddit or community. MOONS are specifically related to /r/CryptoCurrency, while BRICKS are tied to the gaming community /r/FortniteBR. These tokens have gained significant popularity and value since their introduction.
Interest and Price Surge
Kraken had previously expressed its interest in listing these tokens in mid-July, and Crypto.com quickly followed suit by listing MOONS on July 18. Both tokens experienced substantial price gains during these events. Over a 30-day period, BRICKS saw an impressive increase of 439.5%, while MOONS rose by 279.7%. In contrast, Bitcoin (BTC) had a decline of 3.6% during the same timeframe.
Following the recent listing on Kraken, both tokens reached a 13-day high in price. Within one hour, MOONS experienced a price increase of 53%, and BRICKS saw an even larger surge of 133% over 1.5 hours. Although some of these gains have been retraced, the prices of MOONS and BRICKS still remain significantly higher. As of 8:03 p.m. UTC on August 7, MOONS were up 35% over a 24-hour period, while BRICKS rose by 49% during the same timeframe. It is worth noting that the overall crypto market was down by 0.4%.
Kraken has made it easy for users to start trading these tokens. Users can immediately deposit MOONS and BRICKS through Arbitrum Nova, the network on which the tokens primarily exist. The specific start time for trading has not been explicitly stated by Kraken. However, once trading commences, users will be able to trade these tokens on both Kraken’s main website and its Pro platform.
The listing of MOONS and BRICKS on Kraken has led to a surge in prices for these Reddit cryptocurrency tokens. With the increasing popularity and value of these tokens, it is clear that Reddit’s Community Points project is gaining traction in the crypto community. Kraken’s decision to list these tokens reflects its ongoing commitment to expanding its token offerings and providing users with diverse trading options. As the market for MOONS and BRICKS continues to evolve, it will be interesting to see how these tokens perform and whether they can sustain their recent price gains.