The financial winds are in favor of r/CryptoCurrency subreddit’s native token, Moons (MOON), with an impressive three-digit price increase this week! The digital coin went from 9 cents all the way to approximately 25 cents – a dramatic 170% price inflation tracked by Coingecko. Alongside MOON is Bricks (BRICK), another reward token for the r/Fortnite subreddit, which posted a staggering 300% surge in just a couple of days!
The reason? An odd bend in the trading river: Reddit’s recent Terms of Service update. Some believe this to be a primary factor that set these tokens on the fast lane. These ERC-20 tokens, which users earn via contributing posts or comments on the respective subreddits, can be traded, tipped, and spent within the community.
Aside from that, you can stash these cryptographic wonders in Vault, Reddit’s Ethereum-based wallet! The update, as noted in a trending subreddit post, now allows trading of verified virtual goods such as avatars and Reddit’s community points.
Coingecko’s co-founder and COO, Booby Ong, maintains that the speculation around changes to Reddit is a driving force behind the value acceleration. Despite community points always being tradable technically, executing trades through the Reddit app wasn’t a walk in the park. That area of concern might have seen its end with the new terms.
Reacting to the TOC update, the cryptocurrency exchange, Kraken, thanked the subreddit for the helpful updates. Adding fuel to speculation, a representative “Krakenite,” aired their readiness to accommodate new digital assets, which spiked hopes of MOON potentially securing a listing on their platform.
The promise of what’s to come has shone a favorable light on these tokens, pushing their worth sky-high. The silence on exact amendments to Reddit’s community points, for now, sends traders in feverish excitement, speculating on probable outcomes. As we await firm changes for the community points, this week only carries proof of one thing: speculation holds great power in the realm of digital money.
Source: Coindesk
