The cryptocurrency market is a constant hotspot of intrigue and revolution, just like the headline-grabbing performance by Reddit community tokens, Moons (MOON) and Bricks (BRICK). The tokens skyrocketed following added support from one of the heavyweight cryptocurrency exchanges, Kraken, on Monday.
MOON, the cherished offspring of Reddit’s r/CryptoCurrency community, grew by an astonishing 47% to 42 cents in the last 24 hours. Tied closely to its heels, the BRICK token, the native currency of the r/Fortnite subreddit, escalated by an approximate 50% to 4 cents.
This rise of these tokens is notably steep, and with this spike comes an exciting feature tied to these currencies. MOON and BRICK emerged as a reward system in their respective Reddit communities; user activities such as comments or posts earn them these tokens. The earned coins find comfortable storage in Reddit’s Ethereum-based wallet, ‘Vault’. Users can then use these coins as they see fit within their communities—trade, tip, or even use them in unique ways like unlocking comment features or adding gravity to poll votes.
The addition of MOON and BRICK to Kraken’s platform occurred in the backdrop of teeming anticipation that had been stirred weeks earlier. Following a hint by the Kraken support team, rampant speculation ensued in the r/CryptoCurrency subreddit about a possible listing of these tokens.
With Kraken’s support now quite literal, both MOON and BRICK are available for trading against the U.S. dollar and euro in the spot market for Kraken and Kraken Pro users. Added to this, they have also introduced perpetual futures tied to the MOON/USD pair.
However, a bit of skepticism may serve healthy in this all-too-exciting market event. Is this merely a transient spike fueled by the novelty of the situation, or a significant trend indicative of the power of burgeoning community tokens? Checkered by the unpredictability of the crypto world, only time can answer this potential mystery. Despite the potential volatility, Kraken’s backing has undeniably paved a promising path for decentralized community tokens’ growth.
Source: Coindesk
