Moons (MOON), the native token of Reddit’s r/CryptoCurrency community with over 6.5 million users, posted a triple-digit price increase this week. An analyst cited Reddit’s recent change in terms of service as the possible reason for the impressive price increase. Also, another altcoin that came up on Reddit has also made a splash. Here are the altcoins that are rising with Reddit doping and the reasons behind their rise…
These altcoins have made a splash
MOON’s price rose 170 percent from 9 cents to almost 25 cents, according to data tracked by Coinecko. The cryptocurrency is listed on SushiSwap, Gate.io and MEXC. Moons are ERC-20 tokens distributed as rewards to users for their posts or comments on the r/CryptoCurrency sub-reddit. Tokens can be freely traded, tipped, or spent for other purposes within the community. Tokens can also be stored in Reddit’s Ethereum-based wallet called Vault. The Bricks (BRICK) token distributed as a reward for contributions on the r/Fortnite sub-reddit has increased by 300 percent in two days.
24-hour MOON chartOver the weekend, a trending post on the r/CryptoCurrency sub-reddit caught attention. The post points out that Reddit’s terms of service have changed. He also said that it allows trading virtual goods such as avatars and Reddit’s community points. According to Booby Ong, Coingecko’s co-founder and COO, speculation on Reddit about the upcoming changes has caused the two tokens to rise. Ong used the following statements:
Reddit’s Terms of Service have recently changed and now explicitly allow trading Reddit’s tokenized Community Points. This change also coincided with the removal of Reddit’s non-tokenized Coins and Rewards. No definitive changes have yet been announced for Reddit’s Community Ratings, but the community thinks Reddit will place more emphasis on Community Ratings. This caused the MOON and BRICK tokens to gain over 100 percent this week.
24-hour BRICK chartThose in the CryptoCurrency community have welcomed the change
Community points are known to be tradeable at all times. However, it should be noted that exchanging them via the Reddit app is cumbersome, according to Ong. Ong said, “It’s easy to send CPs from the app to other Reddit users. However, to exchange them, it is necessary to export the private key from the Reddit wallet and import it into a crypto wallet. Then it is necessary to trade the CPs in an Arbitrum Nova DEX”, he said.
Users of the r/CryptoCurrency subreddit have responded positively to the terms of the change. Cryptocurrency exchange Kraken thanked the subreddit for providing updates on the change to its terms of service. A member of Kraken added that the exchange is “always open to adding new crypto assets.” This comment raised hopes for the final listing of the Moons token on the Kraken exchange. According to some, this contributed to the price increase of the token.
