Reddit Community Tokens Rocket as Rule Change Speculation Boosts MOON, BRICK
Reddit changed its Terms of Service recently where it now explicitly allows for trading Reddit's tokenized Community Points, one observer said while explaining the price rally.
Moons (MOON), the native token of Reddit's r/CryptoCurrency community of over 6.5 million users, has chalked up a triple-digi t price gain this week. One analyst cited Reddit's recent change in terms of service as possible reason for the impressive price rally
MOON's price has surged 170% to almost 25 cents from 9 cents, according to data tracked by . The cryptocurrency is listed on SushiSwap, and MEXC.
Moons are ERC-20 tokens distributed as rewards to users for their posts or comments in the r/CryptoCurrency subreddit. The coins can be freely traded, tipped, or spent in the community for different purposes. The tokens can also be stored in Reddit's Ethereum-based wallet, called Vault.
The Bricks (BRICK) token, distributed as a reward for contributions in the r/Fortnite subreddit, 300% in two days.
Over the weekend, a in the r/CryptoCurrency subreddit said Reddit's terms of service have changed, allowing the trading of verified virtual goods like avatars and Reddit's community points.
Per Coingecko's co-founder and COO, Booby Ong, the speculation about impending changes to Reddit has driven the two tokens higher.
"Reddit's Terms of Service recently changed where it now explicitly allows for trading Reddit's tokenized Community Points. The change also goes alongside the removal of Reddit's non-tokenized Coins and Awards. No firm changes have been announced for Reddit's Community Points yet, but the community is speculating that Reddit will give more attention to the Community Points. This has resulted in MOON and BRICK tokens increasing by over 100% in value this week," Ong told CoinDesk.
Note that community points have always been tradable, but it's troublesome to trade those through the Reddit app, per ONG. "It's easy to send CPs to other Reddit users from the app, but to trade them, one has to export the private key from the Reddit wallet and import it into a crypto wallet. Then trade the CPs on an Arbitrum Nova DEX," ONG said in a .
Users of the r/CryptoCurrency subreddit responded positively to the terms of change post, with cryptocurrency exchange the subreddit for providing updates about the change in terms of service.
A member of Kraken added that the exchange is "always open to adding new digital assets. The comment has raised hopes for an eventual listing of the Moons token on the Kraken exchange and may have contributed to the token's price surge.
Edited by Parikshit Mishra.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.
VIPBitget VIP Weekly Research Insights
Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.
Can Solana Ride the Nasdaq Hype to Close Q2 Above $160?
Solana's price rise is fueled by renewed institutional interest and growing trader participation, positioning SOL for a potential breakout above $160.
Bitcoin: Scarcity Deepens With Every Block Mined
Crypto prices
More
