Cryptocurrency exchange Kraken has recently announced that it will be listing two Reddit cryptocurrency tokens, namely MOONS and BRICKS, on its platform. As of August 7th, users can now trade these tokens on both Kraken and Kraken Pro, across spot and futures markets, as well as through USD and EUR trading pairs.
In addition to this, Kraken has also stated its plans to enable trading on the Kraken App and Instant Buy feature, allowing more traders to participate in the market as the platform gains sufficient liquidity. Furthermore, users can already begin depositing these two assets, both of which can only be deposited through Arbitrum Nova, the network where the tokens mainly exist upon.
Understanding Reddit’s Community Points Project
MOONS and BRICKS are part of Reddit’s Community Points project, an initiative designed to reward users with cryptocurrency for creating high-quality posts. Each token is associated with a different subreddit or community, with MOONS being related to /r/CryptoCurrency, and BRICKS tied to the gaming community of /r/FortniteBR.
The integration of these tokens into Kraken’s platform follows a similar move made by competing exchange Crypto.com, which listed MOONS shortly after the initial announcement of Kraken’s interest in trading the tokens. Notably, both MOONS and BRICKS have experienced significant price gains over the past month. BRICKS have seen a 439.5% increase, while MOONS have surged by 279.7%. In contrast, Bitcoin (BTC) has seen a 3.6% decline over the same period.
Price Surge Upon Listing
The recent listing of MOONS and BRICKS on Kraken has coincided with a surge in their prices. Following the announcement, both tokens reached a 13-day high, demonstrating their growing popularity among investors. Specifically, MOONS experienced a price increase of 53% within one hour, while BRICKS saw an impressive surge of 133% within 1.5 hours.
Although some of these gains have been retraced, both tokens still maintain a significant increase in value. As of August 7th, MOONS had risen by 35% over a 24-hour period, while BRICKS recorded a 49% increase over the same timeframe. Meanwhile, the overall cryptocurrency market experienced a slight decline of 0.4%.
The listing of Reddit tokens MOONS and BRICKS on the Kraken exchange is a significant development for both platforms. With the increasing adoption of cryptocurrencies and the integration of blockchain technology in online communities, these tokens offer users a unique way to engage and be rewarded within their respective subreddits. As the popularity of MOONS and BRICKS continues to grow, it will be interesting to see how they contribute to the broader crypto landscape and shape the future of community-driven digital assets.