r/CryptoCurrency Moons

r/FortNiteBR Bricks

<p>Reddit’s subreddit community tokens, Moon and Brick, having experienced a remarkable surge in prices last week fueled by a significant increase in trading volume, have taken a downward trajectory, plummeting in price.</p><h2 id="header-0">Crypto.com token listing</h2><p>The Moon token, associated with Reddit’s r/CryptoCurrency community boasting over 6.5 million members, shot up from approximately $0.09 to nearly $0.58 on July 19, just after Singapore trading platform Crypto.com listed the token.</p><p>Concurrently, trading volume spiked to around $3 million on Wednesday, marking an impressive boost.</p><p>Similarly, the Fortnite subreddit community token, Brick, which Crypto.com distributes as a reward to contributors of r/Fortnite, also witnessed a substantial price surge. The token’s value surged from $0.01 on July 17 to approximately $0.10 on July 19, according to data from CoinGecko.</p><h2 id="header-1">Surge acknowledged</h2><p>In response to the sudden price surges, Crypto.com released a<a href="https://www.theblock.co/post/241126/reddit-fortnite-token-prices-plummet-after-crypto-com-talks-up-surge" rel="noopener noreferrer nofollow"> note</a> early on Monday, acknowledging the surge both tokens had experienced recently. However, in a swift turn of events, both tokens experienced a significant downturn in the past 24 hours, with their prices plummeting by over 20%.</p><p>As of midday (ET) on Monday, Moon was trading at $0.33, while Brick was valued just under $0.05, as reported by CoinGecko data. Moreover, trading volumes for both tokens have significantly contracted during this period of volatility. Moon’s volume shrank from over $1 million on July 23 to approximately $200,000 on Monday. On the other hand, Brick’s volume saw an even more drastic decrease, falling from approximately $210,000 on July 23 to a mere $26,000 on Monday.</p><h2 id="header-2">Terms of service change</h2><p>Market analysts speculate that the recent change in Reddit’s Terms of Service might have been the catalyst for the initial price increases. Reddit’s alteration of its Terms of Service on July 16 to permit users to trade community tokens and avatars potentially triggered the surge in token prices. It<a href="https://twitter.com/bobbyong/status/1681136599671934976?s&#61;20" rel="noopener noreferrer nofollow"> appears</a> that Web2 centralized virtual goods such as coins and awards are making way for tradable Web3 community points.</p><p>Speculating on the token price surge, Bobby Ong, the Co-Founder and COO of Malaysia-headquartered cryptocurrency data aggregator CoinGecko, wrote via Twitter last week: “Both tokens increased at the speculation of the changes coming at Reddit. No one knows exactly what is happening but Reddit deprecating Web2 Coins &amp; Awards while allowing trading of their Web3 CPs could be something to monitor in the coming months.”</p><p>Despite the recent downturn, the overall crypto space remains highly dynamic and unpredictable. Events such as the listing of tokens on prominent trading platforms can cause rapid price fluctuations. As always, that scenario makes it essential for investors to approach these assets with caution.</p><p>While Moon and Brick may have encountered a sharp decline, the cryptocurrency market, in general, has proven its resilience and ability to rebound with Bitcoin currently holding a unit price of $29,125. As the market continues to evolve and gain wider acceptance, investors will need to continue to exercise caution and consider the volatility inherent in digital assets.</p>

Subreddit Token Price Slide Following Surge

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