Ethereum

Donut

Reddit

Polygon

Two cryptocurrencies affiliated with Reddit communities increased more than 15% in 24 hours.&nbsp; 
Investors speculated on Donut (DONUT) and Moons (MOONS) as the social media platform launched its long-awaited initial public offering (IPO), causing the tokens to see double-digit price increases on March 21.&nbsp; 
DONUT is an ERC-20 token issued on Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) by the ethtrader forum. Participants receive the crypto as monthly rewards for contribution to the community. Eligibility depends on upvotes gathered by published content. Per CoinMarketCap, the token gained over 28% on Reddit’s IPO news.&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="424" src="https://crypto.news/app/uploads/2024/03/Screenshot-343-1024x424.png" alt="Reddit tokens surged over 15% pre-IPO - 21" class="wp-image-14260183">
 <figcaption class="wp-element-caption">
 DONUT daily chart | Source: CoinMarketCap
 </figcaption>
</figure> 
Admins on Reddit’s largest crypto community, CryptoCurrency, created the MOONS tokens to incentivize further activity among members. The token is also distributed every month according to karma points accumulated by users. MOONS spiked at least 18% over 24 hours.&nbsp; 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="475" src="https://crypto.news/app/uploads/2024/03/Screenshot-344-1024x475.png" alt="Reddit tokens surged over 15% pre-IPO - 22" class="wp-image-14260182">
 <figcaption class="wp-element-caption">
 MOONS daily chart | Source: CoinMarketCap
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/reddit-ipo-5x-oversubscribed-6-5-billion-valution-report/"> Reddit IPO oversubscribed 5x, targets $6.5b valuation: report </a> 
<h2 class="wp-block-heading" id="reddit-ipo-goes-live">Reddit IPO goes live</h2> 
According to <a href="https://www.reuters.com/markets/deals/reddit-set-hotly-anticipated-debut-after-pricing-ipo-top-range-2024-03-21/" target="_blank" rel="noreferrer noopener">Reuters</a>, the IPO launched 38% above its expected $34 per share price due to over-subscription, signaling demand for the social network’s stock.&nbsp; 
Last month, crypto.news reported that the company held cryptocurrencies on its balance sheet including Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>), Ether, and Polygon (<a href="https://crypto.news/price/polygon/" target="_blank" rel="noreferrer noopener">MATIC</a>). The assets were disclosed in a Feb. 22 IPO filing with the U.S. SEC.&nbsp; 
Reddit <a href="https://crypto.news/reddit-bitcoin-ether-matic-ipo-filing/" target="_blank" rel="noreferrer noopener">said</a> it acquired these tokens with excess cash reserves to experiment with blockchain and crypto technology. The firm also said ETH and MATIC were specifically bought to settle some goods and services expenditure.&nbsp; 
 Read more: <a href="https://crypto.news/reddit-bitcoin-ether-matic-ipo-filing/"> Reddit holds Bitcoin, Ether, Matic on balance sheet per IPO filing </a>

Reddit tokens surged over 15% pre-IPO

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