Reddit

Arbitrum

Moon

MOON

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<p class="has-drop-cap">Reddit’s crypto asset MOON saw a significant price increase on Wednesday after <a aria-label="on-chain data revealed (opens in a new tab)" href="https://nova.arbiscan.io/tx/0x97b7b90024f281cfa3975bda098843b1bcb3868b4f4712716d4039c22de238e0" target="_blank" rel="noopener noreferrer nofollow" class="deco-link">on-chain data revealed</a> that a popular cryptocurrency investor known as GCR purchased 450,000 tokens. GCR is best known as a trader who successfully anticipated the demise of Terra’s LUNA and placed a $10 million bearish bet against the collapsed cryptocurrency.&nbsp;</p> 
<h3 id="why-is-moon-price-soaring">Why is MOON Price Soaring?</h3> 
<p>r/CryptoCurrency Moons, the native crypto token of Reddit’s biggest crypto subreddit, shot up 25% on Wednesday on the news that a popular LUNA short-seller is holding a vast amount of MOON tokens.</p> 
<p>In particular, the price of MOON took off after speculations emerged that pseudonymous trader GCR – the investor who predicted LUNA’s downfall and <a href="https://www.theblock.co/post/145739/trader-doubles-down-on-10-million-bet-against-do-kwon-by-shorting-luna" target="_blank" aria-label="held a $10 million bearish bet (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">held a $10 million bearish bet</a> against Terra’s fallen token – bought 450,000 MOONs from the <a href="https://tokenist.com/reddit-moons-moon-to-be-listed-on-secondary-market-for-trading-as-usdt-pair/" rel="noopener noreferrer nofollow" class="deco-link">MEXC exchange</a>. The move was <a href="https://www.reddit.com/r/CryptoCurrency/comments/15lp1gv/gcr_the_man_who_won_a_10m_bet_against_do_kwon/?utm_source=share&amp;utm_medium=ios_app&amp;utm_name=ioscss&amp;utm_content=1&amp;utm_term=1" target="_blank" aria-label="confirmed in a r/CryptoCurrency post (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">confirmed in a r/CryptoCurrency post</a> by Reddit user Nutcase420, who also said that GCR then transferred the tokens to the Kraken crypto exchange using Arbitrum Nova.</p> 
<blockquote class="wp-block-quote"> 
 <p>“After conducting a bit of on-chain analysis, we were able to confirm that this Kraken address is associated with GCR. He sent millions of ETH to it from an ENS that’s confirmed to be his – Ezekielx.eth. He bought 450k MOON at an average price of 40 cents-45 cents.”</p> <cite>– said Prithvir Jhaveri, co-founder and CEO of Loch Research. </cite> 
</blockquote> 
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<h3 id="moon-rockets-over-80-in-a-week-after-kraken-listing">MOON Rockets Over 80% in a Week After Kraken Listing</h3> 
<p>GCR’s massive investment in Reddit’s crypto asset was well-received among crypto proponents on social media, with MOON fans seeing the transfer as a potential price stimulus.&nbsp;</p> 
<p>MOON, an ERC-20 token won as a reward for comments and other contributions in the r/CryptoCurrency subreddit, has recently staged an impressive price surge. One factor contributing to this upturn is Kraken’s listing of the token on August 7.&nbsp;</p> 
<p>The popular crypto exchange <a href="https://blog.kraken.com/product/asset-listings/brick-and-moon-trading-starts-today-on-spot-and-futures" target="_blank" aria-label="announced support for MOONs and BRICK (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">announced support for MOONs and BRICK</a> (also a token used on Reddit), elevating their prices by 82% and 572% over the past week. Before Kraken, Crypto.com also listed MOON in mid-July.</p> 
<p>The substantial price increase in MOONs comes less than a month after <a href="https://tokenist.com/reddit-moons-up-73-as-tos-changed-to-allow-for-sale-of-virtual-assets/" rel="noopener noreferrer nofollow" class="deco-link">Reddit made</a> notable changes to its Terms of Service to enable the sale of the platform’s virtual assets. Earlier this year, <a href="https://tokenist.com/4-77m-moons-to-be-burned-as-the-reddit-community-token-fully-migrates-to-arbitrum-nova/" class="deco-link" rel="noopener noreferrer nofollow">4.7 million MOONs were burned</a> as part of the cryptocurrency’s migration to Arbitrum Nova.</p> 
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<p><em><strong>What are your thoughts on Reddit’s crypto tokens? Would you consider investing in one? Let us know in the comments below.&nbsp;</strong></em></p> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/reddits-moon-tokens-up-25-on-whale-purchase-news/">Reddit’s Moon Tokens Up 25% on Whale Purchase News</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Reddit’s Moon Tokens Up 25% on Whale Purchase News

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