Cryptocurrency exchange Kraken has recently announced the listing of two Reddit cryptocurrency tokens, MOONS and BRICKS. This move allows users to trade these tokens on Kraken and Kraken Pro, both in spot and futures markets, using USD and EUR trading pairs. This article explores the significance of this listing and the potential impact it may have on the cryptocurrency market.
The newly listed tokens, MOONS and BRICKS, are part of Reddit’s Community Points project. This initiative aims to reward users with cryptocurrency for creating high-quality posts. Each token is associated with a different subreddit or community, with MOONS being linked to /r/CryptoCurrency and BRICKS tied to the gaming community of /r/FortniteBR.
Kraken’s Interest and Timing
Kraken expressed interest in listing these tokens in mid-July, as a company representative hinted at the possibility in a statement on Reddit. Shortly after, the competing exchange Crypto.com listed MOONS. Upon the recent listing announcement, both tokens experienced significant price gains. BRICKS witnessed a 439.5% increase over 30 days, while MOONS surged by 279.7% during the same period. This suggests a growing demand and interest in these tokens among cryptocurrency traders.
Kraken has allowed users to immediately deposit both MOONS and BRICKS through Arbitrum Nova, the network upon which these tokens primarily exist. Although it remains unclear whether trading has officially begun, Kraken assures users that trading will commence later in the day. This news has drawn the attention of traders and investors, who are eager to take advantage of the potential profit opportunities presented by these tokens.
Since the announcement of the listing, MOONS and BRICKS have experienced a surge in prices. In fact, around the time of the announcement, each asset reached a 13-day high. MOONS saw a staggering 53% price increase over one hour, while BRICKS witnessed an impressive 133% surge in just 1.5 hours. Although some of these gains may have retraced, both tokens continue to show significant price appreciation. As of the most recent data, MOONS are up 35% over the past 24 hours, while BRICKS have risen by 49% during the same period. These figures contrast with the overall crypto market, which has experienced a slight decline of 0.4%.
Potential Implications
The listing of MOONS and BRICKS on Kraken brings these Reddit community tokens into a wider and more liquid market. This increased accessibility may lead to enhanced trading volumes, as more traders are able to participate in the buying and selling of these tokens. Additionally, by providing trading pairs in both USD and EUR, Kraken further encourages global participation in these markets.
The addition of MOONS and BRICKS to Kraken’s trading platform signifies the growing popularity and recognition of Reddit’s Community Points project within the cryptocurrency space. Both tokens have experienced significant price gains following the listing announcement, further highlighting the interest and demand from traders. As Kraken enables trading and facilitates greater liquidity, the future of these tokens remains an intriguing prospect for those involved in the crypto market. Traders and investors will be closely monitoring the performance of MOONS and BRICKS as they unfold on the Kraken exchange.