Reddit-based r/CryptoCurrency Moons (MOON) More than Doubles since Sunday on Possible Kraken Listing

On Jul 18, 2023 at 8:43 am UTC by · 3 min read

Currently, MOON tokens are available for trading on MEXC, Gate.io, and Sushiswap V3.

The r/CryptoCurrency Moons (MOON), an ERC-20 token based on the Arbitrum nova and used to tip individual contributions to the subreddit, has recorded significant gains in the recent past amid the XRP-induced altcoin pump. According to the latest crypto market data, MOON is trading at around $0.267 during the early Asian market on Tuesday, which represented a gain of more than 82 percent in the past 24 hours. Additionally, the MOON daily traded volume spiked by more than 243 percent to about $862,243 on Tuesday. The sudden spike in MOON tokens was largely attributed to the heightened discussion of possible listing on the Kraken exchange, a leading CEX with deep liquidity and trading volume.

Notably, the MOON upsurge in on-chain activity began last Sunday when the token traded below 10 cents, but has since rallied more than 159 percent since then. FOMO altcoin traders have significantly proliferated the crypto market in search of a bullish trade in the past few days. However, most traders often get trapped after buying on the top when early investors are taking profits.

Notably, a Kraken support team responded to the Moons enthusiasts on Reddit where the response was positive for a possible listing. The Kraken support team was highlighting the importance of listing the Moons token, which could be mutually beneficial to both entities. Moreover, the MOON community would benefit from enhanced trading liquidity while Kraken would attract more cryptocurrency traders.

Earlier this year, the Kraken support team on Twitter highlighted that the listing of MOONS tokens will only be revealed through the company’s social media handles and blog posts.

Currently, MOON tokens are available for trading on MEXC, Gate.io, and Sushiswap V3.

Closer Look at Reddit and Moons Crypto Asset

Reddit has made significant entrance into the blockchain and cryptocurrency market mostly through the NFTs market. Furthermore, Reddit is already working closely with the Polygon (MATIC) team in providing users a scalable and secure Ethereum access. The social media platform has in the past struggled to make profits amid increased competition, especially from Twitter in the same category.

As a result, Reddit has changed its terms of service to fit in with the evolving Web3 industry. Moreover, social media users are more attracted to engaging platforms that reward them for their contributions. In the updated terms of service on Reddit, users can trade virtual items that are cryptographically verified including avatars.

Meanwhile, Reddit is exploring ways to get profitable in the highly competitive market and an Initial Public Offering (IPO) is reportedly likely during the second half of 2023.

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