Reddit’s community token soars ── Change in terms attracts user interest | CoinDesk JAPAN | Coin Desk Japan

Moons (MOON), the native token of Reddit’s r/CryptoCurrency community with over 6.5 million users, posted a triple-digit price increase this week. One analyst cited recent changes to Reddit’s terms of service as the reason for the price increase.

According to data tracked by Coingecko, the price of MOON surged 170% from 9 cents to almost 25 cents. This crypto asset (virtual currency) is listed on SushiSwap, Gate.io, and MEXC.

MOON is an ERC-20 token distributed to users as a reward for posting and commenting on r/CryptoCurrency. This coin can be freely traded within the community, tipped, and used for various purposes. Tokens can also be stored in Reddit’s Ethereum-based wallet called Vault.

MOON price chart. (Coingecko)

BRICK, a token distributed as a reward for contributions in r/Fortnite, surged 300% in two days.

Over the weekend, a trending post on r/CryptoCurrency reported that Reddit’s terms of service were changed to allow trading of verified virtual goods like avatars and Reddit’s Community Points (CP).

According to Coingecko co-founder and COO Bobby Ong, speculation about an impending change on Reddit sent two tokens higher.

“Reddit’s terms of service were recently changed to specifically allow trading of Reddit’s tokenized CP. This change coincided with the removal of non-tokenized Reddit coins and awards. No definite CP changes have been announced yet, but the community speculates that Reddit will pay more attention to CP, resulting in a more than 100% increase in the value of MOON and BRICK this week,” Ong said. told CoinDesk.

While CP has always been available for trading, Ong said trading through the Reddit app can be cumbersome. “It is easy to send CP from the app to other Reddit users, but to trade, you need to export your private key from your Reddit wallet and import it into your cryptocurrency wallet. Then trade CP on the DEX Arbitrum Nova. It’s going to be,” Ong said.said in a tweet.

Users of r/CryptoCurrency responded positively to the terms change post, and cryptocurrency exchange Kraken thanked the subreddit for providing an update on the terms change.

A Kraken member added that the exchange is “always open to adding new digital assets.” This comment raised expectations for MOON’s listing on Kraken, which may have contributed to the token price hike.

Kraken reaction on r/CryptoCurrency (Reddit)

｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Coingecko
｜Original: Reddit Community Tokens Rocket as Rule Change Speculation Boosts MOON, BRICK