Moons (MOON), the native token of Reddit’s r/CryptoCurrency community, has seen a triple-digit percentage price gain this week, surging 170% to almost 25 cents from 9 cents, according to data tracked by Coingecko. The impressive price rally may have been caused by Reddit’s recent change in terms of service. Moons are ERC-20 tokens distributed as rewards to users for their posts or comments in the r/CryptoCurrency subreddit. The coins can be freely traded, tipped, or spent in the community for different purposes. The tokens can also be stored in Reddit’s Ethereum-based wallet, called Vault. The Bricks (BRICK) token, distributed as a reward for contributions in the r/Fortnite subreddit, has also seen a 300% increase in two days.
Investors were reminded of Coinbase’s (COIN) regulatory challenges after the crypto exchange late Friday disclosed it had suspended retail staking services in four of the 10 states that say its staking offerings represent securities, according to a research report by investment bank Berenberg. The report also noted that while a U.S. District Court last week ruled that Ripple’s XRP token is not a security in and of itself, it can be classified a security when used in certain transactions. “Coinbase Earn, the securitized product through which COIN offers staking rewards to retail customers, appears particularly vulnerable to being defined as a security within this context,” the analysts wrote.
Bankrupt crypto lender Celsius, its creditors and its Series B funding round shareholders have agreed on a settlement to distribute $25 million from the proceeds of the sale of GK8. Self-custody platform GK8 was sold to Galaxy Digital as part of Celsius’ bankruptcy proceedings, and while the exact details of the sale were not disclosed, Galaxy spokesman Michael Wursthorn earlier told journalists that the price was significantly less than the $115 million Celsius bought it for.