Moons (MOON), the native token of Reddit’s r/CryptoCurrency community of over 6.5 million users, has seen a triple-digit price gain this week. According to data tracked by Coingecko, the token’s price has surged 170% to almost 25 cents from 9 cents, and is listed on SushiSwap, Gate.io and MEXC.
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, and 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.
The speculation about impending changes to Reddit has been cited by Bobby Ong, Coingecko’s co-founder and COO, as a possible reason for the impressive price rally. “Reddit’s Terms of Service recently changed where it now explicitly allows for trading Reddit’s tokenized Community Points. The change also goes alongside the removal of Reddit’s non-tokenized Coins and Awards. No firm changes have been announced for Reddit’s Community Points yet, but the community is speculating that Reddit will give more attention to the Community Points. This has resulted in MOON and BRICK tokens increasing by over 100% in value this week,” Ong told journalists.
Users of the r/CryptoCurrency subreddit responded positively to the terms of change post, with cryptocurrency exchange Kraken thanking the subreddit for providing updates about the change in terms of service. This has raised hopes for an eventual listing of the Moons token on the Kraken exchange and may have contributed to the token’s price surge.