The Moon community token, associated with Reddit’s thriving r/CryptoCurrency community comprising more than 6.5 million members, underwent a meteoric rise from approximately $0.09 on July 16 to nearly $0.58 on July 19, following its listing on Crypto.com. The trading volume skyrocketed to approximately $3 million on Wednesday. Interestingly, the platform also introduced Reddit NFT avatars, which have seen millions being minted and acquired by over 14 million “unique holders,” generating sales exceeding $32 million, as reported by a Dune analytics dashboard.
Meanwhile, the Brick token, linked to the Fortnite subreddit community and awarded to contributors of r/Fortnite, experienced a similar upward trajectory, surging from $0.01 on July 17 to about $0.10 on July 19, according to CoinGecko data. Crypto.com acknowledged the impressive “surge” in both tokens and offered insights on Monday. However, over the past 24 hours, the volume and price of both tokens have witnessed a significant decline. Now, the Moon token hovers around $0.33, while Brick is valued just below $0.05, based on CoinGecko data at 12:19 p.m. ET. The volume for Moon has contracted from over $1 million on July 23 to around $200,000 on Monday. Similarly, Brick’s volume decreased from approximately $210,000 on July 23 to a mere $26,000 on Monday.
Market analysts speculate that the recent alteration in Reddit’s Terms of Service could be the driving force behind the price fluctuations. The platform seemingly updated its Terms of Service on July 16, permitting users to trade community tokens and avatars, potentially influencing the market dynamics of these tokens. As the Web3 ecosystem evolves rapidly, enthusiasts and investors are closely monitoring the fluctuations of community tokens like Moon and Brick. It remains essential to stay informed and navigate this dynamic landscape with caution, especially in light of external factors influencing token prices.
