1 year ago
In a caller development, a trader who placed a important $10 cardinal stake against LUNA successful May 2022 earlier the past autochthonal currency and UST—the algorithmic stablecoin, collapsed is present mounting his show connected Reddit Moons. Going by the moniker “GCR,” on-chain information connected August 8 showed the trader moved 450,000 MOON from MEXC Exchange to Kraken.
Moons Rallying
Moons, the ERC-20 token associated with the r/CryptoCurrency forum connected Reddit, is steadfast and connected an uptrend, looking astatine existent terms action. At spot rates, the token is up 400% from precocious July and changing hands astatine $0.47, hovering adjacent 2023 highs.
Based connected terms enactment from MEXC commercialized data, the contiguous absorption level is astatine $0.65, which was printed successful precocious July 2023. However, with the revival presently disposable crossed the crypto market, prices volition apt proceed increasing. To illustrate, Moons is already up 90% successful August alone, rebounding from $0.25 and surging to spot rates.
Several factors are believed to beryllium fanning demand. One of these is the power of traders similar GCR, who are acquiring Moons and perchance improving sentiment connected altcoins considering the caller little lows recorded successful the amended portion of July.
However, looking astatine however MOON prices reacted aft Kraken’s listing connected August 7, the assemblage appears much buoyant and assured of improving liquidity.
Kraken Listing
As trackers reveal, earlier the Kraken listing, astir Moons trading enactment was concentrated connected MEXC Exchange. On August 7, Kraken announced its listing of Moons alongside Bricks (BRICK). Alongside the announcement, Kraken said users could deposit MOON and BRICK from the Arbitrum Nova network.
Moons and Bricks are besides disposable for trading connected Kraken and Kraken Pro accounts. From Kraken Pro, clients tin commercialized MOON and BRICK perpetual derivatives.
MOON has been described arsenic a “community-driven” token since its motorboat successful May 2020. Within the r/CryptoCurrency subreddit, it serves aggregate functions, including rewarding users who lend positively.
Reddit said Moons’ holders tin entree premium features, including badges and customized emojis, and extremity chap assemblage members. Moreover, holding Moons grants voting powerfulness successful subreddit polls, affording holders a accidental successful shaping the subreddit’s future.
Arbitrum information connected August 8 shows implicit 121 cardinal Moons successful circulation. Out of this, much than 206,000 holders person generated implicit 670,000 transfers. All Moons are stored connected Vault, the mobile-based wallet launched successful 2022.
Feature representation from Canva, illustration from TradingView
English (US) 