In a brand new growth, a dealer who positioned a considerable $10 million guess in opposition to LUNA in Could 2022 earlier than the then native foreign money and UST—the algorithmic stablecoin, collapsed is now setting his sight on Reddit Moons. Going by the moniker “GCR,” on-chain information on August 8 showed the dealer moved 450,000 MOON from MEXC Trade to Kraken.
Moons, the ERC-20 token related to the r/CryptoCurrency discussion board on Reddit, is agency and on an uptrend, taking a look at present value motion. At spot charges, the token is up 400% from late July and altering palms at $0.47, hovering close to 2023 highs.
Primarily based on value motion from MEXC commerce information, the fast resistance stage is at $0.65, which was printed in late July 2023. Nonetheless, with the revival at present seen throughout the crypto market, costs will doubtless proceed growing. For instance, Moons is already up 90% in August alone, rebounding from $0.25 and surging to identify charges.
A number of components are believed to be fanning demand. One among these is the affect of merchants like GCR, who’re buying Moons and probably enhancing sentiment on altcoins contemplating the current decrease lows recorded within the higher a part of July.
Nonetheless, taking a look at how MOON costs reacted after Kraken’s itemizing on August 7, the neighborhood seems extra buoyant and assured of enhancing liquidity.
As trackers reveal, earlier than the Kraken itemizing, most Moons buying and selling exercise was focused on MEXC Trade. On August 7, Kraken announced its itemizing of Moons alongside Bricks (BRICK). Alongside the announcement, Kraken stated customers may deposit MOON and BRICK from the Arbitrum Nova community.
Moons and Bricks are additionally out there for buying and selling on Kraken and Kraken Professional accounts. From Kraken Professional, purchasers can commerce MOON and BRICK perpetual derivatives.
MOON has been described as a “community-driven” token since its launch in Could 2020. Inside the r/CryptoCurrency subreddit, it serves a number of capabilities, together with rewarding customers who contribute positively.
Reddit stated Moons’ holders can entry premium options, together with badges and customized emojis, and tip fellow neighborhood members. Furthermore, holding Moons grants voting energy in subreddit polls, affording holders a say in shaping the subreddit’s future.
Arbitrum information on August 8 shows over 121 million Moons in circulation. Out of this, greater than 206,000 holders have generated over 670,000 transfers. All Moons are saved on Vault, the mobile-based pockets launched in 2022.
Characteristic picture from Canva, chart from TradingView