In a brand new growth, a dealer who positioned a considerable $10 million guess towards 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 knowledge on August 8 confirmed the dealer moved 450,000 MOON from MEXC Change to Kraken.
Moons, the ERC-20 token related to the r/CryptoCurrency discussion board on Reddit, is agency and on an uptrend, present value motion. At spot charges, the token is up 400% from late July and altering arms at $0.47, hovering close to 2023 highs.
Primarily based on value motion from MEXC commerce knowledge, the fast resistance degree is at $0.65, which was printed in late July 2023. Nonetheless, with the revival presently seen throughout the crypto market, costs will seemingly proceed growing. As an example, Moons is already up 90% in August alone, rebounding from $0.25 and surging to identify charges.
A number of elements are believed to be fanning demand. One in every of these is the affect of merchants like GCR, who’re buying Moons and doubtlessly bettering sentiment on altcoins contemplating the current decrease lows recorded within the higher a part of July.
Nonetheless, how MOON costs reacted after Kraken’s itemizing on August 7, the neighborhood seems extra buoyant and assured of bettering liquidity.
As trackers reveal, earlier than the Kraken itemizing, most Moons buying and selling exercise was focused on MEXC Change. On August 7, Kraken introduced its itemizing of Moons alongside Bricks (BRICK). Alongside the announcement, Kraken stated customers might deposit MOON and BRICK from the Arbitrum Nova community.
Moons and Bricks are additionally obtainable for buying and selling on Kraken and Kraken Professional accounts. From Kraken Professional, shoppers can commerce MOON and BRICK perpetual derivatives.
MOON has been described as a “community-driven” token since its launch in Could 2020. Throughout 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 knowledge on August 8 exhibits 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.
Function picture from Canva, chart from TradingView