In a brand new improvement, 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 information on August 8 confirmed the dealer moved 450,000 MOON from MEXC Alternate to Kraken.

Moons Rallying

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 fingers at $0.47, hovering close to 2023 highs. 

Based mostly on value motion from MEXC commerce information, the instant resistance level is at $0.65, which was printed in late July 2023. Nevertheless, with the revival at the moment seen throughout the crypto market, costs will doubtless proceed rising. For example, Moons is already up 90% in August alone, rebounding from $0.25 and surging to identify charges. 

MOON value on August 8| Supply: MOONUSDT on Binance, TradingView

A number of components are believed to be fanning demand. One in every of these is the affect of merchants like GCR, who’re buying Moons and probably bettering sentiment on altcoins contemplating the latest decrease lows recorded within the higher a part of July.

Nevertheless, taking a look at how MOON costs reacted after Kraken’s itemizing on August 7, the group seems extra buoyant and assured of bettering liquidity. 

Kraken Itemizing

As trackers reveal, earlier than the Kraken itemizing, most Moons trading exercise was focused on MEXC Alternate. On August 7, Kraken introduced its itemizing of Moons alongside Bricks (BRICK). Alongside the announcement, Kraken mentioned customers might deposit MOON and BRICK from the Arbitrum Nova community.

Moons and Bricks are additionally out there for trading 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 features, together with rewarding customers who contribute positively.

Reddit mentioned Moons’ holders can entry premium options, together with badges and customized emojis, and tip fellow group 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 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.

Characteristic picture from Canva, chart from TradingView