In a brand new improvement, a dealer who positioned a considerable $10 million wager towards LUNA in Might 2022 earlier than the then native forex 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 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 palms at $0.47, hovering close to 2023 highs.
Primarily based on value motion from MEXC commerce knowledge, the speedy 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 rising. 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. Certainly one of these is the affect of merchants like GCR, who’re buying Moons and probably enhancing sentiment on altcoins contemplating the latest 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 group seems extra buoyant and assured of enhancing liquidity.
Kraken Itemizing
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 mentioned customers may deposit MOON and BRICK from the Arbitrum Nova community.
Moons and Bricks are additionally accessible 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 Might 2020. Throughout 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 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.
Characteristic picture from Canva, chart from TradingView