THELOGICALINDIAN - The Reddit tokens MOON and BRICKS accept jumped in amount this ages helped partly by a barrage on the Layer 2 band-aid Arbitrum
MOON, the association badge of the r/CryptoCurrency subreddit, has apparent atomic amount activity afterwards brief to Arbitrum.
Reddit Tokens Surge On Arbitrum News
Reddit tokens are in aerial demand.
Last week, Reddit announced it would drift its ERC-20 accolade tokens to Arbitrum, a accepted Layer 2 ascent band-aid on Ethereum.
The clearing afflicted MOON, the built-in ERC-20 badge acclimated as association credibility on /r/CryptoCurrency.
The badge is adored on a account base to users who accommodate affection posts and comments. The tokens are automatically added to Reddit’s own Ethereum wallets on the Arbitrum network.
Prior to the Arbitrum migration, MOON tokens were broadcast on the Ethereum analysis arrangement Rinkeby. They could be bridged from testnet to the sidechain xDai and traded on HoneySwap. However, there was no absolute affiliation with Ethereum, and it had little amount because it was a testnet token.
Launching on Arbitrum agency MOON can be exchanged in fast affairs with basal gas fees while leveraging Ethereum’s security. It additionally agency Reddit users can now use their tokens on dApps aural the Arbitrum ecosystem and added calmly achieve them on Ethereum mainnet.
Exposure to Ethereum mainnet absolutely adds amount to MOON tokens. In that regard, the Arbitrum clearing account has been abundantly bullish for the token.
In the aftermost month, the MOON amount has developed by added than 500% admitting the broader crypto bazaar actual abundantly flat. Currently, anniversary MOON badge is trading at $0.25 according to CoinGecko. The amount has angled in the aftermost week.
One important point to agenda is that the amount is alone applicative to the old tokens actuality traded on xDai as there is no DEX abutment accessible on Arbitrum yet. Hence, while MOON is assuming bullish strength, a agency abaft the billow may be the low trading clamminess on DEXs.
Price activity aside, MOON has apparent an access in acceptance in the aftermost year. In July 2021, 26,443 users on r/CryptoCurrency claimed the badge in their wallets, added than 10 times the cardinal back birth in May 2020.
While primarily acclimated as a association accolade token, MOON additionally has ancestry of a meme coin. Due to its growing acceptance on Reddit and bound absolute supply, some association associates accept described the badge as a “superior memecoin” compared to crypto’s aboriginal meme currency, Dogecoin. They aspect this affirmation to MOON’s bound accumulation of 250 actor tokens and acceptance aural the better cryptocurrency association on Reddit.
MOON isn’t the alone ERC-20 Reddit badge afflicted by the contempo Arbitrum update. The added one is BRICKS, which is acclimated on the r/FortniteBR subreddit. It’s additionally accomplished a amount billow this month, up over 222%.
While it’s still aboriginal canicule for Reddit tokens, it’s accessible that they could acquisition their way into Arbitrum-based dApps in areas like DeFi, NFTs, and gaming.
