Reddit and Fortnite Token Prices Drop After Crypto.com Talks Rise

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The price of tokens from the Moon and Brick subreddit community soared last week amid a massive increase in trading volume. Since then, however, the excitement seems to have died down with the price of each token down more than 20% on Monday.

The Moon community token for Reddit’s r/CryptoCurrency community, which has over 6.5 million members, soared to nearly $0.58 on July 19 from around $0.09 on July 16, when trading platform Crypto.com announced that it had listed the token. Trading volume also soared, reaching around $3 million on Wednesday.

Millions of Reddit NFT avatars have been created since the platform made them available, and collectibles have been acquired by more than 14 million “unique owners” while generating more than $32 million in sales, according to a Dune analytics dashboard.

Fortnite Community Token is collapsing

The Fortnite subreddit community token called Brick, which Crypto.com says “is distributed as a reward” to those who contribute to r/Fortnite, also surged in price last week, jumping precipitously to around $0.10 on July 19 from $0.01 on July 17, according to CoinGecko.

Crypto.com posted a note on Monday morning commenting on the “surge” the two tokens have been experiencing in recent days. But the volume and price of both tokens have crashed in the last 24 hours.

Moon was trading at $0.33 as of 12:19 p.m. ET, while Brick was trading at just under $0.05, according to data from CoinGecko.

Moon’s volume has gone from over $1 million on July 23 to around $200,000 so far on Monday. In Brick’s case, volume has fallen from around $210,000 on July 23 to just $26,000 so far on Monday.

“Markets have speculated that the recent change to Reddits terms of service… was likely the catalyst for the price increases,” Crypto.com said on Monday. Reddit appeared to change its terms of service on July 16 to say that users could redeem community tokens and avatars.

2023 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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