A Crypto Trader Sets His Sights on Reddit Moons
A trader known as “GCR” has made a significant bet against LUNA and is now turning his attention to Reddit Moons. On August 8, on-chain data revealed that GCR moved 450,000 MOON from MEXC Exchange to Kraken.
Moons Rallying
Moons, the ERC-20 token associated with the r/CryptoCurrency forum on Reddit, is experiencing an upward trend. The token has seen a 400% increase in value since late July, currently trading at $0.47, near its 2023 highs.
– Moons’ immediate resistance level is at $0.65, observed in late July 2023.
– Moons has already gained 90% in August, rebounding from $0.25.
– The involvement of traders like GCR has contributed to the increased demand for Moons.
Kraken Listing
Most Moons trading activity was concentrated on MEXC Exchange before Kraken’s listing. On August 7, Kraken announced the listing of Moons and Bricks. Users can deposit MOON and BRICK from the Arbitrum Nova network and trade them on Kraken and Kraken Pro accounts.
– Moons is a community-driven token within the r/CryptoCurrency subreddit.
– Holding Moons grants access to premium features and voting power in subreddit polls.
– Over 121 million Moons are in circulation, with more than 206,000 holders and 670,000 transfers.
Hot Take
As Moons continues its rally, the involvement of traders like GCR and the listing on Kraken have boosted confidence and liquidity. The strong community support and multiple functions of Moons within the subreddit contribute to its growing popularity and value.
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