Reddit Community’s MOON Tokens Soar in First Mover Americas

Reddit Community's MOON Tokens Soar in First Mover Americas

The Blockchain Industry: Latest Updates and Insights

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Moons (MOON): The Power of Community and Rewards

Moons (MOON), the native token of Reddit’s r/CryptoCurrency community, which boasts over 6.5 million users, has made significant gains this week. The price of MOON has surged by an impressive 170%, reaching almost 25 cents from 9 cents. This surge in price can be attributed to Reddit’s recent change in terms of service. Moons are ERC-20 tokens that are distributed as rewards to users for their posts or comments in the r/CryptoCurrency subreddit. These tokens can be freely traded, tipped, or spent within the community. They can also be stored in Reddit’s Ethereum-based wallet, called Vault. Another example of community-driven tokens is the Bricks (BRICK) token, distributed as a reward for contributions in the r/Fortnite subreddit, which has surged 300% in just two days.

Coinbase Faces Regulatory Challenges

Coinbase, one of the leading crypto exchanges, is facing significant regulatory challenges. The company recently disclosed that it had suspended retail staking services in four states due to concerns that these offerings might be classified as securities. A recent U.S. District Court ruling regarding Ripple’s XRP token further highlights the regulatory complexities faced by Coinbase. While the court ruled that XRP is not a security in and of itself, it also stated that XRP can be classified as a security in certain transactions. This ruling raises concerns about Coinbase Earn, a securitized product that offers staking rewards to retail customers. Analysts suggest that Coinbase Earn is particularly vulnerable to being defined as a security in this context.

Bankrupt Crypto Lender Celsius Reaches Settlement

Celsius, a bankrupt crypto lender, has reached a settlement with its creditors and Series B funding round shareholders. The settlement involves the distribution of $25 million from the proceeds of the sale of GK8, a self-custody platform. The majority of the funds, $24 million, will be allocated for legal expenses, while $1 million will be distributed among the group. The exact details of the sale of GK8 were not disclosed, but it was sold to Galaxy Digital as part of Celsius’ bankruptcy proceedings. This sale price was significantly lower than the amount Celsius originally purchased it for ($115 million). It is worth noting that Celsius closed a $750 million Series B funding round in November 2021, led by growth equity firm Westcap and a Quebec pension fund.

Chart of the Day

Chart of the Day
  • The chart above shows changes in XRP’s liquidity, which is measured by a collection of buy and sell offers within 1% of the mid-price or the average of the bid and ask/offer prices.
  • The liquidity has remained steady at around 25 million XRP since the beginning of the year.
  • According to CCData, a drop in liquidity could indicate the risk of holding inventory on the books in case the SEC (Securities and Exchange Commission) were to win, potentially causing negative price action and delistings on exchanges.
  • Liquidity refers to the market’s ability to absorb large buy/sell orders at stable prices.
  • Source: CCData
  • Coinbase CEO Brian Armstrong to Meet House Democrats About Crypto Legislation: Bloomberg
  • Levered Bullish Longs Getting Liquidated as Bitcoin Market Softens
  • Celo Proposes to Ditch Own Standalone Blockchain for Layer-2 Network on Ethereum

Edited by Stephen Alpher.

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