After a statement by Cryptocom, Reddit’s community tokens decreased.
Members of Reddit, one of the largest forums in the world, are expressing their concerns about token drops. Reddit’s community tokens Moon and Brick have dropped.
Moon and Brick, Reddit’s community tokens, are in decline
Community tokens, Reddit’s Moon and Brick, have dropped more than 20 percent after Cryptocom’s announcement of their price surge after experiencing massive spikes in trading volume last week. The Moon token skyrocketed from around $0.09 to around $0.58 on July 19, after Reddit’s r/CryptoCurrency community announced that it had listed the Cryptocom token on July 16, after which its price plummeted. Likewise, the Fortnite community token Brick also spiked in price and later dropped, driven by Cryptocom-related news.
While both tokens have been down due to recent fluctuations, their trading volumes have also decreased significantly. Cryptocom stated that the fluctuations in the markets could be due to speculation about the recent changes in Reddit’s terms of service. Reddit announced its new terms of service change on July 16, allowing users to trade community tokens and avatars. However, it is not clear how these changes affect the prices of Moon and Brick tokens.
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