Written by Hazel J. Greene, Senior Analyst

Reddit made a pivotal change to its terms of service, leading to a surge in the value of its community token, MOON. With the official allowance of trading community points, MOON tokens skyrocketed by over 200%.

Reddit’s revised terms of service establish a clear distinction between virtual goods and verified virtual goods. The former includes coins, awards, and avatars, which will soon be discontinued. However, the focus lies on verified virtual goods, consisting of collectible avatars and community points.

Under the updated terms of service, users now have the freedom to engage in the trading of collectible points and avatars. While MOON tokens may not grant ownership in Reddit itself, they represent ownership in the exclusive r/Cryptocurrency community. Earning rewards for contributions in the subreddit, MOON tokens are distributed monthly based on each user’s Reddit Karma and the popularity of their posts and comments.

Coinmarketcap data indicates a remarkable surge in MOON’s value, with an outstanding 200% increase within 24 hours and a staggering 444.74% jump over the past seven days. As Reddit users hurried to acquire their community tokens, trading volume also experienced a momentous surge of 384.01% within the previous 24 hours. At present, MOON is trading at $0.50, a substantial climb from its initial price of $0.09 earlier in the week.

In addition to Reddit’s altered terms of service, another factor propelling MOON’s surging value is its integration with prominent cryptocurrency exchanges. Crypto.com’s decision to list MOON on its exchange proved to be a significant bullish event for the token. As one of the leading exchanges in the United States, its backing adds further traction to MOON’s growing prominence. The token’s price also experienced significant growth when Kraken, another major US-based exchange, contemplated listing MOON. However, Kraken later clarified that there were no immediate plans for its listing. Despite this, MOON tokens are already available on exchanges such as MEXC and Gate.io, as well as decentralized platforms like SushiSwap and RCP Swap.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.