Key takeaways Reddit’s stock ends trading at $50.44 per share, up by 48% on its market debut. Sub-Reddit memecoins MOON and BRICK could rally higher on Reddit’s successful IPO.  Reddit shares up by 48% on market debut Social media platform Reddit finally debuted on the New York Stock Exchange (NYSE). The company’s stock, with a […] source: https://coinjournal.net/news/reddit-ipo-could-trigger-spike-in-demand-for-sub-reddit-memecoins-moon-and-brick-data-suggests/

レディット（Reddit）のr/CryptoCurrencyコミュニティのネイティブ暗号資産（仮想通貨）であるムーン（MOON）は、保有者がアービトラム・ノバ（ ... The post Redditのコミュニティトークン、多方向ブリッジの立ち上げを前に過去最高値を記録 first appeared on CoinDesk JAPAN（コインデスク・ジャパン）. source: https://www.coindeskjapan.com/224306/

코인데스크에 따르면 레이어2 확장성 플랫폼 셀러 네트워크(CELR)가 미국 3대 커뮤니티 레딧(Reddit)이 출시한 ERC-20 토큰 MOON을 지원한다고 밝혔다. 이에 따라 사용자는 20일(현지시간)부터 셀러를 통해 아비트럼 노바와 아비트럼 원 간 MOON 크로스이체가 가능하다.

Last month, the Reddit subreddit r/CryptoCurrency announced that Celer, an interoperability protocol for cross-chain funds and messaging transfers, had decided to support MOON. The bridge, scheduled to go live on March 20, will allow users to bridge or move their MOON tokens to the L2 scaling solution Arbitrum One without having to wait a week, just like Arbitrum’s official bridge. MOON is currently available on Arbitrum Nova. After the above bridge is opened, MOON holders can transfer tokens cross-chain between Nova and One. CoinGecko data shows that the r/CryptoCurrency Moons (MOON) token price is now trading at $0.4477, with a 24H drop of 18.2%. (CoinDesk)

According to CoinDesk, Reddit's r/CryptoCurrency subreddit's native cryptocurrency, MOON, reached a record high of 84 cents over the weekend. The rally comes ahead of the launch of Celer's bidirectional bridging facility, which will allow token holders to transfer coins between Arbitrum Nova and Arbitrum One. The bridge is set to go live on March 20. MOON tokens are ERC-20 tokens distributed as rewards to users for their posts or comments in the r/CryptoCurrency subreddit. Last month, it was announced that interoperability protocol Celer would support MOON, allowing users to bridge or move their tokens to the layer 2 scaling solution Arbitrum One blockchain without having to wait one week, as is the case with Arbitrum's official bridge. Arbitrum operates two layers on the Ethereum blockchain – Arbitrum One and Arbitrum Nova. The former is designed for DeFi trading activities, while the latter is focused on reducing transaction costs for high-throughput decentralized applications. MOON is currently listed on Arbitrum Nova. After the bridge goes live, MOON holders can bridge coins from Nova to One and from One to Nova. Bridging MOON to Arbitrum One will expose the cryptocurrency to a broader range of DeFi applications while minimizing the risk of potential shutdowns, according to r/CryptoCurrency's official post. Reddit's initial public offering (IPO), due on March 21, may have also generated investor interest in the community token. As per Reuters, the IPO is four to five times overly subscribed, which suggests the shares in the social media platform could debut with a valuation of $6.5 billion.

From March 20, interoperability protocol Celer will allow MOON holders to move coins to Arbitrum One. source: https://www.coindesk.com/markets/2024/03/18/reddit-community-token-moon-hits-record-high-ahead-of-celers-multidirectional-bridge-launch/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

Some traders have obtained returns that outperform the cryptocurrency market through the decentralized prediction platform Polymarket. It is reported that a "u/MeLLoN98" Reddit community user used the MOON token of the Reddit platform to predict through Polymarket "Bitcoin will reach $50,000 in February." "The betting contract won more than 91,000 US dollars. It is reported that the user exchanged 110,000 MOON tokens on Kraken for 14,000 USDC and invested it in the contract. Based on this calculation, his profit margin reached 550%.

The trader had bought the Yes side shares of the now-expired Polymarket-based betting contract "Will BTC hit $50,000 in February?" source: https://www.coindesk.com/markets/2024/02/13/moon-holder-makes-550-on-predictions-platform-polymarket-as-bitcoin-moves-above-50k/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

Reddit administrators are taking a step towards decentralisation by "renouncing the Moons contract" and concurrently initiating a token burn to reduce the overall supply.

Recently, Reddit discontinued its blockchain-based points programme, which revolved around the utilisation of specific crypto tokens unique to subreddits.

The prices of related tokens like MOON, BRICK, and DONUT have taken a hit.

Reddit to phase out Community Points — The blockchain-based program that was designed to reward creators and developers on the platform.

Reddit has announced the discontinuation of its blockchain-based rewards initiative, Community Points. The decision, outlined by Tim Rathschmidt, Reddit's director of consumer and product communications, comes as a response to the escalating challenges in scaling the program, exacerbated by evolving regulatory conditions.