Trader Who Placed $10 Million Bet Against LUNA Loading Up Reddit’s Moons

In a brand new growth, a dealer who positioned a considerable $10 million wager in opposition to LUNA in Could 2022 earlier than the then native foreign money and UST—the algorithmic stablecoin, collapsed is now setting his sight on Reddit Moons. Going by the moniker “GCR,” on-chain knowledge on August 8 confirmed the dealer moved 450,000 MOON from MEXC Trade to Kraken.

Moons Rallying

Moons, the ERC-20 token related to the r/CryptoCurrency discussion board on Reddit, is agency and on an uptrend, taking a look at present worth motion. At spot charges, the token is up 400% from late July and altering fingers at $0.47, hovering close to 2023 highs. 

Based mostly on worth motion from MEXC commerce knowledge, the fast resistance degree is at $0.65, which was printed in late July 2023. Nonetheless, with the revival presently seen throughout the crypto market, costs will possible proceed growing. For instance, Moons is already up 90% in August alone, rebounding from $0.25 and surging to identify charges. 

A number of components are believed to be fanning demand. One in all these is the affect of merchants like GCR, who’re buying Moons and probably bettering sentiment on altcoins contemplating the current decrease lows recorded within the higher a part of July.

Nonetheless, taking a look at how MOON costs reacted after Kraken’s itemizing on August 7, the group seems extra buoyant and assured of bettering liquidity. 

Kraken Itemizing

As trackers reveal, earlier than the Kraken itemizing, most Moons buying and selling exercise was focused on MEXC Trade. On August 7, Kraken introduced its itemizing of Moons alongside Bricks (BRICK). Alongside the announcement, Kraken stated customers may deposit MOON and BRICK from the Arbitrum Nova community.

Moons and Bricks are additionally out there for buying and selling on Kraken and Kraken Professional accounts. From Kraken Professional, purchasers can commerce MOON and BRICK perpetual derivatives.

MOON has been described as a “community-driven” token since its launch in Could 2020. Inside the r/CryptoCurrency subreddit, it serves a number of capabilities, together with rewarding customers who contribute positively.

Reddit stated Moons’ holders can entry premium options, together with badges and customized emojis, and tip fellow group members. Furthermore, holding Moons grants voting energy in subreddit polls, affording holders a say in shaping the subreddit’s future. 

Arbitrum knowledge on August 8 reveals over 121 million Moons in circulation. Out of this, greater than 206,000 holders have generated over 670,000 transfers. All Moons are saved on Vault, the mobile-based pockets launched in 2022.

Characteristic picture from Canva, chart from TradingView