Crypto Trader with $10 Million Bet Against LUNA Now Targets Reddit Moons

In a recent development, a trader who made a substantial $10 million bet against LUNA in May 2022, just before its native currency and the UST algorithmic stablecoin collapsed, has now shifted their focus to Reddit Moons. Using the alias “GCR,” on-chain data from August 8th indicates that the trader moved 450,000 MOON tokens from MEXC Exchange to Kraken.

Moons Token Surge

The value of Moons, an ERC-20 token linked to the r/CryptoCurrency Reddit forum, has been steadily rising and currently sits at an impressive $0.47 per token—a 400% increase from late July and near its 2023 peak.

Analyzing MEXC trade data, the immediate resistance level is marked at $0.65, which was reached in late July 2023. Given the ongoing revival in the broader crypto market, it’s likely that prices will continue to climb. To illustrate, Moons has already surged by 90% in August alone, rebounding from $0.25 and reaching current levels.

Several factors contribute to the rising demand for Moons. One of these factors is the involvement of traders like GCR, who are acquiring Moons and potentially boosting sentiment towards altcoins, especially after the lower lows observed in July.

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Furthermore, the community’s confidence in Moons received a boost after Kraken announced its listing on August 7. Prior to this listing, most Moons trading took place on MEXC Exchange. Kraken’s listing of Moons, alongside Bricks (BRICK), was accompanied by the announcement that users could deposit MOON and BRICK from the Arbitrum Nova network.

Moons and Bricks are now available for trading on Kraken and Kraken Pro accounts, with clients being able to engage in MOON and BRICK perpetual derivatives trading through Kraken Pro.

Since its launch in May 2020, MOON has been described as a “community-driven” token. Within the r/CryptoCurrency subreddit, it serves various purposes, including rewarding users for positive contributions. Holders of Moons can access premium features, such as badges and custom emojis, and tip other community members. Additionally, Moons holders possess voting power in subreddit polls, allowing them to shape the future of the subreddit.

As of August 8, Arbitrum data indicates that over 121 million Moons are in circulation. Among these, more than 206,000 holders have conducted over 670,000 transfers. All Moons are securely stored on Vault, a mobile-based wallet introduced in 2022.