Recently, the price of Reddit’s crypto asset MOON has surged as on-chain data showed that GCR, a well-known cryptocurrency investor, purchased 450,000 tokens. GCR is famous for successfully predicting the direction of Terra’s LUNA and placing a $10 million bearish bet on the cryptocurrency. The main reason for the rise in MOON prices is market speculation that GCR purchased 450,000 MOON tokens. According to a post on r/CryptoCurrency by Reddit user Nutcase420, GCR purchased the tokens on the MEXC exchange and then transferred the tokens to the Kraken cryptocurrency exchange via Arbitrum Nova.

As the native cryptocurrency of the Reddit r/CryptoCurrency section, the MOON token has seen strong price performance recently. On August 7, the Kraken exchange listed the MOON token, which became a factor driving its price increase. Previously, Crypto.com also launched MOON tokens in mid-July. Since Kraken went live, the prices of MOON and BRICK (another token on Reddit) have increased by 82% and 572% respectively. Earlier this year, 4.7 million MOON tokens were burned as part of the cryptocurrency’s migration to Arbitrum Nova.