Benzinga - Bricks (BRICK), the native token of Reddit’s Fortnite community, has experienced a turnaround as it surged 80% in the past 24 hours.
What Happened: This rally follows a significant decline of over 75% in value over the past two months. At the time of writing, BRICK was trading at $0.13 while Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) were down 1.1% and 1.20% respectively.
The majority of the trading volume for Bricks occurred on the cryptocurrency exchange Kraken, with the total figure across all exchanges reaching nearly $649,000.
This represents an astonishing 78% increase compared to the previous 24-hour period, according to data from CoinGecko.
Bricks is an ERC-20 token that was distributed to active members of the Fortnite subreddit, one of the largest Reddit communities focused on the popular Fortnite: Battle Royale game developed by Epic Games. The token’s value had experienced a surge in August as excitement surrounding other Reddit community tokens, such as r/cryptocurrency’s Moons (MOON), also gained momentum.
Although the recent surge in Bricks’ value is significant, it is important to note that liquidity remains relatively thin across all exchanges.
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Why It Matters: On Kraken, a leading trading platform, the market depth for Bricks is around 2%, which translates to approximately $2,500 on both the buying and selling sides. Market depth is a metric used to determine the amount of capital needed to influence the price movement of an asset in a specific direction.
BRICK is primarily used as a community token within the r/FortNiteBR subreddit, where Reddit users can utilize it for various functions. Holders of BRICK tokens have the ability to purchase premium features on Reddit, including unique items to enhance their profiles such as badges and custom emojis. Additionally, the tokens can be used for payments towards Special Membership perks in the community.
In another development, Fortnite, the popular online gaming phenomenon in September announced a forthcoming increase in the price of its premium in-game currency, V-Bucks, set to take effect from October 27. This price adjustment will impact players in the United States, Japan, and several European countries.
The news of the price increase was brought to public attention by HYPEX, a renowned Fortnite news account, through a Twitter post revealing a comprehensive table displaying the updated pricing for various bundles of Fortnite’s premium currency. As per the disclosed details, the cost of V-Bucks in US dollars will witness an approximate increase of 12% to 15% depending on the specific bundle. For instance, the price for 1000 V-Bucks will rise from $8 to $9.
Image Credits – Shutterstock
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