- Bricks (BRICK), the native token of Reddit’s r/Fortnite community, has surged over 110% in the past 24 hours.
- Trading volume for BRICK increased significantly, reaching around $750,000, marking an 800% increase.
- The price of BRICK rose from under $0.04 to over $0.08 during this surge.
Bricks (BRICK), the native token associated with Reddit’s r/Fortnite community, has surged over 110% in the past 24 hours, according to market data. The rally comes amid another broader downturn in the cryptocurrency markets.
Trading volume for BRICK spiked to around $750,000 across exchanges, an 800% increase compared to recent activity. The price shot up from under $0.04 to over $0.08.
However, there remains no clear fundamental catalyst behind the retail-driven upside move. BRICK trades on a limited number of exchanges and suffers from thin liquidity.
Reddit community token spikes against bearish crypto market
The ERC-20 token is distributed to active members contributing content around the popular game Fortnite. Speculation mounted in August as other Reddit tokens like r/cryptocurrency’s MOON performed strongly.
But BRICK then plunged over 80% since those summer highs prior to this week’s upside revival. With capricious price action driven by Redditors, fundamental analysis remains challenging.
The extreme 110% spike illustrates the ability of community tokens to see parabolic moves when buzz builds within particular groups. However, limited liquidity means sporadic pumps often quickly unwind.
While intriguing as decentralized experiments, tokens like BRICK present risks for traders when detached from developments related to their underlying communities. With indiscernible catalysts fueling the rally, caution remains warranted around relying on ongoing momentum.