Ramazan Eles 
Two cryptocurrencies associated with Reddit communities have experienced a surge of more than 15% within 24 hours.
Investors have shown increased interest in Donut (DONUT) and Moons (MOONS) as Reddit, the popular social media platform, finally launched its highly anticipated initial public offering (IPO). This launch has led to significant price increases for the tokens on March 21.
DONUT is an ERC-20 token issued on the Ethereum (ETH) blockchain by the ethtrader forum. Participants receive DONUT tokens as monthly rewards for their contributions to the community, with eligibility based on the upvotes received on their content. According to CoinMarketCap, DONUT token saw a surge of over 28% following the news of Reddit’s IPO.
Admins of Reddit’s largest crypto community, CryptoCurrency, introduced MOONS tokens to incentivize increased activity among members. These tokens are distributed monthly based on the karma points accumulated by users. MOONS token witnessed an increase of at least 18% within 24 hours.
Reddit IPO Launches
According to Reuters, the IPO debuted at 38% above its expected price of $34 per share due to high demand, indicating strong interest in Reddit’s stock.
Last month, crypto.news reported that Reddit disclosed holding cryptocurrencies including Bitcoin (BTC), Ether, and Polygon (MATIC) on its balance sheet. These assets were disclosed in a February 22 IPO filing with the U.S. SEC.
Reddit stated that it acquired these tokens using excess cash reserves for experimenting with blockchain and crypto technology. The company mentioned that Ethereum and MATIC tokens were specifically purchased to settle certain goods and services expenditures.
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