Reddit's Fortnite Token BRICK More Than Doubles After Two-Months of Decline

Liquidity remains thin across Bricks trading pairs with 2% market depth on Kraken standing at $2,500 on both the bid and ask side.

AccessTimeIconOct 12, 2023 at 4:55 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bricks (BRICK), the native token of Reddit's Fortnite community, surged 110% over the past 24-hours after having lost over 80% of its value in the past two-months.

The majority of trading volume occurred on Kraken with the figure across all exchanges nearing $750,000, a 800% rise from the previous 24-hour period, according to CoinMarketCap.

  • Reddit Token MOON Rockets Amid Hopes of Project Revival
    01:05
    Reddit Token MOON Rockets Amid Hopes of Project Revival
  • Bitcoin Extends Decline for a Fifth Day; Reddit's Fortnite Token BRICK Surges
    02:05
    Bitcoin Extends Decline for a Fifth Day; Reddit's Fortnite Token BRICK Surges
  • To the MOON: Reddit Community Tokens Rocket Amid Rule Change Speculation
    01:04
    To the MOON: Reddit Community Tokens Rocket Amid Rule Change Speculation
  • Polygon Studios CEO on Partnership With Starbucks
    08:43
    Polygon Studios CEO on Partnership With Starbucks
  • There is currently no clear catalyst for the increase in price, although it has bucked the wider cryptocurrency trend which saw bitcoin (BTC) fall back below $27,000 on Wednesday.

    Bricks is an ERC-20 token that was distributed to active members of the Fortnite subreddit, it rose significantly in August as hype around other Reddit community tokens like r/cryptocurrency's Moons (MOON) began to build.

    Liquidity remains relatively thin across all exchanges, with 2% market depth on Kraken equating to around $2,500 on both the bid and ask side. Market depth is a metric that assess the amount of capital required to move an asset in a certain direction.

    A lack of liquidity in an asset that has experienced significant upside presents a risk to traders as price could cascade back down with minimal effort, potentially trapping those that bought the recent high.

    Edited by Parikshit Mishra.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.