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
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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.

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.

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Oliver Knight

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


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