Reddit token MOON exploded during the first quarter of the year, and the cryptocurrency behind the social media’s digital collection could rise significantly after the team announced a new NFT launch during the second week of April.
While MOON opened the year on January 1 with a trading price of $0.0776, the currency reached a quarterly and yearly high price of $0.378 on March 18, closing Q1 on March 31 with a much-reduced value of $0.3003.
Reddit token spike reflects market rebound
Reddit token MOON falls under ‘metaverse token’ due to the virtual world being closely associated with the NFT sector.
The cryptocurrency has benefitted from positive market sentiment around the metaverse and optimistic forecasts made by mainstream analysts.
This is the reason why aside from MOON, tokens that fall under the metaverse banner, such as ApeCoin (APE), Internet Computer (ICP), Stacks (STX), Decentraland (MANA), Theta Network (THETA), Axie Infinity (AXS) and others, are all in green and continue to see above-average daily trading volumes.
New collection launch
Reddit took to Twitter on April 11 to announce the launch of its Gen 3 Collection, featuring limited-edition designs from over 100 artists.
Within minutes, NFT enthusiasts flocked to Reddit’s shop for a piece of unique digital art, leading to a brief blackout of the platform.
Reddit responded to the activity by assuring collectors that the “shop is back online (but only on iOS and Android for now)” and apologized for the turbulence.
As of April 12, there were 14,324 holders of Reddit NFT avatars, with over 11 million collectible avatars boasting a market capitalization of $75 million.
Aside from that, there has been a substantial rise in the number of Reddit avatars minted over the past 24 hours.
Many analysts believe a rise in the trading volume of Reddit NFTs will reflect positively on the price of the project’s native asset and improve its current $26 million market capitalization and ranking.
Could new collection improve Polygon NFT sales?
Reddit chose Polygon as the protocol that will house its digital collectibles when it launched NFTs last year.
As of April 2023, Polygon is the fifth biggest blockchain by all-time NFT sales volume with approximately $819 million in sales.
While Polygon has twice the volume of the nearest blockchain Cardano on its heels, it still trails Flow, Solana, Ronin, and Ethereum in all-time sales.
That says, it seems inevitable that NFT sales volume on Polygon will eventually pass the $1 billion milestone.