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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.
Updated Oct 12, 2023, 4:55 a.m. Published Oct 12, 2023, 4:55 a.m.
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.
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There is currently no clear catalyst for the increase in price, although it has bucked the wider cryptocurrency trend which saw bitcoin 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.
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