Reddit Altcoins to Surge 500% Ahead of an Oversubscribed IPO!
After attempting to go public through an initial public offering (IPO) without success in the past, American social news aggregator Reddit is expected to conduct its share sale on Thursday. Notably, Reddit intends to sell 22 million shares at a price range of between $31 and $34 to raise $748 million at a valuation of about $6.4 billion.
Reuters noted that the Reddit IPO is oversubscribed four to five times following the heightened hype. Moreover, the Reddit IPO marks the reentry of significant offerings in the United States after a salient 2023.
Reddit Community Tokens Thrives on IPO
The Reddit community tokens r/CryptoCurrency Moons (MOON) and r/FortNiteBR Bricks
(BRICK) have significantly benefited from the oversubscribed IPO. According to the latest market data, MOON price has surged more than 68 percent in the past week to trade around 40 cents on Wednesday. The ERC-20-based altcoin has seen its market value surge to around $ 31 million and a daily traded volume of nearly $1 million.
On the other hand, BRIC’s price has surged around 60 percent in the past week, and it is now trading at about 12 cents. The small-cap altcoin has a market capitalization of about $7.8 million and a daily average trading volume of about $500k.
Also Read: Reddit-Based Altcoins That Can Yield 100% Profits This Week!
Short-Term Price Expectations
As top gainers in the past week, MOON and BRICK are slated for further upside in the near term, fueled by the Reddit IPO speculation. Furthermore, the MOON price against the USD broke out of a macro consolidation to reach a new all-time high of around 67 cents earlier this week.
It is worth noting that MOON’s weekly Relative Strength Index (RSI) is attempting to rally beyond the 70 level for the first time.
Similarly, BRIC’s price has broken out of a macro bearish consolidation and aims to retest its ATH.
