The Reddit token DONUT has surged in value. At the time of writing, the crypto is up 174% in 24 hours and has increased by over 300% over the course of the week.
Investors speculate that DONUT could follow MOON and BRICK with a major exchange listing, which has helped fuel the rising hype.
What Is DONUT, and Why Is the Crypto Trending on Reddit?
Donut is an ERC-20 token used on the r/ethtrader subreddit to reward users for their contributions.
Reddit users can earn Donuts by posting high-quality content, participating in discussions, and upvoting other users’ posts. They can be used to purchase premium features, such as custom user flairs and badges.
Donuts have been used by r/ethtrader since 2022. Furthermore, speculation that Kraken could list the token has increased its price in the past week.
After a poll on r/ethtrader showed that a majority would like to see DONUT listed on a centralized exchange, one member sent an email to Kraken.
The message, posted by u/LivingFondant1419, points out that DONUT is the “original tokenized community karma cryptocurrency on Reddit.” Referring to Moons and Bricks, u/LivingFondant1419 notes that Donuts predate other Reddit tokens that are listed on major exchanges.
Further excitement was generated after the u/KrakenSupport account started interacting with the r/ethtrader subreddit.
“We have indeed seen the post by u/LivingFondant1419, and it has been passed along to our listing team for consideration,” the response wrote.
Expanding, the Kraken support account added that:
“Listings are handled by a specialized team here at Kraken. We (Kraken Support on Reddit) don’t have insight [into] their selection process or even the assets they are considering listing, however, you can rest assured that they’ll review the request.”
DONUT Fans Hope to Emulate the Success of MOON and BRICK
If it does manage to garner a Kraken listing, DONUT wouldn’t be the first Reddit community token to graduate onto a larger stage.
Last month, MOON, a token used by the r/CryptoCurrency subreddit, exploded in value when it was listed by Crypto.com.
Another Reddit token that has captured the attention of a larger audience is r/FortNiteBR’s Bricks (BRICK).
Incidentally, Kraken listed both Both Moons and Bricks earlier this month.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.
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