After unsuccessfully attempting to go public through an initial public offering in the past, American social news aggregator Reddit is expected to hold its stock sale on Thursday. Specifically, Reddit intends to sell 22 million shares at a price between $31 and $34 to raise $748 million at a valuation of approximately $6.4 billion.
Reuters noted that the Reddit IPO was four to five times oversubscribed due to increased hype. Additionally, the Reddit IPO marks the re-entry of significant offerings in the United States after a stellar 2023.
The Reddit community tokens r/CryptoCurrency Moons (MOON) and r/FortNiteBR Bricks
(BRICK) benefited significantly from the oversubscribed IPO. According to the latest market data, the MOON price has risen by more than 68 percent in the past week and was around 40 cents on Wednesday. The market capitalization of the ERC-20-based altcoin has increased to around $31 million and the daily trading volume is almost $1 million.
On the other hand, the BRIC price has risen by around 60 percent in the past week and is now trading at around 12 cents. The small-cap altcoin has a market cap of about $7.8 million and an average daily trading volume of about $500,000.
Short-term price expectations
As last week's top gainers, MOON and BRICK are likely to continue rising in the near term, fueled by Reddit IPO speculation. Additionally, MOON price broke out of a macro consolidation against the USD and hit 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 rise above the 70 level for the first time.
Similarly, BRIC price has broken out of the macro bearish consolidation and is aiming to retest its new high.
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