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<\/p>\nThe native token of Reddit\u2019s community dedicated to the popular Fortnite Battle Royale game has recently experienced a surge of over 80% in just 24 hours, before the cryptocurrency\u2019s price started correcting to now trade 60% above its value before the surge.<\/p>\n
According to data from TradingView the token used by Reddit\u2019s Fortnite community, called Bricks ($BRICK), saw its value skyrocket from a low near $0.07 to a $0.175 high before it started correcting, and is now trading at $0.146.<\/p>\n
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The cryptocurrency saw most of its trading activity on the popular crypto exchange Kraken as it was surging, with its total volume across all platforms surging by over 78% over the previous day to near $650,000.<\/p>\n
Bricks is an Ethreum-based ERC-20 token that was given to active users of the Fortnite subreddit, a huge Reddit community dedicated to the popular\u00a0game launched by Epic Games. The token\u2019s price soared back in August, along with other Reddit community tokens including the Cryptocurrency subreddit\u2019s Moons ($MOON) token.<\/p>\n
According to Benzinga, Bricks has a market depth of about 2% on Kraken, which means that there is roughly $2,500 on the buy and sell sides. Market depth is a measure of how much money is required to move the price of an asset up or down.<\/p>\n
However, it is worth noting that liquidity is still low across all platforms for Bricks\u2019 value, which could suggest the surge came after a sudden surge in demand. The token is mainly used as a community token within the subreddit, allowing users to purchase premium features on Reddit or pay for membership perks in the community.<\/p>\n
It\u2019s currently unclear what led to the cryptocurrency\u2019s price surge. Last month, Fortnite announced that the price of its in-game currency, called V-Bucks, was set to increase between 12% and 15% on October 27.<\/p>\n