Reddit's MOON Token Hits Record High Ahead of Celer's Bridging Facility Launch

According to CoinDesk, Reddit's r/CryptoCurrency subreddit's native cryptocurrency, MOON, reached a record high of 84 cents over the weekend. The rally comes ahead of the launch of Celer's bidirectional bridging facility, which will allow token holders to transfer coins between Arbitrum Nova and Arbitrum One. The bridge is set to go live on March 20. MOON tokens are ERC-20 tokens distributed as rewards to users for their posts or comments in the r/CryptoCurrency subreddit. Last month, it was announced that interoperability protocol Celer would support MOON, allowing users to bridge or move their tokens to the layer 2 scaling solution Arbitrum One blockchain without having to wait one week, as is the case with Arbitrum's official bridge. Arbitrum operates two layers on the Ethereum blockchain – Arbitrum One and Arbitrum Nova. The former is designed for DeFi trading activities, while the latter is focused on reducing transaction costs for high-throughput decentralized applications. MOON is currently listed on Arbitrum Nova. After the bridge goes live, MOON holders can bridge coins from Nova to One and from One to Nova. Bridging MOON to Arbitrum One will expose the cryptocurrency to a broader range of DeFi applications while minimizing the risk of potential shutdowns, according to r/CryptoCurrency's official post. Reddit's initial public offering (IPO), due on March 21, may have also generated investor interest in the community token. As per Reuters, the IPO is four to five times overly subscribed, which suggests the shares in the social media platform could debut with a valuation of $6.5 billion.