Moons, the native token of the Cryptocurrencies Subreddit, experienced a surge following its listing on the cryptocurrency exchange Crypto.com. On Monday, the token surged by more than 104% to approximately $0.19. The users on the Cryptocurrencies Subreddit can earn Moons tokens based on their activity in the sub. At the same time, the token can also be utilized for tipping purposes between users. Moons are stored in a user’s Vault, which is an Ethereum-based digital wallet rolled out through Reddit just last year.
These MOON tokens are ERC-20 tokens launched on Arbitrum Nova by Reddit administrators back in 2020 as a major part of their community points program. Considering the recent listing of Moons on the platform, it is also rumored that Kraken will list the token. A member of the platform’s support team hinted that Moons might be added to the exchange soon. If that’s done, it would be a turning game for the token. MOON is currently supported by MEXC, Gate.io, SushiSwap, and RCP Swap. However, Kraken has clarified that the firm doesn’t plan on taking such a step any time soon.
At the time of writing, MOON has surged by a staggering 82.45% in the previous 24 hours, and the surge has pushed the trading price to almost $0.5538. Similarly, the current market cap of the token currently stands at $60.74 million.
Reddit Changes the Game with Moon
The recent introduction and listing of the token are aimed to make Reddit increasingly simpler to use and also plans to share information regarding a new direction for awarding in the upcoming months. The distinction between Reddit coins and community coins may sound discreet, but Reddit has established a clear difference between the two.
Community points can be categorized as being verified virtual goods, along with Reddit’s collectible Avatars that harness the power of Polygon. Reddit coins and awards fall under the category of virtual goods and are bound to disappear.
Over time, Reddit has been subject to great backlash. Just recently, Reddit made changes to its API pricing that gave rise to a days-long protest, along with a complete blackout among several of its top communities, which also included r/Cryptocurrencies.
