Reddit’s native cryptocurrency token, Moons, has taken a giant leap forward by making a stellar landing on Crypto.com, propelling the token’s value upward for a second consecutive day. As per Coingecko’s figures, the value of Moons ascended a remarkable 141%, changing hands at $0.41.
This surge of interest came on the back of the news earlier this week that Kraken, a popular cryptocurrency exchange, was contemplating a listing. Despite the hype, Kraken later refuted the reports, stating there were no immediate plans to list the Reddit-native cryptocurrency.
Yet, the setback failed to dampen the spirits of Moons enthusiasts. Crypto.com’s new listing has imbued the token with a fresh momentum, despite it already being supported by exchanges like MEXC, Gate.io, SushiSwap, and RCP Swap. The magnitude of Crypto.com’s user base is what has excited Reddit users the most. One user post encapsulated the enthusiasm: “It gets serious.”
The latest development has whipped up a whirlwind of chatter on the already bustling r/Cryptocurrency subreddit, which boasts a community of over 6.5 million users. A trending post on the subreddit highlights the significance of this listing, remarking, “Crypto.com suddenly becomes the default for millions of Redditors.”
This sudden upsurge has left some Redditors pleasantly surprised, as one of them admitted, “Did anyone else not expect to make it this far? Like I don’t know what to do, I didn’t plan for this.”
Moons were introduced by Reddit administrators in 2020 as part of the platform’s community points program. They are ERC-20 tokens launched on Arbitrum Nova, which get awarded to users based on their activity in the r/Cryptocurrency subreddit. Moons can be used for tipping between users and are stored in a user’s Vault, an Ethereum-based digital wallet implemented across Reddit last year.
This trend-setting move by Crypto.com is yet another testament to Reddit’s growing clout in the digital asset arena since its inception in 2005 by Steve Huffman and Alexis Ohanian. Ohanian left the company in 2020 to mark his territory in the crypto and NFT space, another burgeoning area of digital asset investment.
As Moons continue to surge beyond expectations, it will be interesting to see what other heights Reddit’s native token can reach. For now, the famous Reddit phrase, ‘To the Moon,’ is a reality for this cryptocurrency.
