Reddit MOON Crypto Trading Goes Live on Gate.io & MEXC
Two major exchanges now offer trading pairs for r/CryptoCurrency Moons (MOON), the crypto earned by posting on the CryptoCurrency subreddit.
Two major centralized exchanges now offer trading pairs for r/CryptoCurrency Moons (MOON), the crypto earned by posting on the CryptoCurrency subreddit.
Today, you can trade MOON/USDT on CEXs Gate.io and MEXC. While Gate.io and MEXC aren't exactly household names in the US, the exchanges have serious volume: Gate.io ranks 7th for trading volume–one spot behind Binance.US–and MEXC usually ranks 15th to 20th.
Previously, MOON trading was only available on low-volume exchanges like Stellar (XLM) network's Celesti.trade, where you could only buy MOONs with XLM, and SushiSwap via Ethereum L2 Arbitrum.
What is a r/CryptoCurrency Moons (MOON) token?
MOONs are ERC-20 tokens on the Ethereum network. MOON tokens are part of Reddit's Community Point (RCP) program, where Reddit makes a crypto for participating subreddits. r/CryptoCurrency subreddit users earn MOONs by generating Reddit karma and through tips from other users.
Right now, a MOON trades for $.11, but the token is volatile and has traded for $.07 to $.17 in the last week. Currently, there are ~75M MOONs in circulation, and the total supply is 250M MOONs. Reddit burns the MOONs users spend on certain products within Reddit, but this deflation mechanism won’t catch up with MOON inflation for a long time.
Are MOONs Going to Be Valuable?
People get MOONs for free on Reddit by posting content and making comments that get upvotes. As more CEXs onboard MOON trading pairs, I can see a lot of people selling their MOONs for whatever they can get. It's free money. Also, Reddit is going to mint a lot more MOON tokens, and those tokens could also be dumped by people who want free money.
I have a few MOONs, and I think MOON tokens are cool. To me, it makes sense for a crypto subreddit to use the token for tips and karma. But I'm not sure that makes the token valuable, or that r/CryptoCurrency would be a better subreddit if MOONs were valuable. There's already quite a few bots and shills there.