Reddit's largest crypto subreddit rented banner space at the top of the r/cryptocurrency feed to DeFi wallet and DEX company 1inch for the price of 27k MOONs.
MOONs are the crypto distributed to commenters and mods of r/cryptocurrency, a sub-forum on Reddit with 6.1M users. Today, a MOON is worth ~$.13, and MOON's market cap is $15M.
Since r/cryptocurrency passed its proposal to allow banner advertisements, the community has been waiting for the first ad to run. 1inch gets the honors, and it looks like CoinGecko is up next. Someone bought 60k MOONs today in a single OTC transaction, and the rumor is that it's CoinGecko, which will be using the MOONs for an upcoming Reddit campaign.
The cryptocurrency subreddit isn't allowed to sell ad space–even in exchange for the crypto it distributes. It's against Reddit policy and probably US law. It looks like the r/cryptocurrency is getting around this by having the ad buyer burn the tokens instead of sending them somewhere. Every holder benefits when someone burns a lot of MOONs, and if this catches on we can expect major ad-related burns over the next couple years.
Reddit has been looking for uses for MOONs since it started distributing the crypto. Until now, you could mostly burn MOONs for avatars or sell MOONs on hard-to-reach exchanges. This is the first time companies have been encouraged to buy and burn MOONs, and if the practice catches on, it could have a major impact on MOON prices.
There are so many dumb ad-related crypto projects, but r/cryptocurrency might be onto something here, because there's an audience already in place.