Reddit’s Cryptocurrency Token Reaches New Heights

On March 17, the subreddit r/CryptoCurrency’s coin, Moons (MOON), surged from $0.22 to a record $0.79, marking a 260% increase. 

At the time of writing, the asset had adjusted to $0.54. MOON’s previous peak was recorded in August 2023 at around $0.5. 

The coin’s market capitalization reached $38 million with a daily trading volume of $5 million, according to CoinGecko.

Moons are ERC-20 tokens awarded to users for their posts or comments in r/CryptoCurrency. The coins can be exchanged, tipped, or spent on other community features.

Last month, the subreddit announced a partnership with the cross-chain protocol Celer. The bridge, set to launch on March 20, will allow users to move their MOON tokens to the L2 solution Arbitrum One without a one-week delay. 

Arbitrum consists of two protocol layers — Arbitrum One and Arbitrum Nova. The former is designed for DeFi activities, while the latter focuses on reducing transaction costs for high-performance decentralized applications. 

Currently, MOON is supported only on Arbitrum Nova. After the Celer bridge launch, the asset will be available in both ecosystems, making it accessible to more trading platforms. 

The upcoming IPO of Reddit, scheduled for March 21, likely fueled interest in the coin. According to Reuters, the company’s valuation could reach $6.5 billion. 

In February, it was revealed that the social network Reddit holds an “insignificant” amount of Bitcoin and Ethereum on its balance sheet, invested from surplus reserves.

Previously, platform administrators were accused of insider trading of Community Points tokens.