{"id":11690,"date":"2024-03-18T14:06:44","date_gmt":"2024-03-18T12:06:44","guid":{"rendered":"https:\/\/forklog.com\/en\/reddits-cryptocurrency-token-reaches-new-heights\/"},"modified":"2024-03-18T14:06:44","modified_gmt":"2024-03-18T12:06:44","slug":"reddits-cryptocurrency-token-reaches-new-heights","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/reddits-cryptocurrency-token-reaches-new-heights\/","title":{"rendered":"Reddit’s Cryptocurrency Token Reaches New Heights"},"content":{"rendered":"

On March 17, the subreddit r\/CryptoCurrency’s coin, Moons (MOON), surged from $0.22 to a record $0.79, marking a 260% increase.\u00a0<\/p>\n

\"Reddit's
Daily chart of MOON\/USDT on MEXC exchange. Data: TradingView<\/a>.<\/figcaption><\/figure>\n

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.\u00a0<\/p>\n

The coin’s market capitalization reached $38 million with a daily trading volume of $5 million, according to CoinGecko<\/a>.<\/p>\n

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.<\/p>\n

Last month, the subreddit announced<\/a> 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.\u00a0<\/p>\n

Arbitrum consists of two protocol layers \u2014 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.\u00a0<\/p>\n

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.\u00a0<\/p>\n

The upcoming IPO<\/span> of Reddit, scheduled for March 21, likely fueled interest in the coin. According to Reuters<\/a>, the company’s valuation could reach $6.5 billion.\u00a0<\/p>\n

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

Previously, platform administrators were accused of insider trading of Community Points tokens.<\/p>\n","protected":false},"excerpt":{"rendered":"

On March 17, the subreddit r\/CryptoCurrency’s coin, Moons (MOON), surged from $0.22 to a record $0.79, marking a 260% increase.\u00a0 Daily chart of MOON\/USDT on MEXC exchange. Data: TradingView. 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.\u00a0 The coin’s market capitalization […]<\/p>\n","protected":false},"author":1,"featured_media":11689,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1400,596],"class_list":["post-11690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-reddit","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"51","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=11690"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/11690\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/11689"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=11690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=11690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=11690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}