Ask anyone about cryptocurrencies, and the first name that will probably come to mind is Bitcoin. That should come as no surprise, as Bitcoin is the world’s most well-known and valuable digital currency out there. But it does have competition with the likes of Ethereum, Shiba Inu, and Dogecoin. And there are lesser-known names in this market that investors can trade.
One of these is r/CryptoCurrency Moons (MOON). This is a digital currency that the r/Cryptocurrency Reddit forums use to reward users of its subreddits, which are subcategories within the Reddit website’s categories. But how do you buy it?
Key Takeaways
- r/Cryptocurrency Moons are used on the r/Cryptocurrency Reddit forums to reward users.
- Tokens can be traded on various decentralized exchanges like Kraken and SushiSwap.
- MOON tokens can be transferred off the Reddit platform using a digital wallet.
- MOON tokens have no utility outside of the Reddit forums.
What Is r/Cryptocurrency Moons (MOON)?
The r/Cryptocurrency Moons is the digital currency used on the social media site Reddit. It trades on crypto exchanges under the ticker symbol MOON. They were introduced in May 2020 as a way to reward community members “for their contributions” to the site. This can include posts, comments, GIFs, and any other form of interaction between users.
Developers originally started out with 50 million coins with the first round consisting of five million in June 2020. Coins are issued every 28 days “based on the share of the subreddit’s total karma a user has earned during this timeframe.” Users can also earn coins in the following ways:
- Tipping one another
- Winning competitions, such as the Community Trivia
- Posting one of the top five memes within the 28-day period
Moons are compatible with Ethereum. As of Aug. 23, 2023, there were 206,232 MOON holders. The currency had a market capitalization of $42.2 million and the total supply was 122.79 million. Coins traded at $0.342 each.
Fees for r/Cryptocurrency Moons are fairly low, thanks to the Arbitrum Nova network. Reddit covers the gas fees for various cases, such as distributions and spending on certain features like Special Memberships. But users are responsible for gas fees on things like tips and MOON transfers.
r/Cryptocurrency Moon tokens have no use outside Reddit.
Download a Wallet
The first thing you’ll need to do before trading MOON (or any other digital currency for that matter) is to create a digital wallet. While you can certainly choose to use any wallet you want, r/Cryptocurrency can be seen, sent, and accessed in almost any Ethereum wallet, according to a Reddit post.
There are a few key steps to setting up the wallet for use with MOON coins:
- Find the seed phrase (also known as the key to your coins) in the Reddit vault
- Import the key phrase into the wallet
- Be sure to add the Arbitrum Nova chain followed by the MOON token.
Always ensure that you transfer your coins to the correct wallet address and that your wallet supports the coins. If not, your coins (that is, your funds) may be lost.
Find an Exchange
In order to begin buying MOON coins, you’ll need to find an exchange. MOON can be purchased on decentralized exchanges like SushiSwap and Kraken. These are cryptocurrency-only exchanges, which means you will need to connect your digital wallet and use crypto to purchase MOON.
Buy, Sell, and Trade Coins
Once you’ve decided on the exchange of your choice, you can begin trading coins. All of this will be done through your digital wallet. The ticker symbol for r/Cryptocurrency across all exchanges is MOON. Keep in mind that the best way to earn and use coins is through Reddit.
Is MOON a Sound Investment?
MOON can be purchased for only pennies. The total supply of Moons is 120.79 million. Like all cryptocurrencies, MOON is a speculative investment, so here’s what to consider before you invest:
- MOON reached an all-time high of about $0.58 per coin in July 2023 and is currently priced at about $0.35 per coin, which represents a loss in value of about 39%.
- MOON is primarily designed as a function of the Reddit forum r/Cryptocurrency and is available on multiple decentralized exchanges.
- The total market cap of MOON is just over $42 million, which points to very low investment value and low liquidity.
What Is a Stablecoin?
A stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserve asset. Stablecoins have gained traction because they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies and the volatility-free stable valuations of fiat currencies.
What Is a Digital Wallet?
A digital wallet (or e-wallet) is a software-based system that securely stores users’ payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. Users can also create stronger passwords without worrying about whether they will be able to remember them later.
Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. A digital wallet can also be used to store loyalty card information and digital coupons.
The Bottom Line
Moons are tokens that are used on the popular social media site Reddit. Users can earn them by posting and commenting on the site or by tipping and transferring coins to one another. In order to start using these coins, you’ll need to set up your profile on the site and create a digital wallet. Once that’s done, you can start earning and trading them through Reddit and on a decentralized exchange like SushiSwap.
Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. As of the date this article was written, the author does not own cryptocurrency.
