Defying the obvious wishes of Reddit, Crypto traders have found a way to swap the social platform’s “Community Points” for fiat and this has resulted in an amazing market cap.
In May, Reddit announced that it would be handing out ERC-20 tokens as a reward on the Rinkeby test network among users of its cryptocurrency sub-communities and Fortnite in the form of “MOON” and “BRICK”. The tokens are distributed according to the users’ contributions to the respective subreddits.
The xMOON pairs were posted on Honeyswap, the xDai network exchange, last week after Reddit rolled out a feature that lets you convert xMOON to currency‘.
MOON holders can now trade the tokens by converting them to xMOON via xmoon.exchange and then exchanging xMOON for xDAI – What can be converted into the DAI 1: 1 stablecoin via honeyswap.
Reddit’s crypto community token changes hands on honeyswap for xDAI valued at $ 0.088. Pairs for xMOON generated a volume of $ 174,000 in the last 24 hours.
According to Etherscan, more than 30,000,000,000,000,000,000,000,000,000 (30 septillion) MOONS have been distributed to approximately 7,800 addresses, meaning that The token’s market capitalization is approximately $ 2.66 septillion.
The entire global economy was worth roughly $ 133 trillion in 2019, which suggests The creation of MOON added about 2 trillion percent in value to the global economy. Who Said Cryptocurrency Is Not Good For The Economy?
After trading at approximately $ 0.015 for the first two days of trading, xMOON rose to $ 0.35 on September 26, before returning to $ 0.055 on September 30.
Reddit is currently hosting a Competition for developers working on scaling solutions that could facilitate the launch of platform tokens in the Ethereum mainnet (ETH) before 2021.
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