A Reddit user named “Cryptorich13” took advantage of the social network’s reward system by converting his loot of free coins into Bitcoin (BTC).
In a post on Sunday Cryptorich13 explained how it converted its 80,000 moons into Bitcoin earlier this year. The value of their holdings has increased after last bitcoin price spike. Said:
“I did a lot of shitpost in 2017. I received 80,000 Reddit moons earlier this year, so I sold the test network with XDai and Honeyswap and immediately bought BTC with that money (0.92 BTC to be precise).”
Cryptorich13 claims to have sold its 80,000 MOONs per DAI at an average price of $ 0.08 to $ 0.13 per token over a period of 24 hours at the end of September. From there, turned this DAI into Bitcoin. The entire process was documented on the Warosu picture board.
At the time he was making the original post on Reddit, His Bitcoin loot was worth $ 23,736, based on a BTC price of $ 25,800. In a later edition His 0.92 BTC was worth $ 25,576.
At the time of this writing According to Coingecko, MOON was worth about $ 0.01, 15% less than the day before. It’s worth noting that Coingecko’s data feed is tracking moon readings from the end of October.
MOON by Reddit is the official cryptocurrency of the subredits r / Cryptocurrency, a platform for news, discussions and analysis of all digital assets. The token rewards active users for their contributions to the subreddit. According to the community rules All posts on the subreddit must be related to the cryptocurrency or be related in some way to the culture.
MOON is part of the Reddit Community Points, or RCP for its acronym in English. A rewards program launched earlier this year to incentivize content creation on the social network. RCPs are Ethereum tokens (ETH) that are compatible with all other ETH applications.
So far, only one other subreddit has launched a cryptocurrency through the RCP program. The r / FortNiteBR subreddit launched the BRICK token earlier this year to reward users for their contributions to the community.