In defiance of Reddit’s apparent wishes, cryptocurrency traders have devised how to exchange the social platform’s ‘community points’ tokens for fiat – & it’s resulted in pretty surprising market capitalization.
Earlier in the month of May, Reddit revealed that it might begin distributing ERC-20 rewards tokens on the Rinkeby testnet among users of its cryptocurrency & Fortnite subcommunities within the sort of ‘MOONs’ and ‘BRICKs.’ The tokens are distributed consistent with a user’s contributions to the respective subreddits.
xMOON pairings appeared on xDai network exchange Honeyswap last week after Reddit revealed its new feature permitting Moons to be converted into ‘coins’.
MOON holders can now trade the tokens by converting them to xMOON via xmoon.exchange, then exchanging the xMOONs for xDAI – which may be converted to the stablecoin DAI in the ratio of 1:1 – via Honeyswap.
Reddit’s cryptocurrency community token is presently amending hands-on Honeyswap for $0.088 USD worth of xDAI. Pairings for xMOON have generated $174k in volume over the past 24 hours.
In line with Etherscan, over 30,000,000,000,000,000,000,000,000 [around 30 septillion] MOONs are already being distributed to roughly 7,800 addresses, meaning that the token’s market capitalisation is roughly $2.66 septillion.
Additionally, the whole global economy was worth roughly $133 trillion earlier in 2019, suggesting that the creation of MOONs has increased the worth of the global economy by on the brink of 2 trillion percentage. Who said crypto wasn’t good for the economy?
After trading for about $0.015 USD for its primary two days of trading, xMOON rallied to post all-times of $0.35 USD on 26th September, prior to retracing back to $0.055 USD by 30th Sept.