Reddit Moons, or MOON tokens, have surged over 108% in the first weeks of August 2023, courtesy of a new exchange listing, reigniting the popularity of community cryptocurrencies. MOON tokens represent the r/CryptoCurrency subreddit and are automatically offered to Redditors who accrue decent “Karma” points. Many have already amassed a sizable MOON corpus. So what can holders do now? Here’s how to buy and sell Reddit r/CryptoCurrency Moons.
- What are Reddit Moons for?
- Where to buy Moons from or how to get them for free?
- Reddit to wallet: how to cash out your moons
- Things to know before emptying the vault
- How to move MOON in vaults to CEXs
- Providing liquidity to MOON pools
- How to farm MOON on Reddit
- How to trade Moons on CEXs?
- How to buy r/CryptoCurrency Moons on a DEX
- Trading MOON and the arbitrage opportunities
- Can MOON head to the moon?
- Frequently asked questions
What are Reddit Moons for?
Even though Reddit Moons have existed since 2020, interest in these tokens has reignited in 2023. The surge has been the next big web3-related event for the social network since Reddit’s Avatar NFTs exploded in early 2023.
As for usability, you can earn Moons and eventually use them for the following:
- Voting on community governance polls
- As tips to users and contributors
- Renting advertisement space within the r/CryptoCurrency subreddit
- For purchasing special subreddit memberships
- As proof of reputation
- Redeemable against Reddit coins
- Used via burning by individuals hosting their giveaways and AMA sessions
- For building DApps
You can now seamlessly convert MOON to USD or any other fiat currency via cryptocurrency exchanges. Here is a thread explaining the potential impact of Reddit and Moons on crypto adoption.
Where to buy Moons from or how to get them for free?
As mentioned previously, the most direct way to earn Moons is to stay active across the r/CryptoCurrency. Staying active via contributions will get you karma points. Reddit users can earn these community points by publishing insightful posts or comments.
This will then attract Reddit Moons in 1:2, 1:1, or any other ratio — randomly chalked out by the community. That is how you earn Moons.
Yet, there remains a cause for concern. Moons have skyrocketed the instances of impression farming, with people posting to get attention. Not all posts or comments are insightful, with several Reddit users even resorting to shitposting.
“I made $4000+ in just 3 months by farming “Moons” on Reddit.
By month #3 I watched the community become so miserable thousands of people moved on to other platforms”
Hunter Solaire, NFT Researcher: Twitter
MOON cryptocurrency gaining popularity:
The earned MOON cryptocurrency tokens can be sold across centralized and swapped on decentralized crypto exchanges. Or, you can use them to provide liquidity to select MOON pools, as they are relatively new ones.
However, if you do not want to do all that heavy lifting, you can even purchase MOON tokens from a host of CEXs and DEXs, including Kraken, Gate.io, SushiSwap, and more.
On CEXs and DEXs, you can trade Reddit Moons directly, mostly by swapping them for some of the more liquid cryptocurrencies.
Did you know? You can also trade Bricks (BRICK) — another Reddit token representing the Fortnite Battle Royale game subreddit on a host of CEXs and DEXs.
Reddit to wallet: how to cash out your moons
Reddit admins originally ideated Reddit Moons to incentivize user participation and “karma” building. As mentioned previously, earring them means being active across the r/CryptoCurrency subreddit.
How to get Reddit Moons?
However, you simply do not get the Moons credited randomly. Instead, the tokens are disbursed once every month — 28 days precisely — depending on the what is the share of a user’s karma to the total subreddit karma.
In addition to automatic credits courtesy of good karma or a good contribution score, earning Moons across subreddit competitions, Prediction Tournaments, and more is also possible. It is noteworthy that MOON tokens, when earned, are directly credited to something called the Reddit Vault — more like your seed phrase-controlled Reddit wallet. Do note that your Reddit NFTs, if there, are also stored in these vaults.
Before the Reddit mainnet, which is currently Arbitrum Nova, the Reddit Moons vault used to rely on MOON claims!
However, the Reddit mainnet transition from Rinkeby — a testnet — has made the process automatic. You can check out the Reddit-specific Wiki page of Moons to know what the token distribution looks like post-wise. Still, here is a quick snapshot of the related protocols and how you can earn Moons for specific tasks.
How to sell Reddit Moons in 2023?
Even though the MOON tokens sitting in your Reddit vault are useful for tipping, governance, renting banner space, redeemable as Reddit coins, and more, the recent price rise has tempted many to off-ramp the same, especially in 2023 with listings across major crypto exchanges.
Here is a step-by-step process on how to sell your Reddit Moons in 2023, provided they are locked inside the vaults:
Step 1: Setup the Reddit Moons vault
If you are new to this, start by setting up your Reddit vault. Operating this is like operating any other crypto wallet. You can generate a 12-word seed phrase and keep it handy in case you ever lose access to the wallet.
Note: To open and use a Reddit vault, you must install the official Reddit app on your device.
In case you already have an active vault, check and confirm the MOON token balance.
Step 2: Use MetaMask
Here comes the fun part. Once you install MetaMask, you will get two options: create a new wallet and import an existing one. Choose the latter and paste the seed phrase corresponding to the Reddit value. Once done, you should be able to connect your Reddit vault via the MetaMask wallet.
Note: This works as Reddit Moons are ERC-20 tokens, and the Reddit Vault is also ERC-20 compatible.
Step 3: Take care of the transaction fees
Before you proceed further, it is important to note that Reddit Moons currently reside on the Arbitrum Nova network — an Arbitrum-specific chain meant for DApps and transactions requiring high TPS values.
“Arbitrum Nova network: More than just another L2 solution. Its stability and relative novelty give us a competitive edge.”
Renat Gafarov: CEO of Rehold.io: Twitter
Now coming back to the gas fee concerns. Once you have the vault and MetaMask setup, you can head over to the r/CryptoCurrencyMoons subreddit and comment “!gas Nova” on any post. An approved Reddit bot will send some ETH — enough for an Arbitrum-specific transaction — to your Nova network address.
You can even use “!gas Matic” if you have a Polygon address and you later wish to bridge the same to Arbitrum.
Step 4: Swap the MOON
You are now all set to move your MOON tokens out. The idea here is first to convert Moons to the equivalent ETH. It is better to move to decentralized exchanges and specific token-swapping pools to initiate the same. SushiSwap’s token-swapping feature is one of the better ones to consider. However, to use it, you must select the parent network to Arbitrum Nova instead of Ethereum and then select MOON from the list of tokens.
Ensure your MetaMask wallet also has Arbitrum Nova selected as the parent network. Once you connect the wallet and make the swap, your wallet will end up with ETH tokens instead of MOON. Converting Reddit Moons to ETH makes you eligible for quick moves across DEXs and even CEXs.
Step 5: Bridging the ETH
Apparently, the ETH you have secured is still on the Arbitrum Nova chain. And this might not be compatible if you want to deposit ETH directly to cryptocurrency exchanges. Instead, Arbitrum One — another chain — is a more universally accepted option in this case.
Therefore, you would require to bridge the ETH from Nova to One. You can use bridging tools like Orbiter Finance to move Nova ETH to another Arbitrum chain. The complimentary gas fees you earned should cover the transaction costs.
However, you must keep some residual ETH in your MetaMask account if you use MOON holdings to add liquidity or other multiple transactions.
Step 6: Head over to the CEX
By now, you should have exchange-compatible ETH in your MetaMask wallet. You can now select the “Deposit” option and move that ETH to any centralized exchange of choice — Kraken, Binance, or more. While depositing to the exchange, you must first generate a depositing address by ensuring that the same is on the Arbitrum One network, not Ethereum or anything else.
Note: Deposits made from One to any other chain might get lost in transit.
And finally, once the CEX has your ETH, you can simply convert the same to fiat via P2P trades or standard counter-based selling. The steps mentioned above should allow you to encash the vault-residing MOON tokens.
Things to know before emptying the vault
MOON tokens now attract additional MOON tokens. This means if you have more than 75% of your Vault-based MOON holdings in the vault, you are eligible for larger distributions in time. This means you are better off selling up to 250 MOON tokens if you already have 1000 in your vault. This keeps you eligible for a more aggressive accumulation of Reddit Moons.
This approach tries to combat market-wide sell-offs and sharp price drips. And yes, another aspect to note is that during every step from the ones mentioned above, you should be careful about choosing the right network: Arbitrum Nova or even Arbitrum One, whichever is needed at a given time.
How to move MOON in vaults to CEXs
While a number of popular exchanges, including Binance and Coinbase, haven’t listed MOON as of August 10, 2023, Kraken has. As such, users can move tokens directly from the Reddit vaults to Kraken.
You still need to set up the MetaMask so that your wallet reflects the MOON tokens in the vault. Once done, you must remain on the Nova network and also create an Arbitrum Nova-specific deposit address on Kraken to move the tokens around.
This eliminates migrating to a DEX for swaps — a previously mentioned step.
Providing liquidity to MOON pools
Also, if you want a better use for your Reddit Moons sitting within the vault, you can move them to specific DEXs like UniSwap and provide liquidity to the WETH/MOON or any other MOON-specific pool. This will allow you to generate passive income using your holdings without letting go of the assets permanently.
How to farm MOON on Reddit
If you have missed the initial bus, there are ways to farm Moons instead of buying them at a cost. Here are some of the strategies for doing so:
- Focus on concepts like dollar-cost averaging, do your own research (DYOR), and more, and create posts around these topics.
- Focus on preparing posts about individuals who talk negatively about the native r/CryptoCurrency subreddit.
- Or, you can post technical analyses of coins in the limelight.
- And finally, you can create posts or comments about the most undervalued coins that could get hot once the bull market resumes.
Farming Moon increases community points, allowing you to be eligible for automatic transfers into the Reddit Moons vault every 28 days.
How to trade Moons on CEXs?
We have already discussed how you can trade the vault-specific MOON tokens. However, there might be a user base that has nothing to do with posting on the mentioned r/CryptoCurrency subreddit. So to buy and sell Reddit r/CryptoCurrency Moons, centralized exchanges come in pretty handy.
How to buy Reddit Moons?
As of August 2023, a handful of MOON trading pairs are available on CEXs. To start trading, you can head over to any of the preferred ones, create an account, verify details, and begin. Once your details are verified, you can load up your exchange with Fiat to buy r/Cryptocurrency Moons directly. Or, you can purchase ETH, BTC, or USDT directly and later convert the same to MOON.
Here is what the trading interface on Kraken looks like. With CEXs like Kraken, buying MOON or any other set of tokens is pretty seamless once you sign up.
How to sell Reddit Moons in 2023 using CEXs?
Just like buying Reddit Moons, you can easily sell your holding on CEXs. Also, once you sell, you can quickly convert the Reddit Moons ETH or any other crypto to ensure quick fiat conversions.
If you do not seek to convert MOON to USD or any other fiat, you can directly withdraw the MOON tokens or the covert crypto to any other compatible wallet. The wallet you plan to deposit for transferring MOON should be on the Nova network.
Note: CEXs like Kraken can only initiate sell orders at specific prices provided there is adequate liquidity in play.
At present, both spot and futures trading of MOON tokens is supported on Kraken. Other exchanges might catch up soon.
How to buy r/CryptoCurrency Moons on a DEX
If you are still determining where to buy Moons from, ArbSwap, RCP Swap, and SushiSwap are currently the most popular DEXs. Unlike a CEX that allows you to purchase Reddit Moons with fiat, DEXs need you to connect your crypto wallet — MetaMask, in our case — to trade using ETH or any other compatible crypto.
You can head over to the DEXs interface, select the token pair — MOON/USDC, MOON/WETH, or even MOON/BRICK — and see MOON tokens getting credited to the wallet in exchange for the existing crypto.
How to sell Reddit Moons on a DEX?
Selling Reddit Moons is straightforward. You again need to swap the MOON tokens for USDC, WETH, or BRICK. Once done, you can move the converted tokens to cryptocurrency exchanges for fiat conversions.
Trading MOON and the arbitrage opportunities
If you look at the MOON trading markets, you will know that the price/token varies across exchanges. You can therefore make use of the arbitrage opportunities by purchasing Moons on one platform and moving the same to the other via the Nova network. This offers a good trading opportunity for those not interested in holding MOON but only looking to ride the hype.
Also, you can check for token transfers, whale movements, and other insights before making the move. All these details can be found in the Nova-specific blockchain explorer for MOON tokens.
Optimism around Reddit Moons’ price:
It is worth noting that every buy-sell opportunity involving Reddit Moons should be based on the Reddit Moons’ price prediction. And for that, you would need to keep an eye at all times on the MOON Chart. This will help you analyze the price action, trading volume, and other key metrics.
Also, Reddit Moons’ price might remain volatile for a while. It is advisable to keep checking the explorer for Moons’ contract address(es) and token moves to understand the nature of the price action.
Can MOON head to the moon?
Reddit Moons have been around for a long time, since 2020. However, as we move towards the tail end of the bear market, several exchanges are giving into the craze for community tokens by listing MOON and BRICK, among other tokens.
While the technical analysis hints at a bullish counter, how far MOON will head will depend entirely on the market sentiments, use cases, market cap, trading volumes, tokenomics transparency, and other community tokens’ popularity. Just so you know, at press time, MOON is trading at $0.512, with its circulating supply closing in on 107 million.
And while this entire piece gives a comprehensive overs on buying and selling r/CryptoCurrency Moons, don’t just get caught up in the hype. Never do anything in crypto without a quintessential risk management strategy.
Frequently asked questions
What are crypto Moons?
Do Reddit Moons have value?
How do I buy Reddit Moons?
What are CryptoCurrency Moons?
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Can Reddit Moons be converted into money?
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