Reddit’s MOON token is growing in value and becoming more popular. A single MOON is now worth more than 100 fiat currencies.
The popular token is associated with the r/cryptocurrency subreddit. User meeleen223 was the first to point out the milestone in a post on Feb. 14.
One MOON is more valuable than a single unit of fiat currency in Argentina, Brazil, China, Costa Rica, and Egypt, just to name a few. The total number of these currencies listed on the post is 103, but in actual fact, the list is much higher. For example, both Russia and Venezuela also have currencies worth less than MOON.
Specifically, 1 MOON is worth 42.16 Argentine Pesos, 1.14 Brazilian Real, 1.5 Chinese Yuan, 125.98 Costa Rican Colón, and 6.73 Egyptian Pounds. The value of the Moons cryptocurrency is proof that digital currencies have a strong potential to become actual assets.
The MOON cryptocurrency is part of the r/cryptocurrency subreddit. The Ethereum-based asset is earned by anyone who contributes to the subreddit through posts, comments, and other ways of interaction. The MOONs are held in digital wallets that Reddit calls Vaults.
Why Is the MOON Token So Popular?
MOON has seen a tremendous amount of success in recent times. It has reached the point that MOON farming has become something of a full-time job for many Redditors.
The token has also moved to the more scalable network of Arbitrum. 4.77 million MOONs were burnt as the token fully migrated to the layer-2 scaling solution. It offers much lower gas fees and higher throughput.
As a result of the increased adoption and token burn, the token has been seeing a strong increase in price. The MOON token is now worth $0.21, up by about 8% over the last 24 hours.
Reddit Going All In on NFTs and Blockchain Technology
Reddit is very keen on cryptocurrencies and blockchain technology, with its NFTs highly popular among the crypto community. The company recently gave over a million Super Bowl NFTs on the Polygon network. These are official Super Bowl NFT avatars.
Reddit’s NFTs were initially only a set of 40,000, but approximately 10 million now exist. The value of these avatars shot up in 2022 as more users began minting them. In late October 2022, it passed $10 million in sales in just three months.
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