Moons, the native token of cryptocurrency subreddit users on Reddit, surged Monday as representatives from the cryptocurrency exchange Kraken fueled hopes that it might be listed on the exchange.
The token more than doubled on Monday, rising 104% to $0.19 over the past 24 hours, according to CoinGecko.
The r/CryptoCurrency users earn Reddit Moons based on their activity in the subreddit. It can also be used for tipping between users. Moons are stored in a user’s Vault, the Ethereum-based digital wallet rolled out Reddit-wide last year.
A trending post on the crypto-focused subreddit claimed Reddit’s stance on selling digital assets had recently changed, pointing to a tweet made by an unofficial Twitter account dedicated to r/CryptoCurrency Moons. But the hype was partially misplaced.
The tweet highlighted an overview of verified virtual goods that has existed within the platform’s terms of use page since at least May, according to an archived copy of the page—making the news months old.
The interesting part:
Verified Goods:
“You may be able to earn, claim, purchase, sell, or give certain virtual avatars, goods, currencies, or items that can be cryptographically verified”
Unlike the previous TOS where trading Points were prohibited.https://t.co/n3O4DZCLGm
— r/Cryptocurrency MOONs (@unofficalMoons) July 16, 2023
However, a member from Kraken’s support team hinted Moons could one day be added to the exchange, as several others also chimed in. It would be a big change for Moons, which is currently supported by a handful of exchanges: MEXC, Gate.io, SushiSwap, and RCP Swap.
“We are always open to adding new digital assets,” Jimbo from Kraken said. “However, [...] Kraken makes no promises about the addition of new cryptocurrencies in general and we don't reveal any details until shortly before launch.”
One user joked that if Kraken lists Moons, users of the subreddit will adopt Kraken as their exchange of choice. A member of Kraken support named Bill directed people toward a form for filing coin listing requests.
Regardless of its accuracy, the Twitter post honed in one noteworthy development. Reddit said in a blog post last week the platform will sunset Reddit coins, putting to bed its current system for purchasing and gifting awards like medals.
The change is meant to make Reddit “simpler,” according to the firm, which plans on sharing information about a “new direction for awarding” in the coming months.
The distinction between Reddit coins and so-called community points—which Reddit admins pioneered through Moons in 2020—may sound discreet, but Reddit’s terms of use includes a clear delineation between the two.
Community points fall under the umbrella of verified virtual goods, along with Reddit’s collectible avatars, which leverage Polygon. Reddit coins and awards are within the realm of virtual goods, set to disappear.
Kraken has cozied up to r/CryptoCurrency in the past. The exchange rented advertising space on the subreddit’s banner using Moons months ago, according to Green from Kraken support.
Neither Reddit nor Kraken immediately responded to a request for comment from Decrypt.
Reddit has faced backlash from its users recently. Changes to Reddit’s API pricing sparked a days-long protest and blackout among several top communities, including r/CryptoCurrency.
The changes come as Reddit eyes a potential IPO, with plans to potentially go public sometime in the second half of this year, per The Information. Reddit was launched in 2005 by Steve Huffman and Alexis Ohanian. Ohanian, who left the company in 2020, has since established himself as a force in the crypto and NFT space.
Editor's Note: This article was updated to clarify that Kraken has not suggested a Reddit Moons listing is imminent.