Moons, the native token of cryptocurrency users on Reddit, is now listed on Crypto.com, causing its price to soar for a second day straight.
According to Coingecko, the token is up 141% on the day, trading hands at $0.41. Moons had already jumped triple digits on Monday on news that Kraken crypto exchange was considering a listing.
Although Crypto.com is joining a number of other exchanges that already support the token—including MEXC, Gate.io, SushiSwap and RCP Swap—its size has given some Reddit users reason to be especially bullish. “It gets serious,” posted one user.
Today’s listing has sparked a frenzy on the already buzzing cryptocurrency subreddit (r/Cryptocurrency), which is home to over 6.5 million users. “Crypto.com suddenly becomes the default for millions of Redditors,” said one post.
Others claimed that they were genuinely surprised, writing, “Did anyone else not expect to make it this far? Like I don't know what to do, I didn't plan for this.”
Reddit Moons are ERC-20 tokens launched on Arbitrum Nova by Reddit administrators in 2020 as part of their community points program. These tokens are distributed to users based on their activity in the r/Cryptocurrency subreddit, and can 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.
Despite news reports yesterday that Kraken staff were entertaining the possibility of listing Moons on their platform, the exchange has clarified there is no such intention to do so, as of this writing.
Reddit has become one of the main focal points for digital asset advocates over the years. It was launched in 2005 by Steve Huffman and Alexis Ohanian–the latter leaving the company in 2020, to establish himself as a force in the crypto and NFT space.