Cryptocurrency of the Reddit project grew by 260% per day

Not financial advice!

On Sunday, March 17, the r/CryptoCurrency subreddit coin Moons (MOON) rose from $ 0.22 to a record $ 0.79, adding 260%.

At the time of writing, the asset has corrected to $ 0.43, according to the CoinMarketCap analytical tracker. The total supply of coins circulating on the market amounted to $ 45.6 million. Traders made daily trading deals worth $ 4.3 million. The previous high of MOON was recorded in August 2023 at around $ 0.5.

Moons are ERC-20 tokens that are issued as a reward to users for their posts or comments on r/CryptoCurrency. The coins can be exchanged, transferred as a tip, or spent on other community features.

In February, Sabreddit announced a partnership with the Celer cross-chain protocol. The bridge, which is scheduled to launch on March 20, will allow users to move their MOON tokens to the L2 solution of Arbitrum One without a delay of one week.

Interest in the coin is also likely to have been fueled by Reddit’s upcoming IPO, which is scheduled to take place on March 21. According to Reuters, the company may be valued at $ 6.5 billion.

Last year in July, due to Reddit’s decision to gradually stop supporting non-tokenized coins and MOON rewards, the value of the digital asset increased significantly in a week, rising by 382%. Also, in February of this year, the MOON rate was higher than that of 100 fiat currencies. One MOON traded for $ 0.21 was worth more than a unit of fiat currency in Argentina, Brazil, China, Costa Rica, and Egypt.