r/CryptoCurrency MOON Reached an All-Time High
Moon cryptocurrency can refer to different things depending on the context. It can mean a cryptocurrency’s valuation is rising sharply—a specific cryptocurrency called Mooncoin, a reward token for contributing to a Reddit community, or a platform that offers trading bots for currency and cryptocurrency exchanges.
One of the most popular moon cryptocurrencies is r/CryptoCurrency Moons (MOON), which are ERC-20 tokens given as rewards for an individual’s contributions to r/CryptoCurrency either via posts, comments, etc. They can be freely transferred, tipped, and spent in r/CryptoCurrency. Moons are distributed monthly using Reddit Karma as a basis for contributions.
r/CryptoCurrency MOON Reached an All-Time High. The price of MOON is $0.4639 today with a 24-hour trading volume of $4,937,641. With a circulating supply of 106 Million MOONs, r/CryptoCurrency Moons are valued at a market cap of $49,365,244.
There has been a solid upward rally in price since July 16th to the new all-time high of $0.64440, making it a 580.82% increase. However, the price has currently fallen by about 30.61% to $0.4639 (today’s price), which is signaling a retracement before continuing its upward move.
Above, the price is in a short-term bullish run and has already retraced to one area of value – a former resistance zone and a latter support zone. As we know, retracements are usually drawn to and stop at areas of value (trendlines, support, resistance levels, etc.). We are observing the market and waiting for it to react to the support level. If it breaks out, there is still the second support level below. Price will most likely react to one of the two areas of value, and once the price makes a higher high than the new all-time high, it’ll be a very good confirmation of the upward trend’s continuation.
Possible Factors For MOON’S Sudden Rise
What are the factors behind the meteoric rise of MOON? According to some analysts and enthusiasts, there are several reasons why Moons have become so popular and valuable. Some of them are:
- The growing popularity and activity of r/CryptoCurrency as a source of information, discussion, and education about cryptocurrencies The subreddit has over 4 million subscribers and hosts daily threads, weekly contests, monthly challenges, and AMAs with prominent figures in the crypto space.
- The possibility of scarcity and demand for MOONs as a reward token as a result of Reddit’s decision to phase out Reddit coins
- The innovation and experimentation of Moons as a utility token Moons can be used for various purposes within the subreddit, such as accessing special features, tipping other users, voting in polls, and creating custom emojis and badges. Moons can also be used to purchase memberships that grant additional benefits, such as removing ads, highlighting comments, and displaying animated avatars.
- The integration and interoperability of Moons with other platforms and services. Moons are compatible with any ERC-20 wallet or exchange that supports them, such as MetaMask, Trust Wallet, Coinbase Wallet, MEXC, Sushiswap V3 (Arbitrum Nova), and RCP Swap. Moons can also be bridged to other blockchains using services like xDai Chain or Polygon Network.
MOON has proven to be more than just a fun and rewarding way to participate in r/CryptoCurrency. They have also become a symbol of the potential and promise of cryptocurrencies as a decentralized, democratic, and innovative form of money and value creation.
Whether you are a moon farmer, a moon holder, or a moon spender, you might want to watch this moon cryptocurrency as it continues to shine and reach new heights.
Featured image: Shutterstock
Dominic Jubemi is primarily into legal practice. However, he has taken interest in building and grooming fundamental skills in FX and Crypto trading, audio engineering and in the nearest future, fiction writing.