Cryptocurrency SubReddit’s “Moons” Token Mooned After Potential Listing Hints
Moons Token surged 120% to $0.20 since Sunday
Moons, the native token of r/CryptoCurrency users on Reddit, surged 120% to $0.20 since Sunday after Kraken representatives hinted it might be listed on the exchange.
Users of Reddit can earn moons based on their activities in the subreddit, and they can then keep them in their Vault, an Ethereum-based digital wallet that Reddit launched last year.
Reddit’s policy on selling digital assets allegedly changed recently, according to a post that was trending on the subreddit, although the page has already existed since May. Reddit launched its NFT platform, Reddit Collectible Avatars, last year in July.
However, a member of Kraken’s support staff made a suggestion that Moons might eventually be listed on the exchange. Currently, exchanges like MEXC, Gate.io, SushiSwap and RCP Swap listed Moons. Kraken previously rented advertising space on the subreddit’s banner using Moons tokens.
This comes as Reddit is allegedly planning to go public sometime in the second half of this year. Co-founder Alexis Ohanian, who departed the firm in 2020, has since made a name for himself as an investor in the cryptocurrency and NFT space.