After the report was published that there is a means to utilize Reddit crypto points into altcoins, and considerably into cash, Moon tokens have been the most sizzling topic on a subreddit with over a million members – An example of the spiking value is the tragic measure of holders with the top 3 owning 45% of tokens, and the subreddit as a yield farming platform is touching on issues.
r/CryptoCurrency, with 1.1 million advocates, is a noise this week with various Moon discussions, a significant number of which come from the getting out the word and aides on transforming Moons into genuine, interchangeable crypto.
As stated in May, Reddit affirmed their point framework would be based on the head of Ethereum (ETH), expressing that every network’s focuses can be redone, giving them out as a prize for “quality” posts and remarks.
Two specific versions have been created on the FortNiteBR and CryptoCurrency subreddits, called “Bricks” and “Moons,” sequentially.
These live on the testnet, not Ethereum’s mainnet, so though they are ERC-20 tokens, implying that they work on the Ethereum blockchain, they can’t be exchanged for other coins and, unfortunately to fiat if one would desire to do so.
Nevertheless, people have now begun utilizing a method designed by Ethereum developer Austin Griffith, in which Moons can be transferred from the Ethereum Rinkeby testnet to xDai, which is an Ethereum sidechain.
A user can utilize Griffith’s xMoon Exchange, transfer Moons from the Reddit Vault to their MetaMask, an ETH wallet and Web browser, account, then use the link between Moons, xMoons (Moons on sidechain xDAI), and the testnet. In the manner, real DAI is transformed into xDAI and applied to change going roundtrip with xMoon.
The xMoons can be traded on the decentralized exchange Honeyswap for different crypto, which can then be sold for fiat on another exchange, said the users who have been contributing guides, and numerous specific videos step-by-step instructions.
In the meantime, it appears that this improvement might have influenced xMoon’s price. Per As reported by Honeyswap, the value spiked 2,085% on September 26 related to the day before, to USD 0.35. Fewer spikes were seen in the next two days, but the price has been firmly declining since the current (USD 14:49) USD 0.07738.
Moreover, there have been 1,015 deals in the last 24 hours, which is a drop of 31% related to the same period before. Therefore, the trading volume also dropped today by 41% to nearly USD 233,700.
Meanwhile, users have pointed out that out of the said 1.1m members, only 7,739 addresses hold Moons (or 7,746 per DappRadar).
Stats from the Rinkby contract show that the top 100 holders together own almost 69% of all Moons. This is particularly true for the top three holders, holding 18.5%, 18%, and 8%, respectively. The rest is more evenly distributed in comparison.
Based on Reddit users’ comments, it seems that many have tried to exchange their Moons. “Don’t spend all day posting memes on r/CryptoCurrency they said. It’s a waste of time, they said. I could have retired off those memes,” joked one user. Others were more focused on the fees that come with the experience, with some arguing that the earnings from more than 1,000 Moons would be worth paying the fees, and others saying that “everything greater than [USD] 10 is [definitely] worth it if [you] want to do it. Fees are just a few dollars.“
But the addition of monetary gain to the subreddit has angered some, like ‘ShotBot,’ who claimed that “Moons have turned /r/Cryptocurrency into a yield farming platform,” and that the moderators “need to ban karma farmers and enforce higher posting standards.” The discussion has led many to compare the subreddit to content sharing platform Steemit, which had found itself in a hot mess pretty fast earlier this year.
Meanwhile, Reddit recently announced their new feature that allows Moons to be converted “into r/CryptoCurrency exclusive Coins.” Per the post, “these Coins work just like any other Reddit Coins, except that they can only be used on r/CryptoCurrency.“
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