A Reddit user by the name of Cryptorich13 took advantage of the social media platform’s crypto rewards system by converting his stash of free coins into Bitcoin (BTC).
“I posted a lot in 2017. I got 80k reddit moons earlier this year, which I sold on the rink through the testnet with XDai and honeyswap and bought BTC right away. (0.92 BTC to be exact). “
Cryptorich13 claims to have offloaded its 80,000 MOON for DAI at an average price of $ 0.08 to $ 0.13 per token over a 24-hour period in late September. From there, he converted DAI into Bitcoin. The whole process was documented on the Warosu image board.
At the time of publishing the original Reddit post, his Bitcoin stash was worth $ 23,736 based on a BTC price of $ 25,800. In a later edit, its 0.92 BTC was worth $ 25,576.
At the time of writing, MOON was worth about $ 0.01, down 15% on the day, according to Coingecko. It should be noted that the Coingecko data feed keeps track of MOON values from the end of October.
Reddit MOON is the official cryptocurrency of the r / Cryptocurrency subreddit, a platform dedicated to news, discussion, and analysis of all things digital assets. The token rewards active users for their contributions to the subreddit. Community guidelines state that all posts in the subreddit must be crypto-related or linked to the culture in some way.
MOON is part of Reddit Community Points, or RCP, a rewards program introduced earlier this year to boost content creation on the social network. RCPs are Ethereum (ETH) tokens that are compatible with all other ETH applications.
To date, only one other subreddit has launched a cryptocurrency through the RCP program. The r / FortNiteBR subreddit introduced the BRICK token earlier this year to reward users for their contributions to the community.