30 Sep 2020 Arjun Agarwal
Reddit MOON`s Market Cap Is 20 Billion Times Larger Than The Global Economy
In May Reddit, one of the birthplaces of the crypto hype announced a reward program for subreddit participants in the form of MOON and BRICK tokens. Reddit’s community has found a way to exchange the tokens for fiat, which resulted in very interesting market capitalization figures.
The four-month-old MOON token, created for the r/Cryptocurrency subreddit, as well as the BRICK token, created for the Fortnite sub-community, are still on the Rinkeby testnet. However, users found a way to exchange the tokens for fiat, via the xDAI network exchange Honeyswap, after Reddit pushed a feature to swap MOON tokens for „coins”. The process of converting MOON tokens for fiat is rather cumbersome – first, users have to exchange MOON tokens for xMOON via the xmoon.exchange. Then, they have to swap xMOON for xDAI tokens at a ratio of a little over 10:1. The next step is swapping xDAI tokens for DAI at a 1:1 rate via Honeyswap.
According to data from Etherscan, over 30,000,000,000,000,000,000,000,000 (30 septillions) tokens have been distributed to less than 8000 addresses, indicating that the total market capitalization is around $2.97 septillion. Calculations were made with the current the rate of 1 xDAI trading for 10.0796 xMOON.
By contrast, data from the World Bank shows that the global economy is worth around $133 trillion in market capitalization, which means MOON’s market cap is two trillion percent, or 20 billion times larger.
However, xMOON’s price has been on a rollercoaster ride, starting at $0.015 in the first couple of days of trading, with prices spiking up to an all-time high of $0.35 on September 26 (see the graph above). Currently, xMOON is trading at $0,10 on Honeyswap exchange.Blockchain Altcoin News Cryptocurrency Exchanges News trading altcoins exchange cryptocurrency news market reddit Markets Market Capitalization Tradings