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.
Reddit MOON`s Market Cap Is 20 Billion Times Larger Than The Global Economy was originally published in Crypto Browser on Medium, where people are continuing the conversation by highlighting and responding to this story.