A Reddit user by the name of "u/Cryptorich13" has capitalized on the social media platform’s crypto reward system by converting his stash of free coins into Bitcoin (BTC).
In a Sunday post, u/Cryptorich13 explained how he converted his 80,000 Moon reward into Bitcoin earlier this year. The value of his holdings has ballooned following the latest Bitcoin price pump. He said:
“I shitposted a lot in 2017. I was awarded 80k reddit moons earlier this year which I sold on the rinkeby testnet using XDai and honeyswap and immediately bought BTC with it. (0.92 BTC to be exact).”
U/Cryptorich13 claims to have unloaded his 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 the Dai into Bitcoin. The entire process was documented on the Warosu imageboard.
At the time he published the original Reddit post, his Bitcoin stash was worth $23,736, based on a BTC price of $25,800. In a later edit, his 0.92 BTC was worth $25,576.
At the time of writing, Moon was worth around $0.01, down 15% on the day, according to CoinGecko. It should be noted that the CoinGecko data feed tracks Moon values from late-October onwards.
Reddit's Moon token is the official cryptocurrency of the r/Cryptocurrency subreddit, a platform dedicated to news, discussion and analysis of all things related to digital assets. The token rewards active users for their contributions to the subreddit. According to community guidelines, all posts in the subreddit need to be crypto-related or associated with the culture in some form or manner.
Moon is part of Reddit Community Points, or RCP, a rewards program that was introduced earlier this year to incentivize content creation on the social network. RCPs are Ethereum-based tokens that are interoperable with all other Ethereum applications.
To date, only one other subreddit has launched a cryptocurrency via the RCP program. The r/FortNiteBR subreddit introduced the Brick token earlier this year to reward users for their contributions to the community.