Reddit has announced that it is winding down its crypto reward scheme, meaning anyone still holding r/CryptoCurrency Moons (MOON) has this week to turn them into crypto or cash. Launched back in 2020, MOON is an Ethereum-based cryptocurrency which was awarded to contributors to the cryptocurrency section of the social media site.
But the decision to scrap the crypto reward scheme has seen the price of the asset plunge by nearly 70% in the past 30 days, according to CoinGecko data. From this week, users will no longer be able to send the tokens within the Reddit app.
It is still possible to back up the seed wallet and put the MOON in another wallet (MetaMask is recommended) where it can be converted into something more valuable. When the tokens first launched, the process of converting them into cash was convoluted and risky. Now, however, MOON is more mainstream and was even listed on the American crypto exchange Kraken in August.
Kraken has a ‘convert’ feature which allows users to swap between the major coins, tokens, or fiat currency. This is a simple process, but requires a MetaMask wallet. MOON can then be deposited from the Reddit wallet into the MetaMask wallet, and converted into Bitcoin or any other cryptocurrency or dollars. It can then be cashed out.
Crypto.com is another major centralized cryptocurrency exchange which allows users to exchange MOON for US dollars. Over $8,000 in trades between MOON and USD have taken place in the past 24 hours, according to CoinGecko (although the data may not be 100% accurate).
RCP Swap allows users to swap MOON (or BRICK) for stablecoin USD Coin. Connecting a MetaMask wallet also enables users to swap the Reddit tokens for Ethereum, Wrapped Ethereum or Dai’s stablecoin. Additionally, Gate.io, Sushiswap, MEXC, Bitrue, and CoinEx can be used to swap MOON for stablecoins or Ethereum.
With Reddit set to completely sunset the crypto feature, users need to act fast to cash out their MOON tokens.