Is Reddit's MOON Token Really 2,000x Bigger Than the Global Economy?

Sep 30, 2020 at 10:07 UTCUpdated Sep 30, 2020 at 13:27 UTC.A token for rewarding content on a specific Reddit forum now has the unusual honor of being thousands of times bigger than the entire global economy kind of.

MOON, a community token for the r/Cryptocurrency subreddit, technically has a market cap of over $2.88 septillion at press time.

That dwarves the global economy that, as per data from the World Bank, came to approximately $133 trillion in 2019.So on paper, a four-month old token, designed to reward good content on a subreddit, has "Mooned" to become 2,000 times bigger than the value of everything else humanity has ever made, ever.

Built on Ethereum's Rinkeby testnet, MOON wasn't initially tradable on secondary markets, which made it difficult to pin down a price.

It works like this: MOON holders go to a site called xmoon.

Using this route, MOON holders can determine a dollar-denominated value for their tokens.

Assuming a 1:1 conversion with dai, users can exchange one MOON token for 0.095 DAI.Data from CoinGecko shows DAI is currently worth $1.01, landing MOON with a price of just under $0.096.

With Etherscan currently showing a supply of 30 septillion MOON tokens, that has magnified the token's theoretical market cap to the $2.88 septillion figure.

Should more subreddit contributors decide to convert their MOON holdings into Dai, the exchange rate will fall massively, driving the token, and its market cap, down to a far more realistic value.

Further, the massive number seen on Etherscan does conflict with the planned supply indicated on Reddit's page introducing the token.