The native coin of Reddit’s r/Cryptocurrency forum, Moon, is now priced higher than popular meme currency Dogecoin. Reddit Moon’s impressive performance could be attributed to the upgrades revealed in a recent <a href="https://www.reddit.com/r/CryptoCurrency/comments/opibci/were_launching_a_scaling_network_for_moons/" target="_blank" rel="nofollow noopener">announcement</a>. Almost two weeks ago, developers behind the Moon token revealed that they were moving the project to a new scaling network as part of their broader plan to bring the asset to the Ethereum mainnet. 

Moon is an ERC-20 token that is rewarded to individuals for their contribution to r/Cryptocurrency. They are distributed monthly using Reddit’s karma system and can be transferred, tipped, and spent within the forum.
<h2>Reddit Moon Leaves Dogecoin Behind With Recent Gains</h2>
At one point in July, Moons were trading at $0.06, while Dogecoin was trending around $0.25. 

For the most part, DOGE was <a href="https://www.cryptoknowmics.com/news/dogecoin-could-slip-further-by-20-as-on-chain-metrics-show-sell-off/">struggling</a> to make a comeback after shedding more than 70% of its value since May. After its crash, the currency has gone through several cycles of recoveries and price corrections but failed to breach the $0.30 level.

Moon also failed to grab many investor eyeballs in July, as prices ranged between $0.09 and $0.1. But this sluggish trend was upended by the recent Bitcoin rally, which sent a rippling effect across the altcoin market.
<h2>Moon Continues to Expand Its Profits</h2>
Following the recent bullish run, cryptocurrencies recorded minor pullbacks and Dogecoin was no different. The token had reached as high as $0.23 during the rally but lost a significant share of those profits starting this week.

In the meantime, Reddit Moons continued to trade in the green and even expanded on their previous gains. The currency overtook DOGE by a small margin at $0.21 towards the end of the previous weekend.

Since then, Moons have made further <a href="https://www.cryptoknowmics.com/news/reddit-to-deploy-layer-2-solution-arbitrum-to-scale-two-tokens-based-on-ethereum/">progress</a> in the market even as other coins witnessed a dip in their value. Although the token slipped slightly after breaking past $0.40, it found support at the $0.34 mark. As of press time, Moon was changing hands at $0.36 after posting 4.7% gains in the past 24 hours. Meanwhile, DOGE was up 0.6% and trading at $0.19.

Reddit Moon Surges Above Popular Meme Currency Dogecoin

Reddit Moon, the native coin of the r/Cryptocurrency forum, is now priced higher than popular meme currency Dogecoin (DOGE).

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

Reddit Moon Surges Above Popular Meme Currency Dogecoin

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