How to buy r/Cryptocurrency Moons (XMOON)
Step 1: Find an exchange. XMOON can be purchased only on the Honeyswap exchange. This is a cryptocurrency-only exchange, meaning you will need to connect your digital wallet and use crypto (as cryptocurrency is also called) to purchase XMOON.
Step 2: Purchase DAI and a Stablecoin. To buy XMOON, you must transfer MakerDAO's DAI (DAIUSD) and a compatible stablecoin to your digital wallet. Currency-supported coins, or tokens, which represent funds, include USD Coin (USDC) and Tether (USDT). The DAI can be used to pay for network fees, and the stablecoin is swapped for XMOON coins.
You can purchase both DAI and stablecoins on a centralized crypto exchange, such as Coinbase.
- r/Cryptocurrency Moons (XMOON) are used on the r/Cryptocurrency Reddit forums to reward users.
- XMOON tokens can only be traded on the Honeyswap decentralized exchange.
- XMOON tokens can be transferred off the Reddit platform using a digital wallet.
- XMOON tokens have no utility outside of the Reddit forums.
Step 3: Transfer crypto to a digital wallet. When you purchase DAI and a stablecoin, you need to transfer it to your Ethereum-compatible digital wallet (such as a Metamask wallet) to use with Honeyswap. Most exchanges allow you to withdraw your coins, which represent your funds, by inputting your digital wallet address and transferring the coins off the platform. You may incur network fees to withdraw your tokens, also called coins, which represent funds.
Always ensure that you transfer your coins to the correct wallet address and that your wallet supports the coins. If not, your coins (that is, your funds) may be lost.
Step 4: Convert DAI to xDAI. Because XMOON can only be purchased on Honeyswap, you must convert your DAI to xDAI to pay the Honeyswap network fees. To do this, you can connect your Ethereum-based wallet, such as Metamask, to the sidechain bridge.xdaichain.com, select the amount of DAI you want to convert, and confirm the transaction. This will require paying some “gas fees” with Ethereum (ETH).
Step 5: Connect your digital wallet to Honeyswap. To connect your digital wallet to Honeyswap, you need to ensure you have a wallet that supports the xDAI network, such as Metamask. You also need to have a balance of xDAI tokens to pay for the network “gas fees” when purchasing XMOON on the Honeyswap exchange.
Step 6: Trade Stablecoin for XMOON. When you have purchased a compatible crypto to trade with XMOON, you can now execute the trade. Select the XMOON trading pair you wish to trade (such as XMOON/USDC), select the amount you want to trade, and confirm the details. When you are satisfied with the order details, confirm the trade, and you will then have purchased XMOON. You will be charged a fee paid in xDAI to process the transaction.
But you will also now have XMOON in your digital wallet.
Is XMOON a Sound Investment?
XMOON can be purchased for only pennies and has a supply of coins at 75,000,000,000 in total. Is it a sound investment? XMOON (like all cryptocurrencies) is a speculative investment, so here's what to consider before investing in XMOON:
- XMOON reached an all-time high of about $0.36 per coin in August of 2021 and is currently priced at about $0.03 per coin, which represents a loss in value of about 90%.
- XMOON is primarily designed as a function of the Reddit forum r/Cryptocurrency and is only available on one exchange (Honeyswap).
- The total market cap of XMOON is just over $3 million, which points to very low investment value and low liquidity.
What Is a Stablecoin?
A stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserve asset. Stablecoins have gained traction because they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies and the volatility-free stable valuations of fiat currencies.
What Is a Digital Wallet?
A digital wallet (or e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. Users can also create stronger passwords without worrying about whether they will be able to remember them later.
Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. A digital wallet can also be used to store loyalty card information and digital coupons.
This article is not an endorsement of XMOON as an investment.