r/CryptoCurrency Moons (CRYPTO: xMOON) has seen huge gains and is now worth far more than the meme cryptocurrency Dogecoin (CRYPTO: DOGE).
What Happened: The price of the Reddit-based cryptocurrency has surged after the announcement of a new scalable network by the project developers, which would enable faster and more efficient transactions. The project can be deployed on the main Ethereum network by using the Layer 2 solution Arbitrum.
The coin can only be received by voting in the “r/cryptocurrency” subreddit. They can be freely transferred, tipped and spent in the subreddit.
Why It Matters: The price of r/CryptoCurrency Moons was only $0.06 about a month ago, even as Dogecoin was trading in a range of $0.17 to $0.25.
r/CryptoCurrency Moons continued to rise in the past few weeks and touched an all-time high of $0.435 on Wednesday, August 4.
Meanwhile, Dogecoin is down more than 73% from its all-time high of $0.7376 reached in May.
Price Action: r/CryptoCurrency Moons is down more than 1% during the last 24 hours, trading at $0.3563 at press time, while Dogecoin traded 1.4% higher at $0.1979 over the last 24 hours.