The price of MOONs is almost meaningless right now

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The price of MOONs is almost meaningless right now

I've been seeing a lot of posts talking about the price of MOONs recently, perhaps because we're getting close to a new distribution. But lost in a lot of the comments is the fact that the price of MOONs right now doesn't mean much for a few reasons:

  1. The trading volume of MOONs is extremely small. While these numbers might not be completely accurate, if you look at coingecko the 24hr volume of MOONs is ~$9,000.
  2. Perhaps most importantly, Coingecko lists the +2% depth of ~$400. This means that a buy order of only $400 can move the price by 2%. If you look at most coins in the top 100, you'll see +2% depth of hundreds of thousands to millions of dollars. So congratulations! If you have a few hundred dollars you can be a market moving whale!
  3. The population of people trading MOONs right now is not representative of the general population. The people buying/selling MOONs are those that are willing to go through a somewhat technical and convoluted process. It's not far-fetched to think that they might have a different (higher or lower I don't know) value of MOONs than the general population using coinbase or (gasp) robinhood.

All this is to say that I'd encourage members of this sub to stop paying so much attention to the price of moons for the time being. Once it hits some exchanges with real volume we'll have a much better sense about how much our shitposting has earned us.

submitted by /u/ominous_anenome
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