When an initial coin offering looks promising, you may see online communities say that its current price will “go to the moon”. But what does this mean for the crypto coin’s value, and will a coin that’s gone to the moon be able to go there again? Keep reading to learn more about this popular slang term used by the crypto community!
What Does “To The Moon” Mean To The Cryptocurrency Community?
When you think your digital currency is about to “go to the moon”, it means that you think its price is going to have a significant spike in value.
“To the moon” is an expression that started in 2017 amongst the Bitcoin community. Bitcoin had already doubled in value from 2014 to 2016, going from $400 to $800 per Bitcoin. However, 2017 was the year that Bitcoin prices started going way up and the token became incredibly valuable. In short, Bitcoin went to the moon.
A Bitcoin holder at the start of the year would have owned coin worth around $1,000. It would eventually peak at the moon-high price of just under $20,000. Any holder with enough of the token quickly became a Bitcoin millionaire.
Bitcoin has since gone to the moon again several times, already having surpassed its former $20,000 ceiling in 2020.
“To The Moon” In Stock Markets
“To the moon” is now an expression that stock market investors also use, with the same meaning as the crypto community. If a stock’s price is going to the moon, it means it’s going to sharply rise. One recent famous example is $AMC, the stock of the movie theater chain AMC Entertainment Holdings.
Hedge fund investors at the time predicted that the stock’s price would tumble heavily. Investors on Reddit encouraged other people to start buying, pushing up the price of the stock from the nearly-bankrupt company.
“To the moon” became a rallying cry against Wall Street, and AMC’s price shot up by 2,300% in 2021. Wall Street has since become more aggressive against “meme stocks” shored up by small-time, regular investors. However, going “to the moon” has entered social media sites and now enjoys mainstream use.
Are Crypto Enthusiasts Still Going To The Moon?
Yes, and this is because of the extremely volatile nature of the cryptocurrency market. Crypto investors have seen coins valued at mere cents one moment, then suddenly cost hundreds of dollars the next. One of the most famous examples is when Ethereum went to the moon in 2021. Between January and October 2021, the coin’s value rose sharply in value from $1,000 to almost $5,000.
Dogecoin (traded as $DOGE) is another coin that has gone to the moon, despite the negative press coverage and its reputation on social media as a “meme coin”. Publicly promoted by Tesla CEO and crypto KOL Elon Musk, Dogecoin’s value increased from $0.01 in January 2021 to a moon-peak of $0.70 in May 201.
The definition of “mooning” can vary depending on the predicted peak of a coin’s upward trend. It also must be noted that popular altcoins that have gone to the moon aren’t guaranteed to stay there. Predicting the optimum time to cash out and sell your coin at the highest prices can be very tricky!
Going To The Moon Needs Diamond Hands
Going to the moon isn’t a linear journey of consistently upward trends. There have been cases where coins have short-term price changes, resulting in huge losses. This can spook less seasoned investors and make them dump the coin by rush selling.
The belief that a certain crypto coin is about to go up in value is heavily rooted in emotion. Many investors don’t have a logical reason for when they think a coin will go to the moon or how high its moon can go. This is why when a coin expected to go to the moon suddenly has downward trends, crypto enthusiasts will tell other crypto investors that this is expected and to have “diamond hands”.
Having “diamond hands” or the resolve to hold firm in a volatile means that you can wait out any temporary losses before the coin finally goes to the moon. That’s when you cash out and reap big rewards on your initial investment.
The Term Is So Synonymous With Crypto That It Inspired A Coin
Don’t confuse going to the moon with the cryptocurrency coin known as Mooncoin. Created in December 2013, this coin is listed on crypto exchanges as $MOON and generated through mining.
While Mooncoin itself has yet to go to the moon, this token is an example of another crypto slang term that has inspired an alternative coin name. Prices are currently low, but you can try mining it to see if it’ll generate profit over time.
As always, DYOR (do your own research) before investing in the crypto exchange. Investing in crypto is high-risk and can lead to both big losses and big gains!
If you see a post saying that new crypto assets are going to the moon, this means their prices are expected by the crypto market to go way, way up. Keep an eye out for news about price changes or blockchain projects. By waiting for an opportune time to invest in the right crypto coin, you may end up making thousands of dollars!