“To the moon” is one of the most commonly-heard phrases in the crypto community, and it’s always a cause for celebration whenever it does happen. But what does the moon and “mooning” have to do with cryptocurrency? Read on to find out!
What Does Mooning Mean?
The word “moon” in the cryptocurrency community is usually associated with cryptocurrencies experiencing a strong upward trend. So, when a cryptocurrency investor says “I hope this coin goes to the moon”, they want this coin to shoot up in price. Meanwhile, “mooning” is a verb that means a certain coin is currently at a strong uptrend – usually signified by a major rise in its price.
However, not every coin that people say is mooning is actually mooning. Some people just say that certain cryptocurrency coins are mooning so people will buy them and artificially inflate the price. This is a phenomenon usually called “shilling”, where you excessively promote coins and even offer biased financial advice to the Bitcoin community to artificially trigger a rapid price increase.
Where Did Mooning Come From?
The origins of crypto’s association with the moon started because if cryptocurrency prices rise rapidly, they’re said to be on rocket ships to the moon. The term “moon” in crypto slang terms started appearing around 2017 when Bitcoin started the year valued at under $1,000 and spiked massively to $20,000.
Famous Examples Of Mooning
While the definition of what constitutes “mooning” varies depending on who’s asking, there are some unanimous examples of cryptocurrency mooning:
- The aforementioned jump in Bitcoin prices from $1,000 to $20,000 in 2017
- Ethereum’s rise from $1,000 to $5,000 between January and October of 2021
- Dogecoin’s meteoric rise from $0.01 to $0.70 in early 2021
However, you should keep in mind that moons don’t guarantee future upticks in coin prices. Since crypto is a volatile asset, there may be as many valleys as there are moons in the near future.
Why Cryptocurrencies Go “To The Moon”
So, why do cryptocurrencies go to the moon? Like with most other commodities, prices go up as demand rises. Here are three examples of factors that may cause your crypto coin to go to the moon:
Celebrity endorsements or shills on public forums can cause a crypto coin to sharply rise in market price. Perhaps one of the most famous examples of this is Elon Musk’s relationship with Dogecoin in early 2021. Every time he tweeted about Doge, the coin’s price would see short-term price changes.
However, celebrity endorsements for digital currency can be volatile and unpredictable. If a celebrity speaks out against the coin in some way, the coin’s price may drop sharply.
The way cryptocurrency is depicted in the media influences the demand for crypto. Good news like informing the utility of cryptocurrency can raise demand, while negative press coverage can cause downward swings in price.
However, one of the best things that the media can offer for crypto assets is education. If the media can educate people on how to buy crypto and how it benefits them, it can increase the demand for cryptocurrencies – causing more coins to moon.
Change Of Rules And Regulations
While cryptocurrency is touted to be decentralized and not influenced by governments, there are some ways that countries can have a hand in influencing crypto prices. Generally, rule changes like taxes levied on crypto transactions can reduce demand, while good news like the adoption of crypto as an accepted payment method raises it.
Can You Predict Mooning?
Now that you’ve learned what mooning is, can you predict if and when a cryptocurrency will moon? There’s no surefire way for crypto investors to predict a cryptocurrency’s mooning, but there are some ways that you can predict how a coin’s price moves and when a bullish market can happen.
You can do so with two analysis methods:
- Technical analysis: Predicting a coin’s movements based on indicators like historical prices and patterns
- Fundamental analysis: Making an educated guess about how prices are moving based on crypto market conditions, global sentiment, and other external factors
Everybody wants the coins they have to moon, but there’s really no guarantee that a coin can moon – even the ones that are proven to be stable. Instead of waiting and hoping for a coin to go to the moon, we recommend that you DYOR and find coins that have good potential.
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