Moon or Mooning is slang, and it describes when a cryptocurrency’s price increases sharply and quickly in value.
It soars up into the sky, towards the moon!
During the early stages of the 2017 bull market, many altcoins were doubling and tripling in value in a matter of days and weeks.
They were described as “going to the moon” or simply “mooning”.
Stories about those massive gains have made the rounds online and even on news media, proclaiming how Crypto Millionaires were born out of spending $1,000 on Bitcoin (BTC) in 2012, and then turning that into millions several years later.
“To the moon” is another common catchphrase you’ll read on social media, a statement of hope that the digital asset the person owns will provide some level of insane returns over the initial investment.
Popular meme and dog-themed token Shiba Inu (SHIB) mooned in October of 2021, gaining 765% during the month.
It was the top performing cryptocurrency among cryptocurrencies with a market capitalization of over $10 billion at the time.