Mooning refers to the phenomenon of a cryptocurrency's price rising sharply upward "toward the moon." Mooning often reflects customers' belief in a particular cryptocurrency's probable price action. While the moon may be the most optimistic price forecast, mooning might also connote that the price movement is fake, according to the New York Times.
Mooning found frequent usage during the 2017-18 bitcoin and other cryptocurrency run-up in prices. Mooning was not common used to describe the sharp upward price trajectories if many coins during the 2020-21 price run-up when bitcoin reached almost $64,000.