Crypto News- Moons Token Surges: In a groundbreaking move, Reddit administrators have declared their intention to relinquish all control over the moons contract by the month’s end. This transformative decision is coupled with plans to burn over 30% of the total supply, heralding the complete decentralization of the r/CryptoCurrency community token.
Late yesterday, community moderators shared a pivotal update confirming the renouncement, effectively rendering the contract immutable and barring the creation of new moons tokens. The Reddit admins will take the radical step of sending the contract to a burn address, ensuring that no centralized authority retains control.
Moons Token Surges 240% Following Reddit Admins’ Announcement of a 30% Supply Reduction
Moreover, approximately 34% of the tokens within the “Community Tank,” previously under the jurisdiction of Reddit administrators, are slated for burning. This strategic move will reduce the overall supply from 126 million to 83 million, marking a significant shift in the token’s dynamics. Importantly, all existing exchange listings for moons will persist, ensuring uninterrupted trading on various platforms.
The committed moderator team has also committed to collaborating with the community in shaping the future trajectory of moons. Plans include the equitable distribution of the remaining community wallet moons, with suggestions ranging from community contributions, tipping, to contest participation. Technical advancements aimed at enhancing user experience and utility are also in the pipeline.
Moons, an integral part of Reddit’s Community Points program, faced a sunset announcement last month. Launched in 2020, the program rewarded user activity on the platform with Ethereum-compatible ERC-20 tokens stored in Reddit’s crypto wallet, Reddit Vault. The migration from Ethereum to Layer 2 Arbitrum Nova in August 2022 addressed scalability and transaction cost concerns.
The recent developments sparked a remarkable surge in the price of moons tokens, skyrocketing from $0.05 to $0.17 before stabilizing at the current $0.14, according to CoinGecko data. Notably, r/FortNiteBR’s bricks token, another community reward token, experienced an 85% increase during the same period, now trading at $0.06.
Reddit’s decision to sunset the Community Points program on October 17 was attributed to scalability challenges and regulatory considerations. Interestingly, on-chain data later revealed that moderators linked to Reddit’s cryptocurrency subreddit liquidated substantial amounts of moons tokens days before the public announcement, adding an intriguing layer to the unfolding narrative.
The recent resurgence in the value of Reddit’s native token, paints a compelling narrative of renewed optimism and restored faith in its future. In stark contrast to the gloom that shrouded the token back in October when news of its impending sunset sent shockwaves through the crypto community, MOON is now on an upward trajectory. The October announcement, perceived as a departure from the platform’s overarching enthusiasm for cryptocurrencies, triggered a staggering 90% drop in the token’s value as holders rushed to offload their holdings amidst uncertainty.
Fast forward to the present, and MOON has staged an impressive comeback, reaching its highest price level since mid-October. However, despite this commendable rebound, the token is still grappling with monthly losses, which currently stand at 35%. This underlines the challenges the token faced in the aftermath of the unsettling announcement and the subsequent sell-off.
Looking ahead, the MOON team is charting a course for the future, aiming to establish a framework for the distribution of the remaining tokens. This strategic move is poised to be rooted in community contributions, fostering a sense of collective ownership and engagement. As the team endeavors to navigate the path forward, the community’s involvement is expected to play a pivotal role in shaping the token’s destiny.
The tumultuous journey of MOON, from the depths of a precipitous decline to the current resurgence, mirrors the inherent volatility and resilience of the cryptocurrency market. The platform’s commitment to addressing uncertainties and proactively involving its user base in the decision-making process underscores a commitment to community-driven governance.