Crypto News– Moons, the cryptocurrency token associated with Reddit’s r/cryptocurrency community, has surged by over 130% following an announcement by community moderators detailing a “plan forward” for the token, which involves imposing a hard cap on the supply. The current price of MOON is just under $0.13, marking a 133% increase for the day, as reported by CoinGecko.
Reddit Moons Experience a Remarkable 130% Surge as Community Admins Strategize the ‘Path Forward’ for the Token
In the update, the mod team of r/cryptocurrency conveyed that “The Reddit admins will be renouncing the Moons contract,” with this process anticipated to conclude by the end of the month. Renouncing the contract means that no new Moons can be generated, and exchange listings are expected to remain unaffected. After the contract is sent to a burn address, Moons will achieve complete decentralization, ensuring that no entity, including Reddit or the mod team, retains control over the contract.
The moderators clarified that all Moons held in the Community Tank will be burned, reducing the total supply to slightly over 83 million. Consequently, the token will shift from being inflationary to potentially becoming deflationary if any MOON is burned in the future.
The mod team pledged to collaborate with the community to devise a forward plan for Moons, involving the distribution of remaining Moons from the community wallet. They will also decide whether to burn or distribute Moons from advertising banner rentals and Ask Me Anything (AMAs) events conducted by the community.
Additionally, the moderators unveiled their commitment to enhancing the utility of Moons by developing bots and utilizing available APIs. These enhancements include a flair bot to display r/cryptocurrency subscribers’ Moon totals and a tipping bot for facilitating Moon transfers among users.