Reddit Token Moons to Witness a Revival, Value Surges by 220%
As Reddit plans to give up control over the Moons contract and burn over 30% of its supply, the token sees a significant increase in price amidst hope for a revival led by moderators.
Reddit, the popular social news aggregation platform, has announced a significant move towards complete decentralization of its cryptocurrency subreddit-token, Moons. The platform’s admins plan to renounce their control over the token’s contract and burn more than 30% of the total supply, reducing the existing supply from around 126 million to 83 million units. This news has led to an incredible 220% rise in the token’s price, as per the latest updates from the community moderators.
Moons, which is connected to Reddit’s now-discontinued Community Points program, has seen a surge in value from $0.05 to $0.17. Meanwhile, another community reward token, Bricks, saw an increase of around 71% during the same period and is currently trading at $0.08.
Reddit’s decision to fully decentralize its moons contract means that the contract will become immutable, ensuring that no additional Moons tokens can be created. This is planned to be achieved by the Reddit admins sending the contract to a burn address, effectively preventing anyone from having control over it. Despite the reduction in supply, all exchange listings for Moons will remain intact, and the token will continue to be traded by exchanges and wallets.
In addition to these plans, the community moderators have expressed their intention to work closely with the community to develop further plans for Moons. They’re considering ways to distribute the remaining tokens in the community wallet, potentially based on community contributions, contest participation, and tipping. They are also planning to make technological enhancements to improve user experience and utility.
Despite the end of Reddit’s involvement with the program, the communities are making efforts to revive the tokens and operate them independently. This means that Reddit will no longer have any direct affiliation with these tokens or contribute to their development, further strengthening the decentralized nature of the tokens.
