Reddit’s MOON Token Surges 150% with Hard Cap Implementation Announcement
In a stunning turn of events, Moons, the cryptocurrency token native to Reddit’s r/cryptocurrency community, has soared by a staggering 150% following a landmark update by community moderators unveiling an ambitious plan that will bring about a hard cap on the token’s supply.
At present, the price of MOON stands at approximately $0.128, marking an impressive surge of 150% in a single day, as reported by CoinGecko.
The pivotal update released by r/cryptocurrency’s moderator team highlighted Reddit’s administration decision to renounce the Moons contract, a crucial step anticipated to conclude by month-end. This move signifies an end to the creation of new Moons, maintaining existing exchange listings, and ultimately leading to Moons transitioning into a “fully decentralized” entity once the contract is dispatched to a burn address.
“The contract will be beyond anyone’s control—neither Reddit nor the mod team,” clarified the moderators, emphasizing the relinquishment of control over the token’s fate.
In a strategic move, the moderators disclosed plans to burn all Moons held in the Community Tank, slashing the total supply to just over 83 million. Consequently, the token will shed its inflationary nature, potentially shifting toward a deflationary trajectory if further MOONs are burned in the future.
The mod team pledged collaboration with the community to devise a roadmap for Moons, encompassing distribution strategies for the remaining tokens in the community wallet. Additionally, decisions loom regarding the allocation or burning of Moons acquired through advertising banner rentals and AMAs facilitated by the community.
Further enhancements are in the pipeline, with moderators committed to leveraging bots and API functionalities to amplify Moons’ utility. Plans include a flair bot showcasing r/cryptocurrency subscribers’ moon totals and a tipping bot to facilitate Moons’ exchange among users.
This remarkable initiative unfolds against the backdrop of Reddit’s decision in October to phase out its crypto-based rewards program, citing resource constraints and regulatory considerations. The repercussions were stark, with MOON and r/FortniteBR’s BRICK witnessing a steep decline—MOON plummeted by over 80% in a single day. Today’s surge marks a significant recovery, although the token remains down by 78% from its all-time high of nearly $0.58 recorded in July 2023.
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