Reddit Moons, a cryptocurrency associated with social media Reddit’s r/cryptocurrency community, surged by almost 142% today. This spike was followed by an announcement by community moderators to eliminate 34% of the coin’s supply and dissolve its contract, a move aimed at achieving complete decentralization.
As of Tuesday morning (11:00 UTC), the value of the r/Cryptocurrency Moons coin had risen by 156.9% over 24 hours, reaching $0.138476 in trading.
At its peak during this surge, the coin hit $0.170233, marking an 18.6% decrease since then. Over the past seven days the coin gained 135% in seven days whereas there was drop by 40% over the past month, according to CoinGecko data.
The significant price jump occurred predominantly within the last day. However, the coin’s all-time high was $0.577657 in July of this year, reflecting a decline of 75.98% since then.
Yet, when compared to its all-time low in December 2020, MOON has surged impressively by 1,573%. However, Reddit revealed plans in October to phase out MOON and BRICK, its blockchain-based community reward tokens due to its resource limitations and regularity risks that hindered scaling the Community Points program across the platform.
The latest update includes the Reddit administrators’ decision to renounce the Moons contract, a process slated for completion by the end of the month. Once finalized, no further alterations can be made to the contract, and the creation of new MOON coins will be impossible.
Despite these changes, MOON will continue to be listed and traded on the exchanges and wallets.
Moreover, the contract will be rendered immutable, ensuring complete decentralization as Reddit and its moderators relinquish control over it. All Moons held in the Community Tank are set to be burned, an action expected to conclude by November’s end, reducing the total supply from nearly 126 million to 83.2 million.
Consequently, this reduction in Moons will transform the token from being inflationary to deflationary if more Moons are burned.
The moderators plan to collaborate with community to determine the future course for MOON. This involves devising a strategy for distributing the remaining coins in the community wallet, possibly considering contributions, tipping , and contests.
Decisions regarding coins from banner rentals and AMAs-whether to burn them or redistribute them within the community- also require deliberation.
Continuing their efforts, the moderator team will develop bots, including a flair bot for displaying coin total beside usernames and a tip bot for Moon transactions. Additionally, they aim to leverage available APIs to enhance the coin’s functionality.
Seeking input from the community, the team has urged feedback in r/Cryptocurrency Meta to ensure that decisions made for MOON align with the community’s interests.
