Reddit Admins to Renounce MOON Contract
As Reddit’s administration gears up to renounce the Moons contract, the crypto community is witnessing a significant resurgence in the token’s value. In an unexpected turn of events, the Reddit admins announced their decision to sunset the community points initiative, which did not sit well with the crypto community. Accusations of token dumping ahead of the initiative’s termination surfaced, leading to a strong response from the users.
Community-Led Revival of Moons
In response to the outcry, an update was published on Nov. 14 by the moderators of the r/CryptoCurrency subreddit, indicating that the Reddit admins “will be renouncing the Moons contract.” This process is expected to complete by the end of the month. In a bold move, the new smart contract will prevent the creation of new MOON tokens, while maintaining its presence on exchange listings.
The Impact on MOON’s Supply and Value
The moderators further explained, “This means that Reddit will give up control of the contract and send it to a burn address, so that effectively no one will have control of the contract. Not Reddit, not the mod team.” Additionally, all Moons in the Community Tank will be burned, reducing the total supply from nearly 126 million MOON to 83.2 million MOON. This significant decrease is expected to turn MOON into a deflationary token.
MOON’s Price Skyrockets
Following these developments, MOON’s price soared by 150%, reaching $0.17, as per the data from CoinGecko. This surge reflects the market’s positive response to the community’s decision to take control of the project and the anticipated scarcity of the token.
The Journey of Moons Tokens
Moons are ERC-20 tokens initially awarded by Reddit to users for their contributions in the r/CryptoCurrency subreddit. They have various uses within the community, including trading and tipping. The Moons project, launched in 2020, faced challenges, leading Reddit to consider its closure. Originally built on the Ethereum blockchain, the project transitioned to the Arbitrum Nova layer-2 network in August 2022 to tackle scalability issues and high transaction fees.
The decision to hand over the reins of the MOON contract to the community marks a new chapter in the token’s history. As the crypto world continues to evolve, this move by the Reddit community highlights the dynamic and decentralized nature of blockchain technology and cryptocurrency governance.