2023-11-14 16:15 |
The price of Reddit’s Moons token has jumped over 210% in the last 24 hours after moderators announced plans to fully decentralize the crypto asset by the end of February. Moons serves as the official community token for the r/Cryptocurrency subreddit.
According to an update post by shared moderator account u/CryptoMods, Reddit admins will soon renounce control of the Moons contract and burn over 30% of the total supply from the “Community Tank” reserve wallet. This will reduce the circulation from around 125 million Moons down to 83 million.
The contract renouncement will make Moons completely decentralized and immutable, ensuring no new tokens can ever be created. All current exchange listings will remain functional following the transition. The moderator team says it is working on enhancements to improve Moons’ utility and user experience going forward.
In the near term, prices spiked on the news, with trading volumes exceeding $3.9 million. Moons price doubled from $0.05 to around $0.171. The rally comes after Moons lost significant value when Reddit migrated the tokens from Ethereum to the Arbitrum Nova layer-2 network last August to improve scalability.
Source: CoinStats – Start using it today
Introduced in 2020, Moons were originally rewarded to Reddit users for engagement activities like posting popular content and receiving upvotes. The ERC-20 tokens could be spent on Reddit premium features. But skyrocketing Ethereum gas fees made microtransactions prohibitive.
Crypto incentives like Moons have faced scrutiny from skeptics questioning the value of “virtual tokens.” But proponents argue they help build engaged digital communities and provide true user ownership.
Read also:
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The post Reddit’s r/Cryptocurrency Token MOON Skyrockets By 210% As Team Makes a Major Announcement appeared first on CaptainAltcoin.
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