Reddit’s r/cryptocurrency subreddit relinquishes control of Moons contract
Reddit’s r/cryptocurrency subreddit has handed over administrative ownership of the contract powering its cryptocurrency, Moons. This decision comes after Reddit discontinued its community points program that introduced Moons. The subreddit’s moderators have renounced control over the token’s contract, ensuring its unchangeable state and preventing the minting of new tokens. Additionally, 98,000 Moons tokens from the community pool were burned, reducing the total supply from around 126 million to 83 million. The subreddit’s official statement emphasizes that this milestone provides assurance to the community that there will be no further changes to the Moons contract in the future.
Moons tokens were initially part of Reddit’s community points program introduced in 2020 to incentivize user engagement. However, when Reddit announced the discontinuation of the program in October, it had an immediate impact on the market value of Moon tokens. The price plummeted from $0.25 to less than $0.04 within hours.
Moons’ market resurgence
Several weeks later, a recovery in the token’s value was observed when the subreddit moderators decided to give up control of the contract in November. This move ensured the token’s ongoing existence independently from Reddit’s community points program and centralized governance. Since then, Moon tokens have experienced a significant increase in value, soaring over 200% from $0.05 to $0.2. Currently, the token is trading at $0.15.
Prior to Reddit’s official statement, on-chain data indicated that many moderators associated with the subreddit liquidated large quantities of Moons. As a result, these moderators were subsequently removed from their positions.
Hot Take: Future stability for Moons
By relinquishing control of the Moons contract, Reddit’s r/cryptocurrency subreddit has achieved a significant milestone in providing stability and assurance to the community. The decision ensures that there will be no further changes to the contract, establishing a solid foundation for the future of Moons. Despite the initial impact of Reddit discontinuing its community points program, the value of Moon tokens has rebounded and is currently experiencing a resurgence in the market. This renewed interest demonstrates the resilience and potential of decentralized cryptocurrencies like Moons.
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