Reddit’s Crypto Community Moons Token Surges 130% After Admin Announcement
The Moons token, associated with Reddit’s crypto community, recently experienced a significant 130% increase following an announcement by moderators. Specifically, the latter unveiled a “plan forward” for Moons, which includes the implementation of a hard limit on bidding. In addition, Reddit administrators declared a “renunciation of the Moons contract,” thus proceeding to fully decentralize the token and burn a portion of its offering.
Moons’ “Plan Ahead”: New Prospects for Reddit’s Crypto
As anticipated, the Moons token associated with Reddit’s crypto community marked a remarkable 130% increase following an announcement by community administrators about a “plan forward” for the token. Specifically, this plan includes imposing a hard limit on supply. Currently, MOON’s price is just below $0.13, up 133% on the day, as reported by CoinGecko.
In detailing the update, the moderating team reported that “Reddit admins will give up on Moons contract,” a process set to be completed by the end of the month. As a result, this waiver will mean that new Moons cannot be generated, keeping prices unchanged and making Moons “fully decentralized” after the contract is sent to a burn address.
Moderators also clarified that no one will have actual control over the contract, neither Reddit nor the moderating team. All Moons in the Community Tank will be burned, reducing the total supply to just over 83 million. As a result, the token will stop being inflationary and should MOON be burned in the future; it will become deflationary.
Not only that, but the moderating team also announced collaboration with the community to create a plan for Moons, which will include the distribution of remaining Moons held in the community’s portfolio. Finally, consideration will be given to burning or distributing Moons from banner ad rentals and community-led AMAs.
The Migration of Reddit’s Community Points to Arbitrum Nova
Reddit’s Community Points recently underwent a move to the Arbitrum Nova scaling network from Ethereum network. This news had a significant impact on MOON’s prices on Reddit crypto and BRICK. Although today’s price increase allowed for partial recovery, MOON remains 78% below its all-time high reached in July 2023.
For clarity, Arbitrum One is a widely used scaling solution on Ethereum’s layer-2 allowing faster and more convenient transactions than Ethereum’s mainnet. Recognizing even more convenient transactions for specific applications; Offchain Labs introduced Nova as a second blockchain called Nova.
A Reddit User’s Curious Experiment: $5 A Day Invested In Bitcoin Becomes Income
A Reddit user known as u/Gorillahair2000 undertook an experiment highlighting potential benefits of investing small amounts or adopting average dollar cost per Bitcoin. After 365 days of daily investment of $5, he accumulated 0.075 Bitcoin with an average purchase price standing at $24,108.58.
Total spending over the year was $1,825 and current value is about $2,585.75 – net change +41.68%. The user noted that gains were made after commission adjustment and followed industry best practices such as buying via Strike and transferring Bitcoins to a hardware wallet.
Hot Take
In conclusion: The recent surge in Moons token value demonstrates potential prospects for community-driven cryptocurrencies like those associated with Reddit. Additionally, individual experiments like investing small amounts daily can yield substantial returns over time through consistent investment strategies.
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