The Rise of Moons After Reddit “Officially Renounces” Contract
Moons, the cryptocurrency token of Reddit’s r/cryptocurrency community, has experienced a double-digit increase in value after Reddit announced that it has “officially renounced” the Moons contract. As part of this process, Reddit burned its remaining 98,000 Moons tokens and imposed a hard cap on the supply, limiting it to approximately 83 million Moons. The mod team of the r/cryptocurrency subreddit celebrated this move as a significant milestone for the community, stating that they now have assurance that there will be no future changes to the Moons contract. This also means that Moons can easily retain its existing exchange listings without requiring a new token deployment.
Rising Price and Future Plans for Moons
The current price of Moons stands at $0.158456, representing an 11% increase for the day according to CoinGecko data. Over the past month, the token has surged by over 150% following the announcement from community moderators about a “plan forward” for Moons. The r/cryptocurrency mod team also revealed their intentions to restore features such as memberships, governance, tipping, and potentially restart distribution of Moons. However, they mentioned that the exact details of how these plans will be implemented are yet to be determined.
What are Reddit Moons?
Reddit Moons, also known as Community Points, are ERC-20 tokens initially minted on the Ethereum network and later moved to scaling network Arbitrum Nova. These tokens were part of Reddit’s crypto-powered rewards program, where users earned points for posting in specific communities. The points could then be redeemed for various Reddit perks such as badges, emotes, and GIFs. However, in October, Reddit announced the winding down of its Community Points program due to the high cost of resources and the regulatory environment.
Hot Take: Reddit’s Moons Contract Renouncement Boosts Token’s Value
The official renouncement of the Moons contract by Reddit has had a positive impact on the value of the Moons token. With the assurance that there will be no further changes to the contract, Moons can maintain its existing exchange listings without requiring a new token deployment. This move is seen as a significant milestone for the r/cryptocurrency community, leading to a surge in the token’s price. The future plans for Moons, including the restoration of features and potential distribution, indicate that there is more to come for this cryptocurrency within the Reddit ecosystem.
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