Reddit‘s community token Moons (MOON), which is associated with the closed Community Points program of the r/cryptocurrency subreddit, has surged over 100% in the past 24 hours following an initiative by the subreddit’s moderators to revive and continue the project independently.
In a post shared earlier today by the moderator account CryptoMods on the r/cryptocurrency subreddit, it was stated, “We have received a strong response and are excited to start building the future of Moons together as a community.” Furthermore, the post added, “Reddit administrators will terminate the contract of Moons, and the termination process is expected to be completed by the end of this month. This action is permanent, and no further changes to the contract will be possible after it is completed.”
The moderators also mentioned that no new MOON tokens will be created once the contract is migrated and terminated. Additionally, all MOONs held in a shared account called the “Community Vault” will be burned. After this burning process, the total supply of MOON will decrease from approximately 125 million to 83 million.
As a result of these developments, the price of MOON has surged by 140% in the past 24 hours, and its trading volume has exceeded $2.4 million. Currently, MOON is actively traded on the centralized cryptocurrency exchange Kraken and the decentralized exchange SushiSwap.
CryptoMods also mentioned that they have planned a series of developments that could increase the value of MOON in the coming months. The team stated that development work will continue and the existing API, which is used for data transfers to enhance the benefits provided by Moons, will be utilized.
Community Points was a blockchain-based internet point program designed to reward creators and developers on Reddit. The program allowed users to earn and spend community points through tokens like MOON. Reddit decided to end the approximately three-year-long blockchain-based Community Points program at the beginning of October. The reason cited for the termination was the unsustainable cost of maintaining the program and the uncertain regulatory environment.
Following this move, the price of the r/cryptocurrency subreddit’s community token MOON decreased by around 85%, the price of the r/Fortnite subreddit’s community token Bricks (BRICK) dropped by 67%, and the price of the r/ethtrader subreddit’s community token Donut (DONUT) declined by 65% within the next 24 hours.