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Developments in the cryptocurrency market continue to attract the attention of many investors. Accordingly, the administrators of the popular social media platform Reddit’s r/cryptocurrency channel announced that they have relinquished administrative ownership of the contract related to Moons, the currency known as the subreddit’s cryptocurrency. This decision came after Reddit’s move to end its community points program that promoted Moons.
How Did the Process Start?
The subreddit’s moderators announced that they had renounced control over the token contract on the Arbitrum Nova network. This development ensures that the contract’s status remains immutable and prevents the creation of new tokens.
Accompanying this step, the moderators burned 98,000 Moons tokens in the community pool, reducing the total supply from approximately 126 million to 83 million, along with previous burning events. The official statement from the subreddit included the following remarks:
“This is an important milestone because the community now has the assurance that no further changes will be made to the Moons contract in the future.”
The Moons token is known as part of the community points program that Reddit launched in 2020 for the subreddit, designed to encourage user participation. The suspension of the program announced by Reddit in October led to a decrease in the market value of the Moons token. The price of Moons fell from $0.25 to below $0.04 within hours following the decision.
The Remarkable Rise of Moons Token
Following this sequence of events, a recovery in the token’s value occurred after the subreddit moderators decided to relinquish control of the contract in November, ensuring that the token continues to exist independently of Reddit’s community points program and any centralized management.
Since the approval of the plan to remove control of the contract, the value of the Moons token has risen over 200%, from $0.05 to $0.2. At the time of writing this article, the token was trading at $0.15.
Before Reddit’s official statement, on-chain data showed that many moderators associated with the subdirectory had sold large amounts of Moons. These developments led to the involved moderators stepping down and sparked notable discussions within the crypto communities.
- Reddit’s Moons token evolves with a new contract.
- Moderators burn tokens, affecting total supply.
- The value of Moons sees a remarkable rise.
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