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The cryptocurrency market continues to captivate the attention of many investors with its developments. In line with this, 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, known as the cryptocurrency unit of the page. This decision followed Reddit’s move to end its community points program that promoted Moons.
How Did the Process Start?
The subreddit’s moderators announced that they have renounced control over the token contract on the Arbitrum Nova network. This development ensures that the status of the contract is guaranteed to remain immutable and prevents the creation of new tokens.
Accompanying this step, the moderators burned 98,000 Moons tokens in the community pool, thereby reducing the total supply from approximately 126 million to 83 million, in conjunction with previous burn events. The official subreddit statement said the following.
“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.”
Moons token is known as part of the community points program that Reddit began for the subreddit in 2020, designed to encourage user participation. The suspension of the program announced by Reddit in October led to a drop 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 the process, there was a recovery in the token’s value after subreddit moderators decided to relinquish control of the contract in November, ensuring that the token continued 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 Moon token has risen over 200%, from $0.05 to $0.20. At the time of writing, the token was trading at $0.15.
On-chain data prior to Reddit’s official announcement showed that many moderators associated with the subreddit had sold large amounts of Moons. The developments that ensued led to the involved moderators stepping down, sparking significant discussions within crypto communities.
- Reddit’s Moons token sees governance shift.
- Token burn reduces supply, ensuring value.
- Moderators’ sales spark community debates.
