Moons, the native token of Reddit's r/cryptocurrency community, has skyrocketed by more than 130%.
This happened after a major announcement by the community's mods (moderators).
As it turns out, Reddit's admins will renounce the Moons contract, making the token fully decentralized, and restricting its minting.
This means that Moons is bound to continue going up from here, and the crypto community seems to be excited about it.
But first, a quick recap:
Moons were launched by Reddit in May 2020 as part of its Community Points program.
This program, at the time, was created to reward users for their contributions to various subreddits. These users would receive crypto tokens that they could use for voting, tipping, and for accessing premium features.
Moons are distributed monthly to r/cryptocurrency subscribers based on the karma points they get from how many and how good their posts are.
They can also be earned in several other ways and were initially minted on the Ethereum network, before moving to Arbitrum Nova.
According to an announcement on November 13, 2023, the r/cryptocurrency mod team posted an update titled "Update regarding Moons contract, community tanks and the future of Moons" on the subreddit.
According to this update, the future of Moons will feature some of these changes:
To begin with, the Reddit admins will be renouncing the Moons contract by the end of November.
This means that they will no longer have any control over the token or its distribution.
Secondly, all Moons held in the Community reserve (or tank) will be burned as well. This will also reduce the total supply of Moons from 250 million to just over 83 million.
As a result, the price of Moons is expected to continue going up.
The update also shows that the mod team will work closely with the community to develop a plan forward for Moons. This will include plans of how to distribute the remaining Moons in the community wallet and plans of whether to burn or distribute Moons from banner rentals and AMAs.
Just take a look at this:
The price of Moons is up by about 180% and rising.
According to CoinGecko, the price of MOON jumped from $0.055 to where it now sits at $0.153 in less than 24 hours.
The token's market cap has also soared over $10 million, to about $15.6 million, launching Moons into one of the top 500 cryptocurrencies by market cap at the time of writing.
The trading volume of the cryptocurrency has shot up over the last day, according to Santiment, to about $3.3 million as more users rushed to buy, sell, or swap the token on various platforms.
According to Dune Analytics, the number of unique addresses holding Moons increased by 12% in one day, while the number of transactions involving Moons increased by 36%.
The announcement came as a surprise to many, as Reddit had previously announced that it would be "sunsetting" its Community Points program in October.
This prior announcement caused the prices of Moons and Bricks, the token of r/FortniteBR, to plummet by over 80% in a single day.
However, the latest update on Moons has revived the hopes of the community, as Moons becomes fully decentralized.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.