MOON Surge Reddit Renounces Token, Burns 98,000 Tokens

  • Reddit has “officially renounced” the contract for the Community Points token Moons, rendering the token fully decentralized.
  • Amazingly, MOON token reacted by rising in price.

MOON, the crypto token of Reddit’s r/cryptocurrency community, is up by double-digits on the day after Reddit “officially renounced” the MOON’s contract.

Reddit burned its remaining 98,000 MOON tokens as part of the process, which also imposes a hard cap on the supply of approximately 83 million MOON.

The r/cryptocurrency subreddit’s mod team hailed the move as a “significant milestone” for the community in a statement, noting that it “now has assurance that there will be no further changes to MOON’s contract in the future.” 

Read Also: Reddit Token MOON Rockets 150% Amid Hopes of Revival

With no requirement for a new token to be deployed, MOON can “easily retain existing exchange listings,” the mod team said.

However, the price of MOON currently stands at $0.158456, up 11% on the day, per Coinstats data. Over the past month, the token has surged over 150%, following community moderators’ announcement that they were preparing a “plan forward” for the token.

The r/cryptocurrency mod team announced yesterday that it would work on restoring features including memberships, governance and tipping, as well as potentially restarting distribution of MOON, “though exactly how that will work remains to be seen.”

What Is Reddit MOON?

Reddit Moons, or Community Points, are ERC-20 tokens that were initially minted on the Ethereum network and subsequently moved to scaling network Arbitrum Nova.

In October, the social media platform announced that it would be winding down its crypto-powered rewards program, which saw users earn points for posting in certain communities. The points could be redeemed for Reddit perks including badges, emotes and GIFs.

Read Also: How To Convert Your Unused Reddit Moons Into Bitcoin

Reddit cited the high cost of resourcing and the “regulatory environment” in its decision to sunset its Community Points program.

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