Reddit’s MOON Token Price Surges 130% After Pivotal Update

YEREVAN (CoinChapter.com) — Reddit’s MOON token price briefly surged 130% on Nov. 14, bringing its total gains in two days to over 300%. The coin then stabilized at around $0.17 at 09:00 UTC.

Reddit Renounces MOON — The Community is Grateful

This significant price hike follows a crucial update from the community’s moderators, stating they renounce the project.

The Reddit admins will be renouncing the Moons contract, and it is expected to be complete by the end of this month. This action is permanent and once complete it will be impossible for any further changes to be made to the contract.

read the announcement.

The implications of the shift are the following: No new Moons can be created, all exchange listings remain intact, and Reddit’s MOON tokens can continue to be listed and traded by exchanges and wallets as before. Let’s discuss the points in detail.

Decentralization and Supply Cap

The moderators of r/CryptoCurrency said that Reddit administrators would renounce the contract for MOON tokens, and put a hard cap on the MOON supply, i.e., restrict future mints.

As a result, the total number of Reddit’s MOON tokens will remain at the current 83 million. This transition towards complete decentralization marks a shift from the token’s initial framework, where Reddit held some control. The process involves sending the contract to a burn address, which eliminates any future control over the token’s issuance, even by Reddit itself.

Considering the recent scandal involving inside trading allegations and an alleged rug pull, the community was pleased with the decision, judging by Reddit’s MOON token price rally.

MOON Coin Roadmap

In addition to this structural change, the r/CryptoCurrency mod team plans to develop the coin further. Plans include distributing the remaining MOONs in the community wallet and deciding the fate of tokens earned from advertising and community activities like “ask me anything” events or AMAs.

Possible enhancements to the token’s utility also include the development of new bots and API uses, including a flair bot that displays users’ MOON totals and a tipping bot for community interactions.

In detail, Reddit’s update came after the decision to sunset its broader crypto-based rewards program, which includes both MOON and BRICK tokens. The decision, attributed to the substantial resources required and a changing regulatory environment, initially caused a significant dip in MOON’s value.