- MOON, the token associated with Reddit’s Community Points program, soared by 150% following efforts by moderators to revive the project independently.
- The total supply of MOON tokens will be capped at 83 million, with Reddit admins burning existing MOON in the Community Tank, significantly reducing the total supply.
Despite Reddit shutting down its blockchain-based Community Points program, the MOON token tied to the program has seen a significant price surge. The revival efforts by the community moderators have breathed new life into the project, leading to an impressive 150% rise in the token’s value.
Revival of the MOON Token
The MOON token, associated with the “r/cryptocurrency” subreddit, has experienced a notable resurgence. Community moderators, under the shared account u/CryptoMods, announced their intention to continue the project independently. This move came after Reddit administrators decided to renounce the MOON contract, which is expected to be completed by the end of the month. Once this action is finalized, no further changes to the contract can be made.
In a move to reduce the total supply, Reddit admins will burn all MOON held in the Community Tank, decreasing the total supply from approximately 125 million to 83 million. The announcement and subsequent actions led to a 140% rise in MOON’s price within 24 hours, with significant trading volumes on exchanges like Kraken and SushiSwap.
Community Points: An Overview
Community Points was a blockchain-based program aimed at rewarding creators and contributors within Reddit’s communities. Users could earn and spend these points through native tokens like MOON. However, Reddit halted the program in early October, citing high maintenance costs and regulatory uncertainties. The closure led to an immediate drop in the value of various community tokens, including MOON, BRICK (r/Fortnite subreddit), and DONUT (r/ethtrader subreddit).
Future Plans and Development
Following the revival announcement, u/CryptoMods outlined plans for further developments that could add value to the MOON tokens in the coming months. The team intends to continue developing bots and utilizing APIs to enhance the utility of MOON, striving to maintain and expand the program’s momentum independently.
This initiative by the Reddit community signifies a crucial moment in the world of cryptocurrency, demonstrating the power of community-driven efforts in sustaining and growing digital assets. The revival of the MOON token and its substantial price increase reflect the dynamic nature of the crypto market, where community support and innovative approaches can lead to significant outcomes.
In conclusion, the MOON token’s revival and its subsequent market surge showcase the resilience and potential of community-driven digital assets. As these communities work towards operating the tokens outside of Reddit’s oversight, it marks a new chapter in the evolution of blockchain-based community rewards programs, highlighting the ever-changing landscape of the cryptocurrency world.