According to Decrypt, Reddit's r/cryptocurrency community token, Moons, has experienced a double-digit increase after the social media platform officially renounced the Moons contract. As part of the process, Reddit burned its remaining 98,000 Moons tokens, imposing a hard cap on the supply of approximately 83 million Moons. The r/cryptocurrency subreddit's mod team considers this a significant milestone for the community, as it ensures no further changes to Moons' contract in the future. This also allows Moons to easily retain existing exchange listings without the need for a new token deployment.
The price of Moons currently stands at $0.158456, up 11% on the day, and has surged over 150% in the past month following the announcement of a plan forward for the token. The mod team plans to work on restoring features such as memberships, governance, and tipping, as well as potentially restarting the distribution of Moons. Reddit Moons, or Community Points, are ERC-20 tokens initially minted on the Ethereum network and later moved to scaling network Arbitrum Nova. In October, Reddit announced it would be winding down its crypto-powered rewards program due to high resourcing costs and regulatory concerns.
