The Moons altcoin project, native to Reddit’s r/cryptocurrency community, has experienced a staggering 150% increase in value following a groundbreaking update from community moderators. As reported by CoinGecko, this increase pushed the price of MOON to approximately $0.128. Here are the details…
There is an increase in the altcoin project
The major update, announced by the r/cryptocurrency moderation team, revolves around Reddit’s decision to abandon the Moons contract, a move that will be finalized by the end of the month. This decision marks a halt to the creation of new Moons, preservation of existing exchange listings, and the transition of Moons to a “fully decentralized” asset. Moderators emphasized giving up control over the fate of the altcoin. “The contract will not be under the control of anyone, neither Reddit nor the mod team,” he explained.
In a strategic maneuver, the moderators announced their plan to burn all Moons held in the Community Tank, reducing the total supply to just over 83 million. This move shifts the token from an inflationary trajectory to a potentially deflationary one depending on future burns. The mod team has committed to collaborating with the community to determine a roadmap for Moons, including distribution strategies for the altcoin remaining in the community wallet. Decisions are pending on whether to allocate or burn MOONs obtained through advertising banner rentals and community-facilitated AMAs.
78 percent below its record
Additional improvements are on the horizon, with moderators planning to leverage bots and API functions to increase the utility of Moons. Proposed features include a flair bot that displays month totals of r/cryptocurrency subscribers and a tipping bot to facilitate the exchange of Moons between users. This significant initiative comes against the backdrop of Reddit’s decision in October to phase out its crypto-based rewards program, citing resource constraints and regulatory considerations. The effects of this decision are clearly visible as MOON witnessed a sharp decline. While today’s rise marks a significant recovery, the altcoin remains down 78% from its all-time high of around $0.58 recorded in July 2023.
MOON, by its own explanation, is that a person posts, comments, etc. to r/CryptoCurrency. These are ERC-20 tokens given as rewards for contributions made through. It can be freely transferred, tipped, and spent on r/CryptoCurrency. MOON is distributed monthly using Reddit Karma as the basis for contributions. So altcoin Moon can be used for any purpose within the community. Currently, they can be used to demonstrate reputation within the subreddit, unlock special features like badges and GIFs in comments with Private Membership, and add weight to votes in polls. The community is eagerly awaiting the unveiling of Reddit’s ambitious decentralization plan and the subsequent evolution of Moons in the crypto space.
