The cryptocurrency MOON, linked to the Reddit community, experienced a significant increase of 211%, propelled by announcements of a forward-looking plan by community moderators.
This plan involves the complete decentralization of Moons, with Reddit administrators announcing the “renunciation of the Moons contract” and the burning of part of its supply.
This contract renunciation process is expected to be completed by the end of the month, with its main effect being the imposition of a maximum limit on the supply of Moons.
This action will prevent the creation of new Moons and will leave the token in the hands of the community. After renunciation, the contract will be sent to a burn address, making Moons completely decentralized without the intervention of Reddit or the moderation team.
A crucial point in this transition is the burning of Moons held in the “Community Tank,” reducing the total supply to just over 83 million.
This process not only prevents MOON from remaining inflationary but also establishes the possibility that, in the case of future burns, the token becomes deflationary.
The moderation team announced their enthusiasm and commitment to work with the community to develop a plan that includes the distribution of the remaining Moons in the community wallet.
Decisions will also be made regarding the burning or distribution of Moons from advertisements and Q&A sessions conducted by the community.
Furthermore, the moderation team will continue to enhance the utility of Moons through the development of bots. Among them, a badge bot that will display Moon totals for subscribers and a bot for tipping Moons to other users, strengthening community interactivity and utility.
Reddit Decentralizes MOON and Grows Exponentially
This move towards the decentralization of Moons comes after Reddit announced the withdrawal of its cryptocurrency-based rewards program in October, citing the need for resources and the regulatory environment as determining factors.
At the time, the announcements made on a fateful October 17th for the Reddit community would have triggered a significant bear market and a consequent collapse in the value of MOON, generating considerable anger and disappointment among its followers.
Following the “renunciation of the contract,” Moons is experiencing a bull run. In the last 24 hours, it has grown by 175.3% and is trading at $0.168513, according to the latest data from CoinGecko.
On the other hand, its market capitalization has also grown exponentially, rising over 200% and hovering around $17.4 million.
Although the price of MOON shows a spectacular recovery from its fall, it is still below its all-time high of nearly $0.58 in July 2023.
The evolution of Moons reflects a significant shift towards decentralization and community autonomy, marking a milestone in the history of tokens associated with online platforms.
