Reddit's R/CryptoCryptocrypto community's cryptocurrency token, Crescent, has surged more than 130% following an update by community moderators suggesting a “future plan” that would put more pressure on supply.
MOON's price is currently below $0.13, up 133% on the day, CoinGecko reports.
In the update, r/cryptocurrency's mod team reported, “Reddit admins deny Moon contract,” a process expected to be completed by the end of the month. The process means that new moons cannot be created, and the details of the exchange remain intact, moons are “fully decentralized” after the contract is sent to the burned address.
“Effectively, no one controls the contract,” the moderators explained. “Not Reddit, not a mod group.”
The moderators also explained that all moons held in the community tank will be burned, bringing the total moon supply to over 83 million.
As a result, the token will no longer be inflationary – and will be devalued in the future if any moon burns.
The mod team announced that it will “work with the community to plan for the future of Moons,” which will include distributing remaining moons held in community wallets, as well as deciding whether to burn or redistribute moons from banner rentals and AMAs. Community driven.
The moderators also stated that they will “continue to develop bots and use the existing API to improve the Moons service,” including a flyer bot that displays Moons totals for subscribers of r/cryptocurrency, as well as a bot that can deliver Moons to others. Users.
Reddit moon setting
Reddit Community Points are ERC-20 tokens that were originally posted. Ethereum Network, but subsequently moved to Arbitrum Nova for balance.
In October, Reddit announced the sunset of its crypto-based rewards program, citing the resourcing needed to support the program as well as the “regulatory environment.”
The news caused the price of r/cryptocurrency's MOON and r/FortniteBR's BRICK to nose dive, with MOON falling more than 80% in one day. Although it is down more than 78% from its July 2023 high below $0.58, today's price rally has recovered some.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and are not financial, investment or other advice.
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