The developments in the cryptocurrency market continue to attract investors’ attention. The moderators of Reddit’s popular r/cryptocurrency channel announced that they are withdrawing from the contract management of Moons, the subreddit’s cryptocurrency. This decision comes after Reddit’s decision to end the community point program that incentivizes Moons.
The subreddit moderators explained that they are relinquishing control over the token contract on Arbitrum Nova. This development prevents the creation of new tokens by making the contract immutable.
With this move by the moderators, 98,000 Moons tokens in the community pool were burned, and the total supply was reduced from approximately 126 million to 83 million, along with previous burn events. In the official announcement made by the subreddit, it was stated, “This is a significant turning point because the community now has the assurance that no changes will be made to the Moons contract in the future.”
Moons token is known as part of Reddit’s community point program launched for the subreddit in 2020 to incentivize user participation. After Reddit announced the suspension of the program in October, the market value of Moons token dropped. Following the decision, the price of Moons dropped from $0.25 to $0.04 within hours.
After the moderators’ decision to relinquish control over the contract in November, the token experienced a recovery in its value. With this decision, the token signaled that it would continue to exist independently from Reddit’s community point program and any central authority. Since the approval of the removal of control over the contract, the value of Moons token has increased by over 200%, rising from $0.05 to $0.2. At the time of writing the article, the token was trading around $0.15.