The administrators of Reddit’s popular r/cryptocurrency channel have announced that they are relinquishing administrative control over the contract of Moons, the page’s cryptocurrency. This move comes after Reddit discontinued its community points program that supported Moons.
Subreddit moderators declared that they are abandoning control over the token contract on the Arbitrum Nova network. This development ensures that the contract remains unchanged and prevents the creation of new tokens.
The moderators burned 98,000 Moons tokens from the community pool, reducing the total supply from approximately 126 million to 83 million. The official subreddit announcement stated that the community is aware that no further changes will be made to the Moons contract.
Moons token was launched by Reddit in 2020 as part of a community points program aimed at incentivizing user participation on the subreddit. Following Reddit’s announcement of the program’s suspension, the value of Moons token plummeted. Immediately after the decision, the price of Moons dropped from $0.25 to below $0.04 within hours.
In November, after the subreddit moderators decided to relinquish control over the contract, there was an improvement for the token to continue existing independently and without central governance. Since the approval of the removal of control, the value of Moon token has increased by over 200%, surging from $0.05 to $0.20. At the time of writing, the token was trading at $0.15.