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Reddit's MOON token surges by 150% as community rewards grow
Over the past 24 hours, the MOON token's prices have more than quadrupled. The token is linked to Reddit's discontinued Community Points programme, and several moderators have joined forces to bring the project back to life and carry it further on its own.
A shared moderator account called u/CryptoMods commented early on Tuesday, saying, "We received a solid response and we are very excited to get started building the future of Moons together as a community." The community token of the subreddit "r/cryptocurrency" is called MOON.
"It is anticipated that the Reddit administrators will terminate the Moons agreement before the end of this month. They said, "Once this process is finished, it will be difficult to amend the contract in any way again.
The moderators also said that following the contract's migration and renouncement, no additional moon tokens will be issued. In addition, every MOON kept in a common account known as the "Community Tank" would be burned by Reddit administrators, bringing the overall supply down to 83 million from about 125 million.
According to statistics, the price of MOON increased by 140% in the last day, with trade volumes surpassing $2.4 million. Both the decentralized exchange SushiSwap and the cryptocurrency exchange Kraken saw active trading in the tokens.
In the meanwhile, u/CryptoMods said in their post on Tuesday that they were preparing several initiatives that may add value to MOON tokens in the upcoming months.
The company added that to increase Moons' usefulness, it would keep creating bots and utilising the accessible API, a data transmission mechanism.
What Are Community Points?
A blockchain-based online point system called Community Points was created to give developers and artists incentives. Through native currencies like MOON, users could accrue and spend community points inside the programme.
The nearly three-year-old Community Points programme on Reddit was discontinued in early October. The company stated that the costs of continuing the programme were "too high to justify" and that further challenges were created by an unclear legal landscape.
The native token of Reddit's r/Cryptocurrency community, Moons (MOON), saw a roughly 85% decline in value in the day that followed the move. Bricks (BRICK), which were given out as compensation for contributions in the r/Fortnite subreddit, saw a 67% decline, and Donut (DONUT), which stands for the community points of the r/ethtrader subreddit, saw a 65% decline.
The firm will no longer be actively associated with any of these assets or contribute to their development since these communities are currently working to bring the tokens back to life and run them independently of Reddit's oversight.