Reddit administration renounces the MOON token contract. The asset’s rate has added 26%

It is no longer possible to issue additional coins after this action

01.12.2023 - 11:30

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1 min

What’s new? Reddit’s administration has officially renounced control of the r/CryptoCurrency Moons (MOON) token deployment contract, which was previously part of the portal’s blockchain-based user rewards program called Community Points. Access to the contract was destroyed, making it impossible to issue new coins. The asset’s exchange rate jumped by 26% at the moment, reaching its highest since November 15 at $0,177656. It was later corrected to $0,158278.

Reddit management’s address

What else is known? In line with the previously announced plan, the site’s executives also burned 98 000 coins remaining in the community reserves and ecosystem pools. Thus, MOON’s supply is now limited to 83 million coins, the asset continues to be listed on exchanges that previously listed it.

Community Points stamps in popular subreddits launched their own tokens, which were distributed to users for being active. They could trade the coins, use them in voting, or pass them on as tips to other authors. MOON belonged to a subreddit dedicated to cryptocurrencies.

The MOON contract no longer has controlling parties, ensuring that it will not be modified. The limited supply could also be a factor in further rate hikes. That said, since Community Points was announced on October 17, the value of MOON has fallen by 33%.

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