- November 15, 2023
- Posted by: [email protected]
- Category:
The MOON cryptocurrency associated with Reddit’s r/cryptocurrency community witnessed a remarkable surge of nearly 160% in a single day, spurred by an announcement from administrators signaling a move towards full decentralization. Admins revealed plans to burn the coin’s contract and 34% of its supply, contributing to the significant price spike.
The r/CryptoCurrency Moons (MOON) coin gained 156.9% in a 24-hour period as of Tuesday morning (11:00 UTC), hitting a current market value of $0.138476. Despite a subsequent 18.6% decline from its peak at $0.170233 during the rally, the coin still demonstrated notable gains of 135% over the past week. However, according to CoinGecko data, it has lost 40% of its value in the last month. While MOON’s all-time high was $0.577657 in July this year, signifying a 75.98% drop since then, MOON has seen a remarkable 1,573% increase from its all-time low in December 2020.
The surge in MOON’s price was particularly concentrated on the last day, coinciding with an update from Reddit administrators outlining their commitment to decentralizing the coin fully. The plan involves the burning of the Moon’s contract, a process set to be finalized by the end of the month. The update emphasized the permanence of this action, rendering any future modifications to the contract impossible once completed.
This move towards decentralization means that Reddit and the moderator team will relinquish control of the contract, sending it to a burn address. This action ensures that no entity can exert influence or control over it. Simultaneously, Reddit administrators plan to burn all Moons held in the Community Tank, reducing the total supply from nearly 126 million to 83.2 million. This transformative step shifts MOON from being an inflationary to a deflationary token.
The upcoming phase involves the moderator team collaborating with the community to formulate a plan for MOON’s future. Discussions will center on the distribution of remaining coins in the community wallet, considering factors like contributions, tipping, and contests. Furthermore, deliberations will address the fate of coins from banner rentals and AMAs, deciding whether to burn them or redistribute them within the community.
The moderator team is actively engaging the community for feedback on r/CryptoCurrencyMeta to ensure inclusive decision-making for MOON’s future development. The team’s ongoing efforts involve the enhancement of bots, including the development of a flair bot for displaying coin totals next to usernames and a tip bot facilitating MOON tipping. Leveraging available application programming interfaces (APIs) will further enhance the utility of the coin, according to the team’s outlined plans.
