- Reddit officially renounced the Moons contract and burned 98,000 Moons.
- The announcement has given a sense of assurance that there will be no further changes to Moons’ contract.
- r/CryptoCurrency Moons’ value surged by 9.82% in the last 24 hours.
In a recent statement, Reddit officially renounced the Moons contract and burned their remaining 98,000 Moons tokens. In a recent statement, the subreddit’s administrators declared, “The admins have officially renounced the Moons contract, and they also burned their remaining 98,000 Moons.”
This announcement has sparked a positive response from the community. It has given a sense of assurance that there will be no further changes to Moons’ contract in the future.
Following the official announcement, the value of r/CryptoCurrency Moons (MOON) has surged by 9.82% in the last 24 hours according to CoinMarketCap. As of now, it holds the 734th position on CoinMarketCap. The token has a live market cap of $16,910,936 and a 24-hour trading volume of $788,315. The 24-hour trading volume spiked by over 100%.
This development not only provides stability but also allows Moons to retain existing exchange listings. Furthermore, the decision to renounce the contract eliminates the necessity of deploying a new token. The remaining supply is capped at approximately 83,000,000 MOONS.
The moderator team affirmed their commitment to enhancing the user experience. As stated, “The mod team will continue to work on bringing back and improving features such as memberships, governance, and tipping. We are also exploring restarting distribution, though exactly how that will work remains to be seen.”
For those unfamiliar with Moons, they are ERC-20 tokens awarded as rewards for an individual’s contributions to r/CryptoCurrency, whether through posts or comments. These tokens can be freely transferred, tipped, and spent within the r/CryptoCurrency community. The monthly distribution is based on Reddit Karma, which serves as a metric for gauging an individual’s contributions.
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