According to Decrypt, Moons, the crypto token of Reddit's r/cryptocurrency community, has experienced a surge of over 130% following an update by community moderators announcing a 'plan forward' for the token that will impose a hard cap on the supply. The price of MOON currently stands at just under $0.13, up 133% on the day. In the update, r/cryptocurrency's mod team reported that 'The Reddit admins will be renouncing the Moons contract,' a process that's expected to be completed by the end of the month. This will mean that no new Moons can be created, and exchange listings should remain intact, with Moons becoming 'completely decentralized' after the contract is sent to a burn address.
'Effectively no one will have control of the contract,' the moderators clarified. 'Not Reddit, not the mod team.' The moderators further explained that all Moons held in the Community Tank will be burned, reducing the total supply of Moons to just over 83 million. As a result, the token will no longer be inflationary—and should any MOON be burned in the future, it will become deflationary. The mod team announced that it 'will work with the community to develop a plan forward for Moons,' that will include distributing the remaining Moons held in the community wallet, as well as determining whether to burn or distribute Moons from advertising banner rentals and AMAs conducted by the community. The moderators also revealed that they will 'continue to develop bots and use the available API to improve the utility of Moons,' including a flair bot that will show r/cryptocurrency subscribers' moon totals, as well as a bot for tipping Moons to other users.
