Cryptocurrency Moon Skyrockets After Reddit’s Move Towards Decentralization
The cryptocurrency MOON, belonging to Reddit’s r/cryptocurrency community, saw an impressive rise of nearly 160% in a single day following an announcement by the community’s administrators. The surge came after the revelation that the coin’s contract will be terminated, 34% of the coin supply will be removed and it will fully transition towards decentralization.
A Milestone Towards Decentralization
The Reddit administrators are taking radical steps towards expanding the capabilities of the cryptocurrency community. The prominent move is the relinquishing of the MOONs contract which essentially renounces the current control, subsequently aiding the coin to acquire total decentralization.
A Look At The Market
On the market front, there has been a thrilling set of events witnessed. The current trading rate of the coin is $0.138476, with it having reached its apex for the day at $0.170233 during the thrilling rally. Despite having plunged 40% over the last month, the coin recorded a sneaky recovery of 135% just in the previous week. This comes after the cryptocurrency reached its all-time high of $0.577657 in July, however, showing a reduction of 75.98% since then. Notably, compared to its all-time low recorded in December 2020, the coin has seen an astounding increase of 1,573%.
Plans for Reddit’s Community Tokens
Last October, Reddit outlined its plans to relinquish its blockchain-based community point reward tokens, including MOON and BRICK. The reason behind the decision is the scaling and regulatory risks associated with these tokens. Nevertheless, exchanges will maintain their ability to list and trade these coins, ensuring their circulation in the open market and supporting their future growth.
Reduction In Supply And Its Impact
In a bold move riddled with potential, the admins have decided to burn all MOONs held in the Community Tank, effectively reducing the overall supply from nearly 126 million to a downsized 83.2 million. This action not only reduces the supply but transforms MOONs into a deflationary token, likely contributing to its value growth.
Future of MOON: Community-Driven Decisions
For charting the cryptocurrency’s future course, the moderators of r/cryptocurrency are seeking active participation from the community members. Their objective is to develop an effective plan, including deciding how to distribute the remaining coins and what to do with coins obtained from banner rentals and Ask Me Anything (AMA) sessions. It is a strategy designed to ensure the team’s continued commitment to enhancing the coin’s utility and development.
The recent changes and movements in the MOON cryptocurrency market underscore the evolving and dynamic nature of the blockchain and DeFi ecosystems. User involvement, full decentralization, and vibrant community reflections make the future of MOON a topic of keen interest to cryptocurrency investors and enthusiasts alike.