Prices of MOON token, which is tied to the shuttered Community Points program of Reddit,over the past 24 hours, as some moderators banded to revive the project and continue it independently.
“We received a solid response and we are very excited to get started building the future of Moons together as a community,” u/CryptoMods, a shared moderator account,on Tuesday. MOON is the community token of the "r/cryptocurrency" subreddit.
“The Reddit admins will be renouncing the Moons contract, and it is expected to be complete by the end of this month. This action is permanent and once complete it will be impossible for any further changes to be made to the contract,” they added.
The moderators added that no new moon tokens will be created after the contract is migrated and renounced. Furthermore, Reddit admins will be burning all MOON held in a shared account called the “Community Tank,” which will lower the total supply from around 125 million to 83 million.
MOON price rose 140% in the past 24 hours, data shows, with trading volumes crossing $2.4 million. The tokens are actively traded on the crypto exchange Kraken and the decentralized exchange SushiSwap.
Meanwhile, u/CryptoMods said in the Tuesday post that they were planning a series of developments that could accrue value to MOON tokens in the coming months.
The team also said it will continue to develop bots and use the available API, a tool for data transfers, to improve the utility of Moons.
What Are Community Points?
Community Points was a blockchain-based internet points program designed to reward creators and developers. The program allowed users to earn and spend community points through native tokens like MOON.
Reddit shut down its roughly three-year-old blockchain-based Community Points program in early October, citing resources to maintain the effort were “too high to justify” and that an uncertain regulatory environment added to headwinds.
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In the 24 hours following that move, prices of Moons (MOON), the native token of Reddit’s r/CryptoCurrency community, fell some 85% on the news, Bricks’ (BRICK), distributed as a reward for contributions in the r/Fortnite subreddit, dropped 67%, and Donut (DONUT), the token that represents the community points of the r/ethtrader subreddit, slumped 65%.
These communities are now making efforts to revive the tokens and operate them outside of Reddit’s overview - meaning the company will no longer be directly affiliated with any of these tokens nor contribute to their development.