This summary text is fully AI-generated and may therefore contain errors or be incomplete.
The price of Reddit’s MOON token experienced a significant surge of 130% on November 14th, resulting in a total gain of over 300% in just two days. The token then stabilized at around $0.17. This sudden increase in price followed an announcement from the community’s moderators stating that they would be renouncing the project. The Reddit admins will be renouncing the Moons contract, which is expected to be completed by the end of the month. This action is permanent and will prevent any further changes to the contract. Despite this shift, all exchange listings for MOON tokens will remain intact, and the tokens can continue to be listed and traded as before. The moderators of r/CryptoCurrency also revealed that there will be a hard cap on the MOON supply, meaning that no new tokens can be created. The total number of MOON tokens will remain at the current 83 million. This move towards decentralization marks a departure from the token’s initial framework, where Reddit had some control. In addition to these changes, the r/CryptoCurrency mod team plans to further develop the coin. This includes distributing the remaining MOONs in the community wallet and deciding what to do with tokens earned from advertising and community activities. The team is also considering enhancements to the token’s utility, such as the development of new bots and API uses. It’s worth noting that Reddit’s decision to sunset its broader crypto-based rewards program, which includes both MOON and BRICK tokens, initially caused a significant dip in MOON’s value. However, the community seems pleased with the recent developments, as evidenced by the rally in MOON token price.