- Reddit admins get the ball rolling on the decentralization quest for MOON.
- $MOON token skyrocketed after Reddit admins shared a crucial update.
- Crypto community cheered the move, as $MOON became deflationary.
Reddit, one of the largest social networks around the globe, has officially announced plans to step off from the r/CryptoCurrency Moons (MOON) token governance via smart contract renunciation. This has sparked a bullish trend for $MOON, as the token is now slated for full decentralization and deflationary circulation.
The latest update from the moderator team also mentioned an upcoming $MOON token burn, which sees the potential of 34% $MOON coins being taken out of circulation. While the smart contract renunciation is set to give back the control of $MOON governance to the community, the deflationary feature enables the admins to burn the tokens held in the Community Tank, which is estimated to be up to 125,969,899 $MOON coins.
How Is Reddit Sunsetting MOON Bullish?
While many crypto enthusiasts may ask how the 4th largest social network giving up control of its native cryptocurrency is bullish for investors, there are a few advantages worth mentioning. Firstly, cryptocurrencies based on renounced smart contracts have a higher chance of ending up on popular centralized exchanges (CEXs).
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Secondly, no new $MOON coins can be minted, putting the definite circulation at a max supply of 107,887,754 in contrast to the infinite supply on demand.
Last but not least, the smart contract renunciation adds stability, as the code cannot be altered by the developers. Indeed, the moderator team promised to renounce the smart contract by the end of November 2023.
In the wake of this update, r/CryptoCurrency Moons (MOON) shot up by 216% to trade at $0.167109, according to CoinGecko. The crypto community reacted with optimistic comments like โcya at $6 my friendsโ, while another crypto trader joyfully cried: โWe’re deflationary now b*tches!!!!โ. So far, $MOON has already been listed by a couple of major players in the CeFi market, including Kraken & Crypto.com.
On The Flipside
- Redditโs moderator team insisted that it will continue to work on expanding $MOON’s utility.
- The moderator team is currently developing a flair bot to showcase owned $MOON tokens.
- Mods also pledged to work together with the crypto community to draw up a $MOON roadmap.
Why This Matters
Reddit is a huge social networking platform, encompassing over 1.66 billion active monthly users.
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