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Reddit Token MOON on Dramatic 205% Surge, What Is Happening?

Tue, 14/11/2023 - 14:17
Reddit Token MOON on Dramatic 205% Surge, What Is Happening?
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The Reddit-affiliated token r/Cryptocurrency Moons (MOON) is on a major parabolic run today after the token is up 205% to $0.1583. This surge is not unprecedented, considering the renewed optimism in the tokenomics of MOON shared by the Reddit team as a follow-up to its earlier plans to sunset its support of the digital currency and others that make up the Reddit reward system.


Reddit NFTs on Polygon Spike 1,113% in Trading Volume as Millions Rush to Participate

MOON 1D Chart. Source: CoinMarketCap

In the revised plan for MOON posted on Reddit, it was revealed that plans to revoke MOON's contract address will be completed by the end of this month. The implication of this is that no new MOON can be created, a feature that has already introduced some forms of deflation into the project.

As part of the next steps, current exchange listings will remain intact, but there will be a push to go live on other trading platforms to boost its accessibility across the board. The MOON project is now completely decentralized based on the current changes the team has made.

One major highlight of the announcement is the plan to lower the quantity of MOON in the community tank from 125,969,899 to 83,205,951. Judging by the law of demand and supply, this reduced supply will aid price resurgence if demand is sustained.

Reddit is Creating a New NFT Marketplace for Users to "Create and Own Digital Goods"

Reddit token MOON finally rejuvenated

The ongoing rebound being experienced by the Reddit token shows that the optimism surrounding its prospects and future has returned.

When the news of its sunsetting, a move against the platform's general enthusiasm for crypto, made the rounds back in October, the token plummeted by 90%, as many holders dumped the coin because of the uncertainty. Now, with the current price level marking the highest MOON has recorded since mid-October, it is still not enough to pare off its monthly losses that are still pegged at 35% to date.

Moving forward, the team plans to develop an avenue to distribute the remaining MOON, a push that might be based on community contributions.


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