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The Reddit-affiliated r/Cryptocurrency Moons token (MOON) is on a major parabolic run today after the token surged 205% to $0.1583. This rise is unprecedented, considering the renewed optimism in MOON tokenomics shared by the Reddit team as a follow-up to their previous plans to stop supporting the digital currency and others that make up Reddit’s rewards system.
In the revised plan for MOON posted on Reddit, it was revealed that plans to revoke MOON’s contract management will be completed by the end of this month. The implication of this is that a new MOON cannot be created, a feature that has already introduced some forms of deflation into the project.
As part of the next steps, current quotes on exchanges will remain intact, but there will be a push to publish them on other trading platforms to increase their accessibility across the board. The MOON project is now fully decentralized based on the current changes the team has made.
An important aspect of the announcement is the plan to reduce the number of MOONs in the community tank from 125,969,899 to 83,205,951. Judging by the law of supply and demand, this reduced supply will contribute to the resurgence of prices if demand continues.
Reddit MOON Token Finally Rejuvenated
The current bounce that the Reddit token is experiencing shows that optimism around its prospects and future has returned.
When news of its demise, a move against the platform’s overall enthusiasm for cryptocurrencies, spread in October, the token plummeted 90% as many holders abandoned the coin due to uncertainty. Now, with the current price level marking the highest recorded by MOON since mid-October, it is still not enough to reduce its monthly losses which still stand at 35% year to date.
In the future, the team plans to develop a pathway to distribute the remaining MOON, a push that could rely on community contributions.
