MOON, created by Reddit’s crypto community, surged nearly 150 percent with the managers’ new announcement.
The cryptocurrency industry continues to host new players day after day. Popular cryptocurrencies of recent times are leaving the Reddit platform. Communities on Reddit have begun issuing their own cryptocurrencies.
One of these cryptocurrencies is r/CryptoCurrency Moons (moon) has achieved significant growth with new statements from the project team. MOON achieved a price increase of almost 150 percent during the day.
MOON token made its mark that day
Released by Reddit’s r/CryptoCurrency moderators and supported by the community. moonWith the increase in the last 24 hours, it increased from $0.054 to $0.15. This surprising increase paralleled the project team’s statements. The team said that the MOON token will be made completely owned by the community.
The r/Cryptocurrency moderation team announced that the token contract will be updated by the end of the month and admins will waive the contract. Thus, MOON will be completely under the management of investors. Therefore the team will not be able to make any changes in the contract.
The move, which will make the MOON token completely decentralized, has also whetted the appetite of investors. MOON transaction volume reached $3.5 million in the last 24 hours. With a total market cap of $16 million, MOON managed to attract the attention of investors.
Additionally, this contract change will eliminate the inflationary nature of the MOON token supply. Thus, the token contract will not issue new MOON.
The team, Reddit’s r/CryptoCurrency moderators and MOON developers, announced that MOON will be burned in a wallet called the Community Tank. With the burning, 83 million moons will be removed from the circulating supply.
On the other hand, the team announced that it will collaborate with the community in planning the MOON token trajectory.