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MOON, a coin of social media giant Reddit‘s r/cryptocurrency community, jumped nearly 160% in a single day, following an update by the admins who will be burning the coin’s contract and 34% of the supply, moving the coin to full decentralization.

On Tuesday morning (11:00 UTC), r/CryptoCurrency Moons (MOON) coin was up 156.9% in 24 hours. It is currently trading at $0.138476.

The highest point it had reached during this rally was $0.170233, dropping 18.6% since.

Meanwhile, the coin appreciated 135% in seven days and dropped 40% over the past month, per CoinGecko.

Most of this jump in price clearly happened over the last day, as seen in the chart below.

Overall, the coin’s all-time high was $0.577657 in July this year, dropping 75.98% since.

On the other hand, it is up 1,573% since its December 2020 all-time low.

Towards Decentralisation

In October, Reddit announced plans to phase out blockchain-based community point reward tokens MOON and BRICK.

It is difficult to scale the Community Points program broadly across the platform due to resource constraints and regulatory risks, it said.

According to the latest update,

“The Reddit admins will be renouncing the Moons contract, and it is expected to be complete by the end of this month. This action is permanent and once complete it will be impossible for any further changes to be made to the contract.”

Once this happens, no new MOON coins can be created.

As for exchanges, listings will remain intact, and the coins will retain the ability to be listed and traded by exchanges and wallets.

Meanwhile, the update said,

“The contract will forever remain unchanged, rendering Moons completely decentralized.”

This means that Reddit and the moderator team will give up control of the contract, it added.

It will send the contract to a burn address, meaning no one will be able to control it.

Burning the MOON

Reddit admins are set to burn all Moons held in the Community Tank. The process is expected to be finished by the end of November, the update said.

It will reduce the coin’s total supply from nearly 126 million to 83.2 million.

Therefore, said the post,

“This means that the number of Moons will be reduced, and Moons will no longer be an inflationary token. If Moons are burned, it will become deflationary.”

The next step for the moderator team is to work with the community to develop a plan for MOON’s future.

They need to work out how to distribute the remaining coins in the community wallet. This may be based on contributions in the community, tipping, and contests, it said.

Additionally, the team will need to figure out whether the coins from banner rentals and AMAs should be burned or redistributed to the community.

As for the bots, the moderator team will continue to develop them. It is now working on a flair bot to display coin totals next to usernames and a tip bot for tipping of MOON.

It will further utilize the available application programming interface (API) to improve the utility of the coin, the team said.

As there are details to be discussed, the team asked for community feedback in r/CryptoCurrencyMeta “to ensure we make the right decisions for Moons going forward.”

The post Reddit Moons Price Soars 160% as Community Takes Steps Towards Decentralization appeared first on Cryptonews.