The Moons token, associated with Reddit crypto community, recently experienced a significant 130% increase following an announcement by moderators.
Specifically, the latter unveiled a “plan forward” for Moons, which includes the implementation of a hard limit on bidding.
In addition, Reddit administrators declared a “renunciation of the Moons contract,” thus proceeding to fully decentralize the token and burn a portion of its offering.
See below for all the details.
Summary
Moons’ “plan ahead”: new prospects for Reddit’s crypto
As anticipated, the Moons token associated with Reddit’s crypto community marked a remarkable 130% increase following an announcement by community administrators about a “plan forward” for the token.
Specifically, this plan includes imposing a hard limit on supply. Currently, MOON’s price is just below $0.13, up 133% on the day, as reported by CoinGecko.
In detailing the update, the moderating team reported that “Reddit admins will give up on Moons contract,” a process set to be completed by the end of the month.
As a result, this waiver will mean that new Moons cannot be generated, keeping prices unchanged and making Moons “fully decentralized” after the contract is sent to a burn address.
Moderators also clarified that no one will have actual control over the contract, neither Reddit nor the moderating team.
All Moons in the Community Tank will be burned, reducing the total supply to just over 83 million. As a result, the token will stop being inflationary and, should a MOON be burned in the future, will become deflationary.
Not only that, the moderating team also announced collaboration with the community to create a plan for Moons, which will include the distribution of the remaining Moons held in the community’s portfolio.
Finally, consideration will be given to burning or distributing Moons from banner ad rentals and community-led AMAs.
The migration of Reddit’s Community Points to Arbitrum Nova
Reddit’s Community Points, originally minted as ERC-20 tokens on the Ethereum network, recently underwent a move to the Arbitrum Nova scaling network.
In October, in fact, Reddit surprised by announcing the suspension of its cryptocurrency-based rewards program, citing the need for resources to support the program and citing the “regulatory environment.”
This news had a significant impact on MOON’s prices on Reddit crypto and BRICK, with MOON plummeting 80% in a single day.
Although today’s price increase allowed for a partial recovery, the value remains 78% below its all-time high of just under $0.58, reached in July 2023.
For the sake of clarity, recall that Arbitrum One is a widely used scaling solution on Ethereum’s layer-2, which allows for faster and more convenient transactions than Ethereum’s mainnet.
However, recognizing the importance of even more convenient transactions for specific applications, Offchain Labs, the creator of Arbitrum, some time ago introduced a second blockchain called Nova.
A Reddit user’s curious experiment: $5 a day invested in Bitcoin becomes income
Recently, a Reddit user undertook a unique investment experiment, highlighting the potential benefits of the strategy of consistently investing small amounts or adopting the average dollar cost per Bitcoin.
The Reddit user, known as u/Gorillahair2000, started the experiment to test the effectiveness of investing only $5 a day in Bitcoin, carefully noting progress over an entire year.
After 365 days of daily investment of $5, the user accumulated a total of 0.075 Bitcoin. The average purchase price stood at $24,108.58, while the current price of Bitcoin has risen significantly.
Total spending over the year was $1,825, and the current value of the investment is about $2,585.75, a net change of +41.68%.
The user noted a spread of 0.5-1.0% on each purchase, pointing out that the gains were made after the commission adjustment.
The Reddit investor followed a strategy of buying via Strike, a well-known Bitcoin Lightning wallet, and a subsequent transfer of Bitcoins to a hardware wallet, in accordance with industry best practices.
In conclusion, this experiment turned his ‘daily spending’ into a current value of $2,500, generating a $750 gain in a single year.
