MOON, the native token of the subreddit r/CryptoCurrency, surged double digits during the past 24 hours as the Reddit admin renounced the new token contract. With renouncing, the team has burned their 98,000 MOON and the token supply is now capped at 83 million.
The contract upgrade includes changes, such as no minting of new MOON tokens, and the new contract will be immutable; hence, it will not be changed. MOON can continue to be listed and traded on exchanges as usual.
“The mod team will continue to work on bringing back and improving features such as memberships, governance and tipping,” said MODs in the post. “We are also exploring restarting distribution, though exactly how that will work remains to be seen.”