Reddit administrators are considering abandoning the MOON contract to make the token fully decentralized, with MOON's 24-hour increase exceeding 155%.

According to a report by Decrypt on November 14th, the mod team of the r/CryptoCurrency community on Reddit announced that there will be a hard cap on the supply of the native token MOON in the future. The Reddit administrators will abandon the MOON token contract, which is expected to be completed by the end of this month. This process will mean that no new MOON tokens can be created, and after the contract is sent to the burn address, the MOON token will become "completely decentralized". The moderators clarified that "no one will actually control the contract, including Reddit or the mod team", and all MOON stored in the community will be destroyed, reducing the total supply of MOON to just over 83 million. Therefore, the token will no longer be inflationary, and if MOON is destroyed in the future, it will become deflationary. The mod team announced that they will "work with the community to develop the future plan for MOON", including distributing the remaining MOON in the community wallet and deciding whether to destroy or distribute MOON from ad banners and AMA conducted by the community. The mod team will "continue to develop robots and use available APIs to improve the utility of MOON", including a genius robot that can display the total number of MOON subscribers in r/CryptoCurrency, and a robot that rewards MOON to other users. According to Coingecko data, the MOON token is currently priced at $0.1302, with a 24-hour increase of 155.1%. Previously, on October 18th, Reddit closed its blockchain-based community points program.