The reasons for the growth of the MOON cryptocurrency by 85% per day have become known

The cryptocurrency created by Reddit users, r/CryptoCurrency Moons (MOON), has grown significantly overnight, with its value rising by 85.7%. The reason for this rise was the publication of the Moons (MOON) development plan by the moderators of the r/CryptoCurrency community on Reddit.

It turned out that the administrators of the Reddit social platform were canceling the Moons contract. Now the project will become fully decentralized. Immediately after the announcement, the token’s value increased by more than 190%.

In the announcement, the team said that by the end of the month, Reddit administrators will cancel the contract with the Moons project. After that, it will be impossible to make any changes to it. This means that:

• the process of creating new tokens will stop;
• all exchange listings will remain untouched;
• users will still be able to trade MOON and store tokens on their wallets;
• Moons will become fully decentralized.

The administrators of the social platform must burn all the MOON coins they hold. The total supply of the token will be reduced from almost 126 million to 83 million and it will become deflationary. The team of moderators will develop a plan of further action for the Moons project together with the community. It will include the distribution of the remaining tokens in the community’s storage.

According to project representatives, they will continue to develop bots and use the available API to increase the usefulness of Moons. Such initiatives include a bot called flair, which will show how many MOONs subscribers of the r/CryptoCurrency subreddit have.

As a reminder, in July, due to Reddit’s decision to gradually stop supporting non-tokenized MOON coins and rewards, the value of the digital asset increased significantly in a week, rising by 382%. Also, in February of this year, the MOON rate was higher than that of 100 fiat currencies. One MOON traded for $ 0.21 was worth more than a unit of fiat currency in Argentina, Brazil, China, Costa Rica, and Egypt.