Reddit’s MOON token triples after announcement of plans to develop the project
On November 14, the Reddit-linked r/CryptoCurrency Moons (MOON) token jumped 229% after presentations by the team of plans for further development of the project. At the time of writing, MOON's 24-hour price growth had cooled to 175.3%, according to CoinGecko. It is expected that the platform will abandon the contract and move to a decentralised model. No new tokens will be issued, and the remaining MOON in Reddit's treasury will be burned. As a result, the supply will shrink from 125 million to 83 million. Listings on exchanges will remain unchanged. Moderators have pledged to roll out a number of tools in coming months to boost the asset's value. In particular, developers will focus on building bots and using the API.
