Posted 12/1/2023, 9:52:02 AM
Moons Token Rallies 11% as Reddit Renounces Contract, Burns Tokens to Restore Features
- Moons token price up 11% after Reddit "renounces contract" and burns 98,000 tokens
- Renouncing contract imposes 83 million token supply cap, allows Moons to retain exchange listings
- Reddit mod team to work on restoring features like memberships, governance, tipping
- Moons are ERC-20 tokens moved from Ethereum to Arbitrum Nova layer 2 network
- Reddit previously wound down crypto rewards program due to costs and regulatory concerns