The price of Reddit's MOON coin, which is used by the r/cryptocurrency community, has increased by 160% following an announcement by the administrators that they will be burning the coin's contract and a portion of its supply, resulting in full decentralization. The coin is currently trading at $0.138476, with its highest point during the rally being $0.170233. Over the past seven days, the coin has appreciated by 135% but has dropped by 40% in the last month. Reddit had previously announced plans to phase out the blockchain-based community point reward tokens MOON and BRICK due to resource constraints and regulatory risks. The burning of MOON coins held in the Community Tank is expected to be completed by the end of November, reducing the total supply from nearly 126 million to 83.2 million. The moderator team will work with the community to develop a plan for the future of MOON, including how to distribute the remaining coins in the community wallet and whether to burn or redistribute coins from banner rentals and AMAs. The team also plans to develop bots and improve the utility of the coin. Community feedback is being sought to make informed decisions regarding MOON's future.
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