The MOON token has seen a massive 173% price surge, reaching a high of $0.14 in the past 24 hours.
This comes after an announcement by Reddit that the team will be renouncing the token ownership, leaving it completely decentralized.
Moon Surges 173%
While composing this report, Moon token experienced a tremendous surge, starting from a low of $0.052 and reaching a trading value of $0.14. Notably, it even achieved higher prices during the day, peaking at $0.17.
Within the past 15 hours, Moon showcased an impressive gain of approximately 226%. However, considering the current price, the token trades at around 173% on a daily scale.
According to Coinmarketcap, the surge in price was accompanied by a significant increase in trading volumes. Data reveals that the token’s trading volume has escalated by about 2,129% within 24 hours.
The recent price movements of MOON present a stark contrast to its performance over the past 30 days. A month ago, the asset experienced a substantial collapse, plummeting from a high of $0,233 to a low of $0,029.
Although the token began its recovery approximately two weeks ago, it encountered difficulties surpassing a resistance level of around $0.08. Nevertheless, Moon has successfully overcome several key resistance levels in its latest bullish rally, leading to the current trading price.
The current price action of Moon is a direct outcome of a decision made by the cryptocurrency community to revive this seemingly dormant coin.
Moon’s Incoming Revival
As per the latest announcement, the admins at Reddit plan to renounce Moon’s contract by the end of the month, an action they term irreversible. According to the release, no new Moon tokens will be created owing to the renouncing of the contracts.
However, this only affects exchange listings, as all existing ones will remain intact. Moreover, the tokens will continue being listed in new exchange networks and wallets. But, the contracts will remain unchanged, making Moon 100% decentralized.
The post also notes:
“Reddit admins will be burning all Moons held in the Community Tank, and this is also expected to be completed by the end of the month. This lowers the total supply from around 125,969,899 to 83,205,951.”
Per the post, the mod team will develop a way forward for Moon, including the best way to distribute the tokens in the community wallet. Furthermore, the team continually develops bots using “the available API to improve the utility of Moons.”