Moons are up edit: 366%* in the last 24 hours after mods announced their plan forward for Moons. With the biggest takeaways being:
- Reddit was going to burn all of their Moons
- Reddit will give up contract ownership
- No new Moons will ever be minted
- Moons burned for ecosystem utility will make the token deflationary.
Although you probably know about most of this, one of the biggest things on that list happened earlier today. Reddit destroyed 43M Moons (34%), dropping the circulating supply from 126M to 83M Moons.
Unlike burns to the dead wallet, Reddit deleted these Moons from existence.
On this old screenshot from October you can see the circulating supply of 126M Moons
And from the circulating supply screenshot today you can see the supply at 83.2M Moons.
Here is the transaction itself:
The circulating supply may drop a little bit farther as Reddit still has another ~500K in a few side wallets
If we consider the ecosystem Burn wallet with ~2M moons burned so far this year:
That drops the circulating supply closer to ~81M.
I honestly might be dumb, but after seeing these updates – I'm more Bullish on Moons now than I was before the announcement. Congratulations to everyone that bought the fear dump after the sunsetting announcement.
As a final note check out this insane 45 day chart for Moons