Reddit Is Phasing Out Crypto-Powered Community Points Reward Tokens; MOON Plunges Over 80%
Portfolio Pulse from Mehab Qureshi
Reddit plans to phase out its crypto-powered 'Community Points' reward tokens by November 8, leading to a significant drop in the value of the tokens MOON and BRICK. The decision raises questions about Reddit's shift away from one of its core crypto integrations. At the time of writing, Ethereum (ETH), the network on which the tokens were initially minted, was trading at $1,568.64, down 0.31% in the last 24 hours.
October 18, 2023 | 8:48 am
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The phasing out of Reddit's crypto tokens, which were initially minted on the Ethereum network, could potentially impact the value of Ethereum (ETH).
The tokens were initially minted on the Ethereum network, and their phasing out could potentially lead to a decrease in the demand for Ethereum, thereby affecting its value.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 75