Crypto Tokens MOON and BRICK Plunge as Reddit Sunsets Community Points
While they might not ring a bell,
two digital currencies, MOON and BRICK, have witnessed a significant plunge in value over the past 24 hours. This tumble springs from
Reddit’s decision to back away from offering Community Points, setting the sun on the project come
November 8, 2023. Although Reddit has expunged the Community Points FAQ page, it remains accessible through archived snapshots.
Initially brought to light by Techcrunch, the news garnered further clarity as Reddit’s Director of Consumer and Product Communications,
Tim Rathschmidt, explained the rationale behind shelving the venture. “Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify,” Rathschmidt told Techcrunch contributor Morgan Sung. The Reddit executive also noted that the regulatory climate has played a part in the reasoning.
Following the dissemination of the news across the crypto community and Reddit, two Community Points tokens, MOON and BRICK, took a nosedive.
The r/cryptocurrency coin MOON tumbled 84% while the r/fortnite token shrunk nearly 40% in value.
“Terrible move that will make Reddit very untrustworthy going on, you just ruined a lot of dreams [and] cost people an insane amount of time and money that they invested just so you could say that your trial was cool [and] you got some info from it all?” another person wrote. Within the same thread.
Since their inception in 2021, Reddit’s blockchain-fueled Community Points tokens had woven a fabric of expectation among Redditors, many of whom envisioned the project sailing smoothly for several more years. A handful of Redditors have articulated their resolve to uphold these projects independently, without Reddit’s patronage.
As of now, the MOON tokens ecosystem has a total of 126,013,438 tokens shared among 211,104 unique holders.
