Reddit-Based Tokens Plunge on Report of Wind Down of Community Points
MOON, BRICK and DONUT tokens prices are each lower by 60%-90%.
Reddit is shuttering its roughly three-year-old blockchain-based Community Points program, reports TechCrunch.
"Though we saw some future opportunities for Community Points, the resourcing needed was unfortunately too high to justify," Tim Rathschmidt, Reddit's director of consumer and product communications, told TechCrunch. "The regulatory environment has since added to that effort," he added.
Moons [MOON], the native token of Reddit's r/CryptoCurrency community, is lower by 85% on the news, while Bricks [BRICK], distributed as a reward for contributions in the r/Fortnite subreddit, is down 67%. Donut [DONUT] the token that represents the community points of the r/ethtrader subreddit is off 66%.
"Part of why we’re moving past this product is that we’ve already launched, or are actively investing in, several products that accomplish what the Community Points program was trying to accomplish, while being easier to adopt and understand," said Rathschmidt.
Lebih untuk Anda
Lebih untuk Anda
Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
Yang perlu diketahui:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
