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Reddit Discontinues Blockchain Community Program, Triggering Plummet in MOON, BRICK, and DONUT Tokens”
Reddit Announces the End of an Era
In a move that has shaken its crypto-engaged communities, Reddit is pulling the plug on its three-year-old Community Points program. Tim Rathschmidt, Reddit’s Director of Consumer and Product Communications, confirmed the phase-out in a discussion with TechCrunch, marking the end of an initiative that integrated the social media giant with the bustling world of cryptocurrencies.
A Dive into the Program’s Origins
Launched with the aim of incentivizing content creators and contributors, Reddit’s program rewarded users with ERC-20 tokens — MOON, BRICK, and DONUT — each linked to specific subreddit communities. These Ethereum-based digital assets were more than mere tokens; they were a part of Reddit’s broader push to intertwine blockchain technology with social media engagement.
A Sudden Tailspin for Community Tokens
The news hit hard, and the tokens’ market responses were swift and brutal. Within a mere 24 hours of the announcement, MOON nosedived, shedding over 85% of its value. BRICK and DONUT followed suit, plummeting by 50.65% and nearly 48%, respectively. The community reels as it watches the staggering devaluation of what were once symbols of a pioneering social media-crypto collaboration.
Speculations of Malfeasance Surface
While the tokens’ crash seems intrinsically linked to Reddit’s decision, darker rumors have surfaced, suggesting a potential “rug pull” scenario by the platform. This term, infamous in crypto circles, refers to project developers absconding with investors’ money. The speculation was fueled further by a tweet from blockchain security expert Jameson Lopp, highlighting an individual’s claim of significant financial loss, insinuating foul play.
Conclusion: Reddit’s unexpected termination of its Community Points program spells turmoil for its associated tokens, as MOON, BRICK, and DONUT values tumble dramatically. Amidst the market carnage, whispers of a possible rug pull add an ominous layer to the development. As November 2023 looms — the program’s official end date — both the crypto community and Reddit users brace for what comes next in this unprecedented intersection of social media and blockchain technology.
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