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Reddit-Based Tokens Plunge on Report of Wind Down of Community Points
MOON, BRICK and DONUT tokens prices are each lower by 60%-90%.
Oct 17, 2023, 7:35 p.m.
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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.
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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.
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‘Bitcoin to zero’ searches spike in the U.S., but the bottom signal is mixed
Google Trends data shows the term hit a record high in the U.S. this month, though global interest has fallen since peaking in August.
What to know:
- U.S. searches for “bitcoin zero” on Google hit a record high in February as BTC slid toward $60,000 after hitting a peak in October.
- In the rest of the world, searches for the term peaked in August, suggesting fear is concentrated in the U.S. rather than worldwide.
- Similar U.S. search spikes in 2021 and 2022 coincided with local bottoms.
- Because Google Trends measures relative interest on a 0-to-100 scale amid a much larger bitcoin user base today, the latest U.S. spike signals elevated retail anxiety, but does not reliably guarantee a clean contrarian reversal.
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