🔴 Reddit Ends Blockchain Community Points Program Reddit announced the discontinuation of the Community Points program due to the requirement of excessive resources.
💥 Crash of MOON, BRICK & DONUT Post Announcement Following this announcement, Reddit-associated tokens MOON, BRICK, and DONUT crashed by 44% to 85%.
💸 Major Losses for Investors The crash resulted in significant losses for investors, with some claiming this to be a "rug pull" by Reddit.
🔍 Main Focus on Other Crypto Events, Reddit Situation Overlooked Despite the focus on Bitcoin ETF approval, the situation with Reddit discontinuing its program was overlooked by many, leading to major crashes for the associated tokens.
📉 Reddit Shuts Down Three-Year-Old Program Reddit's Director of Consumer and Product Communications, Tim Rathschmidt, confirmed the winding down of Community Points, aimed at rewarding creators and developers.
🎁 Ethereum-based Tokens as Rewards As part of this program, Ethereum-based ERC-20 tokens MOON, BRICK, and DONUT were distributed as rewards.
🏁 Program to Be Phased Out by November 2023 The program is planned to be phased out gradually and come to a complete end by November 2023.
📉 Reddit Tokens Experience Steep Drop The tokens associated with the social media platform saw their prices plummet drastically following the announcement.
🤔 Accusations of a Possible Rug Pull While the crash is strongly associated with the end of the Reddit program, some considered it to be the result of a potential rug pull by Reddit.
😞 Holders of MOON, BRICK, and DONUT Suffer Disastrous Losses The truth is that MOON, BRICK, and DONUT holders are now facing disastrous losses.