The Reddit community, responsible for the skyrocketing share prices of Gamestop, is now open to crypto discussions
The team of moderators behind WallStreetBets (WSB) on the Reddit forum, which created one of the largest community-driven pumps, GameStop, are now expanding the conversations to cover the world of cryptocurrencies.
The moderators’ decision, however, differs from the WSB’s original mission to discuss publicly traded stocks. One of the WSB moderators, nicknamed bawse1, stated that they “no longer see any point in delaying the inevitable as crypto will stay here”.
“After much deliberation, we decided to only discuss BTC, ETH and DOGE,” remarked bawse1. The way WSB organizes and manages the spam issues encompasses all of the crypto discussions that are condensed into a single thread on Reddit.
The WSB move comes just days after Coinbase, one of the largest crypto exchanges to date, was listed directly on the NASDAQ exchange. This opens up the possibility for traditional investors to invest indirectly in cryptocurrencies and in particular in Bitcoin.
Coinbase generates a large part of its revenue with transaction costs. So if the trading volume at Coinbase drops, this would negatively affect the prices on the exchange.
WallStreetBet’s inclusion of DOGE, the meme cryptocurrency, is no wonder, as the coin was created as a hoax and uses the popular Shiba Inu meme as its mascot. The Reddit community is familiar with the coin, so a discussion of DOGE can add up the price, as it was with GameStop.
GameStop’s rapid price pump occurred while hedge funds were heavily opposed to a price hike. Even so, Redditors managed to pump Gamestop’s stock from under $ 20 on Jan 12 to a high of $ 347 on Jan 21.
Doge, on the other hand, saw massive celebrity and grassroots ad campaigns that rocketed the meme coin to a high of $ 0.12. Entrepreneurs like Elon Musk, Mark Cuban and Guy Fieri showed their support for DOGE when Musk tweeted about the coin several times while Cuban, who owns the Dallas Mavericks, announced that the team would sell tickets and merchandise using the meme coin.
Bitcoin Ethereum Cryptocurrency Crypto Market Dogecoin Crypto Market Monitoring Stocks Cryptocurrencies Doge Cryptocurrency News Reddit