Reddit’s r/WallStreetBets subreddit has spread to the cryptocurrency space after a new coin, named “WallStreetBets (WSB)” appeared at the top of CoinMarketCap’s rankings on January 29 (Friday).
It has been reported that the new coin apparently gained in excess of 130% in the past 43 hours, with a daily trade volume of $100 million.
However, the new coin appears to be the latest in a series of jokes played by the CoinMarketCap team.
WallStreetBets is now in the crypto game? The @CoinMarketCap team appears to have played a joke in reference to the latest interviews with billionaire Chamath Palihapitiya. https://t.co/rlTiT3SGxn — Cointelegraph (@Cointelegraph) January 29, 2021
The coin’s page on CMC features the following message:
“All UR MeMes R belong to us and Charmander-marth!!11. We seek alpha and master beta. Please note that this is a joke and no such asset exists. If you see similarly-named projects, please perform the requisite due diligence and do not ape in.”
The report said that the reference to Charmander-marth links to a YouTube video features Chamath Palihapitiya, the CEO of Social Capital, being interviewed by CNBC regarding his successful trading of GameStop stocks during the short-squeeze initiated by the r/WallStreetBets subreddit.
Thus, the coin’s CMC page offers up a brief timeline of the GameStop saga by describing the short-squeeze tactic and the subsequent effect it had on the Robinhood trading app, which suspended retail trading for GameStop and several other stocks, including AMC, Nokia, and Blackberry.
Source: Cointelegraph