Reddit’s rWallStreetBets Subreddit Spreads To The Crypto Space After A New Coin Appeared At The Top Of CoinMarketCap’s Rankings
Reddit’s r/WallStreetBets Subreddit Spreads To The Crypto Space After A New Coin Appeared At The Top Of CoinMarketCap’s Rankings
January 30, 2021
Reddit’s rWallStreetBets Subreddit Spreads To The Crypto Space After A New Coin Appeared At The Top Of CoinMarketCap’s Rankings
Reddit’s r/WallStreetBets Subreddit Spreads To The Crypto Space After A New Coin Appeared At The Top Of CoinMarketCap’s Rankings
January 30, 2021

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.

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.

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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


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.