15 Apr 2021 Arjun Agarwal
WallStreetBets Will Allow Bitcoin, Ethereum And Dogecoin Discussions On Reddit
The moderators’ team behind WallStreetBets (WSB) on the Reddit forum, which created one of the biggest community-driven pumps, GameStop, is now expanding the conversations to cover the world of cryptocurrencies.
The moderators’ decision, however, differs from WSB’s initial mission – to discuss publicly traded stocks. One of WSB’s moderators, nicknamed bawse1 stated that they doesn’t “see the point in delaying the inevitable anymore as crypto is here to stay."
"After much deliberation, we've decided to allow for discussion about only BTC, ETH, and DOGE only," bawse1 also noted. The way WSB would organize and manage the spam issues would include all crypto discussions going into a single thread on Reddit.
The WSB move comes just days after Coinbase, one of the largest crypto exchanges to date, went on a direct listing on the NASDAQ stock exchange, which opens the doors for traditional investors to get indirect exposure to cryptocurrencies, and Bitcoin in particular.
Coinbase makes a vast majority of its revenue from transaction costs, which means if trading volumes on Coinbase decline, this would negatively affect the prices on the stock market.
WallStreetBet’s inclusion of DOGE, the meme cryptocurrency, is no wonder as the coin was created as a joke and uses the popular Shiba Inu meme as its mascot. The Reddit community is familiar with the coin, so a discussion about DOGE may boost its price, as it happened with GameStop.
GameStop’s frantic price pump happened while hedge funds were heavily betting against a price increase. Nevertheless, Redditors managed to pump Gamestop’s stocks from below $20 on January 12 to a high of $347 on January 21.
Doge, on the other hand, saw massive celebrity endorsement and a grassroots publicity campaign, which skyrocketed the meme coin to a high of $0.12. Entrepreneurs like Elon Musk, Mark Cuban, and Guy Fieri showed their support for DOGE, as Musk tweeted several times about the coin, while Cuban, who owns the Dallas Mavericks, announced 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