Cryptocurrencies are overtaking meme stocks in discussions on Reddit as retail traders seek quick returns
Natasha DaileyMay 26, 2021, 02:33 IST
The photo shows physical imitations of cryptocurrency. INA FASSBENDER/AFP via Getty ImagesINA FASSBENDER/AFP via Getty Images
Comment volumes on the r/CryptoCurrency subreddit jumped 82% this month, new data shows.
Meanwhile, total comments on
Millennials and Gen-Zers have a large relative exposure to
cryptocurrency, JPMorgan analysts said.
Cryptocurrency is taking over
Reddit threads, and meme stocks are going to the back burner, according to figures from market data firm Quiver Quantitative.
The data, shared with Insider, found comment volumes on the r/CryptoCurrency subreddit jumped 82% this month, while the number of comments on r/WallStreetBets sunk 25%.
By John Friend
A network of individual, “common man” retail investors organizing on social media sites, including a popular public forum called “Wall Street Bets,” hosted on the discussion website “Reddit,” has caused chaos in the financial markets recently, inflicting billion-dollar losses on predatory hedge funds. Hedge funds often use their vast sums of capital to target struggling companies by “shorting” their stocks, which is essentially betting that the stock price will drop, not rise. “Wall Street Bets” and their supporters have thoroughly exposed the corrupt nature of the financial system, which illegally colludes and collaborates with large financial institutions and players to protect their ill-gotten gains.
Let s get started.
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2. Two Coinbase execs are worth nearly $1 billion after the crypto company s direct listing. Despite joining the company less than 15 months ago, the company s IPO showered wealth on its employees. Meet the people who just made bank.
3. A leaked poll shows how employees really feel about working at Microsoft. Nearly 132,000 responded to the company s annual survey and topics like inclusion and work group health fared better than others.
The long and the short of market manipulation americanbanker.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from americanbanker.com Daily Mail and Mail on Sunday newspapers.
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Redditors are coming together once again – this time to adopt gorillas. Marcos del Mazo/LightRocket via Getty Images, Dado Ruvic/Reuters
Since Saturday, Redditors have donated more than $300,000 to a gorilla conservation fund.
One used the name GameStop : the retailer whose stock Redditors sent surging after hedge funds tried to short it.
The fund s homepage now features subreddit Wall Street Bets motto: apes together strong.
Wall Street Bets users on Reddit now have a new target after taking on hedge funds: gorillas.