The new coin suddenly appeared at the top of the CoinMarketCap ranking, but is WallStreetBets really entering the cryptocurrency market?
The impact of Reddit’s r / wallstreetbets bottom has apparently spread to the cryptocurrency space after appearing as a new coin at the top of the CoinMarketCap ranking on Jan. 29.
Called WallStreetBets (WSB), the new coin has apparently surpassed 130% in the past 24 hours and has surged with a daily trading volume of $ 100 million.
WallStreetBets (WSB) in CMC. Source: CoinMarketCap
However, the new coin seems to be the last in a series of jokes played by the CoinMarketCap team. The page of the token in the CMC contains the following message:
All UR MeMes R belongs to us and Charmander-marth !! 11. We are looking for alpha and main beta. Please note that this is a joke and no such entity exists. If you see similarly named projects, please do due diligence and don’t get confused.
The Charmander-marth reference links to a YouTube video where Socia Capital CEO Chamath Palihapitiya is interviewed by CNBC about the successful trading of short-term Gamestop (GME) shares initiated by r / wallstreetbets.
The cryptocurrency’s CMC page presents a short timeline of the Gamestop saga, explaining the tactic of short squeeze (raising the cost of short squeezes by increasing the price of the asset by selling from the bottom). On top of that, the platform suspended retail trading for several other stocks, including GME and AMC, Nokia and Blackberry, due to its influence on the Robinhood trading application.
The crypto money’s whitepaper link is linked to @ MuzlM_Trader’s Twitter page. What stands out in this account is the news of Chamath Palihapitiya on CNBC.
The impact of sub reddit on the cryptocurrency space was also seen in the price increase initiated by Dogecoin (DOGE), which for a short time entered the top 10 by market value after a 570% increase in spot price. DOGE’s fluctuation was also managed from Reddit.