The current crypto rally has garnered so much momentum that it can no longer be stopped as it continues to attract the attention of many investors, including those in the popular Reddit community, WallStreetBets.
According to a recent post on the subreddit, the forum will now start allowing discussions about the two top cryptocurrencies, Bitcoin and Ethereum, and the meme-inspired coin, Dogecoin, in a daily crypto discussion thread in the community.
WallStreetBets had stayed away from participating in discussions or approving posts related to cryptocurrencies and their underlying technologies in an attempt to stay true to their core value — the stock market.
The post reads,
Our main concern is that crypto discussion overtakes the core of what r/wallstreetbets is about, which is the stock market.
However, with the bitcoin adoption trend increasing every day, many people are getting more interested in the concept of cryptocurrencies so the moderators of the community can not hold back the waves any longer.
“I don’t see the point in delaying the inevitable anymore as crypto is here to stay. After much deliberation, we’ve decided to allow for discussions about only BTC, ETH, and DOGE only inside of a Crypto discussion thread as not to burden everyone with crypto spam.”
WallStreetBets GameStop Saga
WallStreetBets had gotten extremely popular earlier this year when its almost 10 million users generated a frenzy in the stocks of American video game retailer GameStop Corp.
Using a method known as “short-squeeze,” these retail stock investors initiated a rally that drove up the prices of GameStop stocks, causing Robinhood and several other exchanges to immediately halt trading.
The saga continued as these retail investors channeled all their attention and grievance about the halt in GameStop trading to DOGE, pumping the price of the memecoin by more than 1100% within a few hours.
A Thriving Industry
So far, 2021 has been quite an eventful year for the crypto industry. Bitcoin and many other coins have more than doubled their prices since the beginning of the year.
The euphoria has also surged recently following the new all-time high of $63,729.5 set by bitcoin just a few days before Coinbase was officially listed on NASDAQ.
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Read original at Coinfomania
Author: Obike Favour