Crypto is by no means a novel concept to Reddit. The social media platform features a number of communities dedicated to cryptocurrencies. While crypto projects operate their own official Reddit accounts to stay in touch with their community. Investing in all manner of assets is also widely discussed on the social media platform. These discussions gave birth to communities like r/WallStreetBets, which earned notoriety last year for being the primary driving force behind the creation of meme stocks.
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r/WallStreetBets was created to talk about stocks and the investments made in them by its community members. But the growing popularity of cryptocurrencies has seen members putting forth discussions regarding digital assets. Moderators on the subreddit have so far maintained topics of discussion on stocks and the stock market. Now, though, moderators have had to figure out a way to facilitate crypto discussions without tainting the original image of the subreddit. This has given birth to a new subreddit, r/WallStreetBetsCrypto.
Promoting Crypto Discussions
r/WallStreetBetsCrypto was created to give investors a place to talk about crypto and its market. Just like r/WallStreetBets, investors can post about crypto and crypto-related activities. And other members can chime in on these posts using the comment section.
Moderators announced its creation following increased demand from the r/WallStreetBets community to allow crypto discussions in the subreddit. They wanted to keep the discussions on the original subreddit focused on the stock market. So the next best thing was to create a new subreddit dedicated to crypto discussions by members of the r/WallStreetBets community.
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“We always kept crypto out of r/WallStreetBets because it just wasn’t what this community is about. With so many people trading crypto now, times have changed and crypto does seem to belong here.”
The Power Of Reddit
It is important to note the power a concentrated group of investors commands when focused on a single goal. This was what happened in 2020 that led to the creation of infamous meme stocks like GameStop and AMC. Investors on the r/WallStreetBets subreddit had agreed to all invest in a single stock to drive up the price of the stock. The never-before-seen investment strategy focused on failing stocks and GameStop presented the perfect opportunity.
Reddit Moons trading at $0.17 | Source: Moons on xDai on TradingView.com
This had spilled over into the crypto market in the form of meme coins like Dogecoin. Just like the meme stocks, the campaigns for investors to put money in these projects were done using images on social media known as memes. These meme coins had also experienced huge growth in a short period of time like its stocks counterparts.
There is no telling what impact the new subreddit may have on the cryptocurrency market. The subreddit is only four days old at this point and just finding its footing at over 22K subscribers. It could go the way of its parent subreddit and lead to the pump of crypto projects in the market. Or it could remain just a subreddit where investors can go to talk about their cryptocurrency investments.
Featured image from The Daily Hodl, chart from TradingView.com