WallStreetBets Coin becomes #1 on CoinMarketCap... kind of
Jan 29, 2021WallStreetBets Coin becomes #1 on CoinMarketCap... kind of
The new coin suddenly appeared at the top of CoinMarketCap's rankings, but is r/Wallstreetbets really coming to crypto？
72279 Total views
41 Total shares
Listen to article
The influence of Reddit‘s r/Wallstreetbets subreddit has apparently spread to the cryptocurrency space, after a new coin appeared at the top of CoinMarketCap’s rankings on Friday.
Dubbed WallStreetBets (WSB), the new coin apparently gained in excess of 130% in the past 24 hours, with a daily trade volume of $100 million.
However, the new coin appears to be the latest in a series of jokes played by the CoinMarketCap team. The coins page on CMC features the following message:“All UR MeMes R belong to us and Charmander-marth!!11. We seek alpha and master beta. Please note that this is a joke and no such asset exists. If you see similarly-named projects, please perform the requisite due diligence and do not ape in.”
The reference to Charmander-marth links to a YouTube video featuring Social Capital CEO Chamath Palihapitiya being interviewed by CNBC regarding his successful trading of GameStop stocks during the short-squeeze initiated by the r/Wallstreetbets subreddit.
The coins CMC page offers up a brief timeline of the GameStop saga, describing the short-squeeze tactic and the subsequent effect it had on the Robinhood trading app, which suspended retail trading for GameStop and several other stocks, including AMC, Nokia and Blackberry.
Clicking the link to the coin‘s white paper links to the Twitter page of"MuzlM_Trader," whose tweet also drew attention to Chamath Palihapitiya’s appearance on CNBC.
Bruhhh he keeps exposing their shit you heard it from @chamath the market is different and will continue to be volatile moving into the future... whose ready to be rich？ $cciv $gme $nakd $nok $Tesla etc... pic.twitter.com/Chake5mkTF— MuzLM Trader (@MuzLM_Trader) January 27, 2021
The influence of the subreddit on the cryptocurrency space was also witnessed in the price surge initiated by Dogecoin (DOGE), which briefly broke into the market capitalization top 10 following a 570% increase in its spot price. DOGE's surge was also orchestrated on Reddit.
The Big Four Are Gearing Up to Become Crypto and Blockchain Auditors
The name‘s bond, cryptobond: Meet DeFi’s brand-new asset class
The future of crypto trading will be omni-chain
Blockchain will revolutionize healthcare — Just not any time soon
Synthetic dreams: Wrapped crypto assets gain traction amid surging market
US crypto regulations will return Bitcoin to its digital cash origins
- CryptoQuant CEO says Coinbase Bitcoin outflows are a ’bullish signal‘
- SEC charges promoters of Steven Seagal-spruiked ICO from 2018
- Price analysis 2/1: BTC, ETH, XRP, DOT, ADA, LINK, LTC, BCH, BNB, XLM
- What short squeeze？ Here’s what is really behind XRPs recent 170% rally
- USDC on exchanges doubled in January while Tether's dominance fell to new lows
Cointelegraph YouTube Subscribe
Advertise with us
Article involves exchange
5-10 years | MTL License | EMI License | Digital Currency License
2-5 years | Suspicious Regulatory License | Medium potential risk
About MoreNo Regulatory
1-2 years | Suspicious Regulatory License | Medium potential risk
About MoreNo Regulatory
2-5 years | Investment Advisory License
1-2 years | Digital Currency License
Bitcoin Mining Farms in El Salvador to Utilize Clean, Cheap, Renewable Volcanic Energy, President Bu
- Token conversion
- Exchange rate conversion
- Calculation for foreign exchange purchasing
- Please enter the number
- Current Currency
- purchasing price
- Amount Required