The new coin appeared abruptly at the top of CoinMarketCap’s rankings. Many now ask, is WallStreetBets coming to crypto? The influence of Reddit’s r/wallstreetbets sub has spread to the crypto scene, after a new coin appeared at the top of the CoinMarketCap rankings on January 29.
Dubbed WallStreetBets (WSB), this new coin gained over 130% in the last 24 hours with a daily trade volume of $100 million.
Nonetheless, the new coin seems to be the latest in a series of jokes that were played by the CoinMarketCap team. The coin’s 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 apparent reference to Charmander-marth links to a YouTube video. That video features Social Capital CEO Chamath Palihapitiya who is interviewed by CNBC about his successful trading of Gamestop (GME) stocks. He is believed to have traded the stock during the short-squeeze initiated by the r/wallstreetbets sub.
The coin’s CMC page gives a brief timeline of the Gamestop saga. It described the short-squeeze tactic and the following effect it had on the Robinhood trading app that suspended retail trading for GME and many other stocks, including Nokia, AMC, and Blackberry.
Whenever one clicks on the coin’s whitepaper links it redirects to the Twitter page of one @MuzlM_Trader. The Twitter user’s tweet also drew some 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 growing influence of the subreddit on the crypto space was also seen in the price surge that was initiated by Dogecoin (DOGE) which shortly broke into the market cap top 10 after a 570% increase to its spot price. DOGE’s surge was also set up on Reddit.