Reddit forum discussions turn from meme shares into cryptocurrencies

Discussions on Reddit’s major cryptocurrency forum this month bypassed the WallStreetBets forum on the “meme stock” forum, reflecting how many days traders have shifted their focus from stock market to digital coins for a quick return or a little fun hunting.

According to the research group Quiver Quantitative, the number of comments on the social media site r / Cryptocurrency forum increased by 82% from May 1 to May 21, with almost 36,000 comments on Friday, the end of the volatile week of other Bitcoin digital data. currencies:

In contrast, the number of comments on r / WallStreetBets fell by 42% during the same period, and on May 21 – only 13,000.

WallStreetBets gained popularity earlier this year when commentators encouraged short compression This further increased GameStop և a number of other stocks, causing significant losses to hedge funds that had bet against the shares. He was the CEO of Reddit was invited to a congressional hearing in a rage

Millions Reddit: Users started following r / WallStreetBets during that period, but according to Quiver, the comments are 97% less than the record set at the end of January – more than 430,000 messages per day.

Discussion of Pt currency is prohibited on r / WallStreetBets. Moderators ban messages cryptocurrencies “Or any other worthless securities that are subject to fraud or pump-and-roll schemes.”

The R / Cryptocurrency debate is “steadily rising,” said James Ames Kardatsky, founder of Quiver.

“Many active retailers simply do not want to see numbers in their Robinhood [brokerage] “The bill will increase, they also want to invest in the story,” said Kardatsky, while trading in meme stocks such as GameStop և AMC have been quieter in recent months, cryptocurrency developments have been happening fast և fast.

Founder of Tesla in recent weeks Elon Musk publicly supported, and then cooled down with bitcoin և mock the dogecoin joke currency; bitcoin giant ecological consequences of the activity attracted attention; and the Chinese government has signaled its determination restrain use cryptocurrency.

“Crypto has a lot of instability, more interesting stories,” said Kardatsky.

Shortly after tweeting earlier this month, Musk mentioned more than 2,000 times on r / Cryptocurrency that his electric car company would no longer accept bitcoin, a move that sparked a digital currency fire.

Last week, when bitcoin hit a record low of $ 30,000, cryptocurrency forum comments reached a record high of 59,000 in one day.

a a recent study found that the number and tone of Reddit comments affected GameStop’s day-to-day trading during a brief click earlier this year.

Such a “played-out” approach to social media promotion was evident in hidden assets, says Brian Lucy, a professor at Trinity Business School in Dublin. “You have a group of people looking for inspiration. “They took a different view of risk-return.”

Interactive Brokers chief strategist Steve Sosnik said: “Investors still love meme stocks. Crypto was a purer expression of the meme trade. It took a lot of steam from the stockpile, from speculation. ”

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