CoinMarketCap – has added a ticker of Wall Street Bets (WSB) at the forefront of their list. Users can find everything they need of the GameStop short squeeze and the aftermath there.
It’s perhaps here where we should add that while all of this was happening on Wall Street, the cryptocurrency market was shook too. The self-proclaimed ‘Chairman’ of Wall Street Bets took it to Twitter to ask if Dogecoin (DOGE) has ever traded at $1. That’s all it took.
In less than 24 hours, the most popular meme coin and arguably Elon Musk’s favorite cryptocurrency gained almost 1100%. It surpassed long-term projects with tons of fundamentals behind them and left them in the dust, peaking at number 7 on CoinMarketCap’s top 10 list.
What Is WallStreetBets (WSB)?
Before you jump in to purchase your WSB Coin, let us remind you no such coin exists, coinmarketcap has confirmed it in their about page
R/wallstreetbets, also known as WallStreetBets or WSB, is a subreddit where participants discuss stock and option trading. It has become notable for its profane nature, aggressive trading strategies, and role in the 2021 GameStop short squeeze.
The subreddit, describing itself through the tagline “Like 4chan found a Bloomberg terminal”, is known for its aggressive trading strategies, which primarily revolve around highly speculative, leveraged options trading. Members of the subreddit are often young retail traders and investors who ignore fundamental investment practices and risk management techniques, so their activity is considered gambling. The growing popularity of no-commission brokers and mobile online trading has potentially contributed to the growth of such trading trends. Members of the communities often see high-risk day trading as an opportunity to quickly improve their financial conditions and obtain additional income. Some of the members tend to use borrowed capital, like student loans, to bet on certain “meme stocks” that show popularity within the community.
“All UR MeMes R belong to us and Charmander-marth!!!!!111. We seek alpha and master beta. Please note that this is a joke- no such asset exists. If you see similarly-named projects, please perform the requisite due diligence and do not ape into anything associated with this page.”