Cryptocurrency Dominated Reddit In 2021 Fueled By GameStop Mania

Topline

Cryptocurrency dominated Reddit in 2021, changing into the most-popular matter in its dialogue boards in a 12 months when its customers helped drive shares in GameStop and different meme shares to new heights. 

Key Details

In keeping with Reddit’s 2021 Recap, customers made 366 million posts on the platform, a 19% improve in comparison with final 12 months. 

Cryptocurrency was the most-popular matter, beating out gaming, sports activities and weddings: To date this 12 months, there have been 6.6 million mentions of “crypto.” 

The most well-liked crypto communities: r/dogecoin, r/superstonk, r/cryptocurrency, r/amcstock and r/bitcoin. 

The three hottest posts on the platform have been in r/wallstreetbets, the neighborhood that was largely chargeable for driving GameStop inventory to new heights: The primary submit confirmed a billboard in Occasions Sq. that had been bought by a neighborhood member and obtained 431,000 upvotes. 

Tangent

An April survey from Pew Analysis Middle discovered that 23% of U.S. grownup males use Reddit, in comparison with 12% of grownup ladies. In the meantime, 37% of respondents between the ages of 18 to 29 mentioned they visited the positioning. These numbers line up with one other Pew survey launched in November that reported 43% of males ages 18 to 29 have used some type of cryptocurrency, in comparison with simply 16% of the overall American public. 

Key Background

In January, customers on r/wallstreetbets plotted to spice up GameStop’s inventory value, hurting short-sellers who have been concentrating on the struggling retailer. The marketing campaign, which grew to become often called Gamestonk, was a meme with real-world results: The inventory was priced at $16.94 one 12 months in the past; as of midday Wednesday it was buying and selling for $177.63. Cryptocurrency additionally skyrocketed in 2021, notably the currencies with robust Reddit communities dedicated to them. In November, Bitcoin hit a document of over $69,000, although it has since fallen almost 27% to $50,464.90. 

Additional Studying

Crypto’s Tremendous Consumer: Younger Males. 43% Of U.S. Males Aged 18 To 29 Have Purchased The Foreign money (Forbes) 

GameStop Raises $1.1 Billion—Cashing In On 1,200% Reddit-Fueled Surge And Sending Shares Skyrocketing Once more (Forbes) 

Bitcoin Hits New Report Excessive Above $69,000 After Inflation Surges To 31-12 months Peak

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