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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.
On this photograph illustration, a Reddit emblem seen displayed on a smartphone with inventory market costs in … [+]
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
