Discussions at the Reddit cryptocurrency conference have already taken place at the “meme stock” WallStreetBets conference this month, highlighting how many traders have changed their minds from the stock market to digital currency in pursuit of faster returns and less fun.
Data from the Quiver Quantitative research team shows that most comments on the social media r / Cryptocurrency forum page rose by 82% from May 1 to May 21, with about 36,000 comments every Friday at the end of a difficult week for bitcoin and other digital currencies.
In contrast, the number of comments on r / WallStreetBets dipped 42 percent in the same period, with only 13,000 on May 21st.
WallStreetBets garnered early popularity this year as commenters recommended a little squeezing which drove GameStop and a few other shares to go up, wasting a lot of money on the bags that were betting on the stocks. The main reddit leader was convened an assembly of parliament in chaos.
Millions a Reddit users started following r / WallStreetBets at that time, but reviews have dropped by 97% since the end of January by more than 430,000 per day, according to Quiver.
Cryptocurrency negotiations are prohibited on r / WallStreetBets. Supervisors prohibit notes of money supply “Or any other useless security that is damaged or sprayed by dumping methods”.
Negotiations on r / Cryptocurrency “have been steadily rising”, says James Kardatzke, founder of Quiver.
“Most retailers don’t just want to see the numbers in their Robinhood [brokerage] the account is rising, they also want to use the account, “Kardatzke said, adding ads in meme stocks as GameStop and AMC have undergone significant changes in recent months, what is happening in cryptocurrency was coming deeper and faster.
In recent weeks, Tesla founder Elon Musk has contributed to the public and then cooled on bitcoin and showcased dogecoin jokes; bitcoin giant carbon residues attracts attention; and the Chinese government has expressed its determination to banning work of cryptocurrency funds.
“Crypto has a lot of problems and interesting stories,” Kardatzke said.
Musk was mentioned on r / Cryptocurrency more than 2,000 times shortly after tweeting earlier this month that the automotive electronics company would no longer accept bitcoin, a move that led to the sale of digital currency.
On Wednesday last week, when bitcoin reached the lowest price of $ 30,000, comments on the cryptocurrency conference reached 59,000 per day.
A recent research we have found that the amount and volume of Reddit reviews affected future sales in GameStop in a small push earlier this year.
A similar pattern of “media and gamified” marketing is also reflected in crypto products, says co-author Brian Lucey, a professor at Trinity Business School in Dublin. “You have a group of people who want to be happy. They have different views on risk and return. ”
Steve Sosnick, chief expert at Interactive Brokers, said: “Investors still love their products. Crypto was a clear reflection of meme marketing. It made us more steam and we were just thinking about other options.”
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