Social media trends suggest that Redditors are now turning to cryptocurrency as their preferred investment vessel, judging from participation in two sub-sections of the popular internet forum.
While r/WallStreetBets saw a steady decline in comments over May, there was a nearly 82% gain in comment volume in r/Cryptocurrency, based on data compiled by research company Quiver Quantitative.
According to Quiver Quantitative founder James Kardatzke the discussion on r/Cryptocurrency has been climbing steadily. This may reflect a trend by young investors to participate in assets that they feel are closer to their understanding.
WallStreetBets focuses on traditional finance, and even though the sub-Reddit announced its own governance token, the WSB, along with a decentralized app, cryptocurrency discussion on the forum has been restricted.
WallStreetBets was linked to the early-2021 GameStop rally, which subverted short-sellers’ expectations and pushed the GameStop’s stock so high that it caused hedge fund managers significant financial pains.
The events prompted additional regulatory scrutiny in companies such as Robinhood, a trading app available to just about anyone, and specifically targeting younger audiences.
Quiver Quantitative has been tracking not only Reddit activity, but also Twitter and other social media channels. The company specifically looked into the number of mentions of “buzzwords” that are nowadays linked to Bitcoin and cryptocurrency volatility, such as “Tesla” or even “Elon Musk.”
The recent rally in social media activity in cryptocurrency forums could mean that a growing number of people is looking invest in crypto, regardless of volatility and other inherent risks.
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