CoinMarketCap, the crypto price-tracking website, has enlisted the WallStreetBets token yesterday over the top of Bitcoin. This came while scrolling down the market feeds on their website. Even though Bitcoin often remains to be the mother of all cryptos. However, the WallStreetBets token has been put out on the top to memorialize the namesake subreddit’s sudden worldwide fame. Warning reflecting on the WallStreetBets token about page at CoinMarketCap: “Please note that this is a joke- no such asset exists.” With a disclaimer at WallStreetBets token about page on CoinMarketCap, mainly clarified this incident as a joke and also denied no such existence of the concerned token. Furthermore, CoinMarketCap added that the WallStreetBets token joke is priced at $483. Also, a market cap of $24.8 billion, a supply of 51 million, and $100 million in the daily trading volume. However, those thriving figures didn’t come out of the blue as they were meticulously monitoring the metrics of a dying video game rental company called GameStop, whose stock held up between a bearish hedge fund and the members of a proactive Reddit Community of social news and discussion, WallStreetBets. How It All Ended Up At WallStreetBets Token It all embarked last year through a stock purchase by some members of the WallStreetBets forum referred to as autists. The stocks that they brought back then were GameStop (GME) stocks to punt on US stocks for raising their prices from $4 in 2020 to over $450 on 27th January. And due to this steep price, hedge fund Melvin Capital loses billions of dollars on its short trade. Now the most probable reason behind this move came from the company’s balance sheet, which held a fair amount of capital to prevent from going under, and even though its traditional brick-and-mortar business model was impacted. Robinhood Halts Trading of GameStop But the crux is that WallStreetBets wasn’t considered a clear winner. This is because of the unexpected halt in the trading of GameStop (GME) stock on the Robinhood platform, which is the most preferred platform for all the members of WallStreetBets. In response to this halt in stock purchasing on Robinhood, the platform officially started to curb the so-called “market manipulation,” joining in the bandwagon with other stock trading apps, Ameritrade, with similar excuses. And this unprecedented move by Robinhood heavily triggered not only the sentiments of all the members of WallStreetBets to rile up on the social media handle but also included the prominent personalities of the internet such as US politician Alexandria Ocasio-Cortez, who condemned the move by taking it to her Twitter handle. “This is unacceptable. We now need to know more about Robinhood’s decision to block retail investors from purchasing stock while hedge funds are freely able to trade the stock as they see fit.” As a form of token of gesture to the subreddit’s members of WallStreetBets, this move was taken into action alongside Bitcoin and other cryptocurrencies that share similar ethics, a free market, and total ownership of one’s assets, one not ruled by a single, powerful entity.
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