CoinMarketcap added “wallstreetbets” token on its platform on top of the crypto market as it made the headlines this week for its role in pumping the prices of Gamestop as we reported in our crypto news.
There’s now a WallStreetBets token on Coinmarekt cap which ranked above Bitcoin but it could all be just a joke. CoinMarketCap added “wallstreetBets” above BTC but of course, bitcoin is still the market leader while the WSB token put up to commemorate the namesake subreddit’s worldwide fame, as the platform noted:
“Please note that this is a joke- no such asset exists.”
The joke token is now priced at $483 with a market cap of $24.8 billion with a supply of 51 million and displayed over $100 million in daily trading volume according to the site. The numbers increased out of thin air but CoinMarketCap tracked the metrics of GameStop which is a game rental company whose stocks were caught in a fire between WSB members and hedge fund members as well. Starting sometime in 2020, the members of WSB bought up the GameStop stock saying that the company had plenty of capital on the balance sheet to save it from crashing even though its traditional business model was affected.
The subreddit members managed to pump the GME prices from $4 to over $450, with the price surging causing the hedge fund Melvin Capital to lose billions of dollars on the short-trade. WSB didn’t win exactly as Robinhood chose to pause all purchases of the GME stocks stating it was to control the “market manipulation.” Other brokerages joined as well to pause the stock trading for a similar excuse. The move causes WSB members to spike on social media and attracted the attention of politicians like Alexandra Ocasio Cortez who condemned the move:
“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.”
This is unacceptable.
We now need to know more about @RobinhoodApp’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 member of the Financial Services Cmte, I’d support a hearing if necessary. https://t.co/4Qyrolgzyt
— Alexandria Ocasio-Cortez (@AOC) January 28, 2021
The WSB token was put in place as a support gesture from the subreddit members and it took the place alongside BTC and other crypto assets. As for Robinhood, a lawsuit was filed for its alleged role in blocking and manipulating the functioning of the financial market.
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