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Reddit Recap: Meme Stocks, Dogecoin, Bitcoin and the Growth of Crypto in 2022

Mandatory Credit: Photo by Pavlo Gonchar/SOPA Images/Shutterstock (11751613x)In this photo illustration a Reddit logo is seen on a mobile phone screen in front of WallStreetBets (WSB) logo of a subreddit where participants discuss stock and options trading.
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Pavlo Gonchar / SOPA Images / Shutterstock / Pavlo Gonchar / SOPA Images / Shutterstock

Social networking platform Reddit, which was up and running in 2021, recently released a “Reddit Recap” program at the end of the year. The summary covers some surprises about the platform, including the fact that reviewers have expressed more investment interest in Dogecoin than Bitcoin.

See: Reddit’s Secret IPO Files – Could It Become a Meme Stock?
Research: Tesla Memes rage on WallStreetBets on Reddit after stock plunges 5% Monday

Reddit has been at the center of this year’s meme stock volatility saga — in part due to active retail traders sticking to their opinion on the r/WallStreetBets subreddit — and also, in December, it announced that it had secretly submitted papers to the Securities and Exchange Commission (SEC) for an initial public offering (“IPO”). IPO).

“In the past year, Reddit has become the place where people have felt empowered and inspired to share their opinions, experiences, and stories and connect with each other to take action and positively impact their communities,” Reddit said in a blog post.

It’s no surprise that the most watched topics in 2021, with coding being the number one topic, are analyzed before games.

In 2021, there was a lot of conversation on Reddit, but nothing was more remarkable than cryptocurrency. For over 10 years, Reddit has been home to over 500 cryptocurrency communities. As more editors engage in the conversation, whether it’s for information, help, or to share major successes, Reddit continues to be a hub for crypto enthusiasts.”

Notably, Dogecoin received more attention than Bitcoin on Reddit in 2021: the top five most viewed crypto communities in 2021 were r/dogecoin, r/superstonk, r/cryptocurrency, r/amcstock, and r/bitcoin.

Additionally, the blog post notes that r/superstonk subscriber growth has increased exponentially among Reddit’s crypto communities, with an increase of 917,000% year-over-year. There were 6.6 million references to “crypto” across the platform in 2021, as of publication of the summary.

Most popular posts on Reddit

In terms of the most voted posts among the crypto community, Dogecoin again took the top spot, with a post titled “Who Still Holds $DOGE?” Get 80,300 upvotes.

Related Topics: Bitcoin Revenue Over 70% in 2021, Outperforming Gold and Stock Markets for Third Year in a Row

This was followed by posts titled “All the confirmation bias I need, here in one tweet”, from r/superstonk and “I heard about the kid who put $500 into memecoin and made $100k, but you don’t hear about hundreds who put in $1,000 and $0.1 left” from r / cryptocurrency.

Other topics of interest included AMC and Tesla, with the posts “AMC YOU IN JAIL, CHEATERS” and “Tesla Buying $1.5 Billion of Bitcoin and Looking to Accept Cryptocurrency as Payment in the Near Future” list the most popular topics.

Reddit is expanding and opening new offices

In addition to its planned initial public offering, Reddit said it has continued its global expansion by announcing new offices in Canada, Australia and Germany, and reaching new redditors around the world.

The number of shares to be offered and the price range of the proposed offer has not yet been determined. The IPO is expected to take place after the Securities and Exchange Commission (SEC) completes the review process, depending on market and other conditions,” Reddit said. “We are in a quiet period, and for regulatory reasons, we can’t say anything else.”

Furthermore: Dogecoin, Stimulus Verification and More Most Searched Financial Terms of 2021 on Google

Peter Cohan, senior lecturer at Babson College and author of “Goliath Strikes Back,” told GOBankingRates at the time that because it’s a classified file, it’s hard to tell if the company is growing fast or turning a profit.

“At the same time, I can see it has become a meme stock because it hosts WallStreetBets which is the ultimate meme incubator,” Cohan added.

Reddit makes headlines, spawns ads

Reddit also noted in its 2021 summary that it aired “the first-ever 5-second Super Bowl ad (or as we call it the Superb Owl). We’ve shipped new features — Reddit Talk, Prediction, and CryptoSnoos — that give Reddit more ways to connect and interact with each other. some”.

Learn: Valkyrie Launches Balance Sheet ETF Opportunities With Bitcoin Exposure, Targeting “Growing Demand for Investing in Cryptocurrencies the Easy Way”
Exploration: Yahoo experts predict 2022 will be an even bigger year for crypto

Reddit made headlines earlier this year as retail traders on r/WallStreetBets, intent on getting rid of short hedge fund sellers by buying shares of short-sold stocks, sent in mentioned stocks — including GameStop And AMC Entertainment and Bed Bath & Beyond — to rise…and then collapse. In contrast, market volatility has caught the attention and anger of regulators at times.

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About the author

Yael Biswati Kennedy is a full-time former financial journalist who has several publications, including Dow Jones, Financial Times Group, Bloomberg and Business Insider. She has also worked as Vice President/Senior Content Writer at major New York City-based financial firms, including New York Life and MSCI. Yael She now works independently and most recently co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare” with Dr. Sean Manion. (CRC Press, April 2020) She holds two MAs, one in Journalism from New York University and one in Russian Studies from Toulouse Jean Jaures University, France.

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