Wednesday, September 29, 2021
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WallStreetBets Coin becomes #1 on CoinMarketCap

At the top of CoinMarketCap's rankings, the new coin (WallStreetBets) unexpectedly appeared

ince a new coin landed at the top of CoinMarketCap’s rankings on January 29, the influence of Reddit’s r/wallstreetbets sub has evidently expanded to the cryptocurrency space. The new coin, called WallStreetBets (WSB), has reportedly gained over 130% over the past 24 hours, with a regular trading value of $100 million.

The new coin, though, seems to be the latest in a series of jokes from the CoinMarketCap team. The coin’s CMC page includes the following message: “All UR MeMes R belong to us and Charmander-marth!!11. We seek alpha and master beta. Please note that this is a joke and no such asset exists. If you see similarly-named projects, please perform the requisite due diligence and do not ape in.”

The reference to Charmander-marth links to a YouTube video featuring CEO Chamath Palihapitiya of Social Capital being interviewed by CNBC about his successful Gamestop (GME) stock trading during the short-squeeze started by r/wallstreetbets sub.

A brief timeline of the Gamestop saga, explaining the short-squeeze strategy and the resulting impact it had on the Robinhood trading app, which suspended GME retail trading and many other stocks, including AMC, Nokia and Blackberry, is given on the coin’s CMC page.

Clicking on the link to the coin whitepaper leads to the @MuzlM Trader Twitter page, whose tweet also attracted attention to the presence of Chamath Palihapitiya on CNBC.

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