On CoinMarketCap, the WallStreetBets token (WSB) appeared, taking zero place ahead of BTC in terms of capitalization. This is related to the revenge of Reddit users on institutional traders.
The fictional token is valued at $483, and its capitalization is $24.8 billion. There are 51,442,000 WSBS in circulation, and the daily trading volume of the WSB amounts to $100 million.
These figures did not come out of nowhere. They indicate the performance of the American retail chain GameStop, which sells video game consoles and computer games.
Its shares were the subject of a dispute between hedge funds that opened short positions , and thousands of users of the WallStreetBets subreddit, who began a massive purchase to punish market manipulators.
The participants of the subreddit managed to raise the price of GME more than five times. The stock’s rise caused the hedge fund Melvin Capital to lose billions of dollars in short positions.
After that, the American platform for retail trading in stocks and crypto assets, Robinhood, suspended the purchase of GME shares, to “control market manipulation.” Broker Ameritrade suspended trading in these shares for a similar reason.
This caused widespread outrage: retail investors were prohibited from buying shares, while hedge funds were free to trade them as they see fit.
The social network Facebook removed the official group of the Robinhood community of traders. American politician Alexandria Ocasio-Cortez wrote on Twitter about the unacceptability of such actions, and Congressman Paul Gosar asked the US Attorney General to investigate.
A lawsuit has also been filed against Robinhood for attempting to manipulate the smooth functioning of the financial market. The lawsuit received widespread public support.
The WSB token was created and placed on CoinMarketCap as a sign of support for the WallStreetBets community, which made headlines around the world.
Now the token occupies a place above Bitcoin, sharing with it the principles of the free market and the right to full ownership of assets that should not be managed by hedge funds and other Whales.
Originally published at https://thecryptobasic.com on January 30, 2021.
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Coinmarketcap Pushed The WallStreetBets (WSB) Token Ahead Of Bitcoin In Support Of Reddit Users was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.