The stock market was rocked by Reddit at the beginning of the year, and the effects of thousands of Redditors banding together will still be felt in 2022. With over 500 crypto communities on the wildly popular social media platform, Cryptocurrency became the most viewed topic last year. If you think meme stocks are so last year, you will be surprised to see their growth this year. In this article we shall talk about the Reddit recap meme stocks and the growth of crypto in 2022
In the Reddit Recap, Dogecoin topped the list of the most popular articles in cryptocurrency groups, with a post asking “Who’s still holding DOGE?” receiving more than 80,000 upvotes. The subreddits r/dogecoin, r/cryptocurrency, r/superstonk, r/bitcoin, and r/amcstock were the top five most active crypto communities. With over 6.5 million “crypto” references on the platform in 2021, cryptocurrency is the most popular topic on Reddit. The year 2022 will be even larger for cryptocurrency, according to Redditors.
The Reddit Recap of 2021
Reddit published information on the most popular topics on the platform in 2021, much like Spotify’s yearly “Wrapped” compilation.
The Recap stated that there were many discussions on Reddit, but none was more well-known than cryptocurrencies in 2021. Reddit has hosted more than 500 bitcoin communities for more than ten years. According to the report, Reddit remains the hub for cryptocurrency fans as more users engage in dialogue, whether it be for information, assistance, or to celebrate significant profits. Redditors are also interested in AMC and Tesla. The posts titled “AMC You In Jail, Cheaters,” and “Tesla Buys $1.5 billion in Bitcoin and Is Looking to Accept Crypto as Payment in the Near Future” were home to the most popular threads on the platform.
Meme Stocks
A stock is considered a “meme stock” if its value has increased due to buzz on social media and online discussion boards like Reddit rather than to the company’s performance. Many times, these stocks become overpriced for a short amount of time before they are inevitably sent crashing. Such is the story of GameStop, which Reddit took for a ride in 2021. Share prices have stayed extremely high since GameStop investors started the meme stock craze in early 2021. That’s because the GameStop “apes,” as followers of meme stocks are referred to, are obstinately holding onto the stock.
In 2022, Tesla and AMC Entertainment remain big meme stocks. Recently, AMTD Digital, a relatively unknown Hong Kong tech company has exploded with its stock blowing up more than 30,000%!
Loyalty to Bitcoin
Undoubtedly, Bitcoin is the most used cryptocurrency to date. On Reddit, a lot of cryptocurrency fans put all of their money into Bitcoin and swear by it. Redditors believe that Bitcoin requires firm societal support right away to develop and eventually have a substantial social influence. They voiced their sorrow when Bitcoin’s value decreased and Dogecoin rose from nothing.
The power of r/WallStreetBets
Earlier this year, Reddit made headlines when ordinary traders on r/Wall Street Bets purchased shares of highly shorted companies, including AMC, GameStop, and Bed Bath & Beyond. The value of these stocks soared high before ultimately crashing in an attempt to defeat hedge funds that were betting against them.
Dogecoin boom
In December 2013, out of pure desperation, Dogecoin, a peer-to-peer Internet currency, was created in a world where the concept of virtual currency itself is being contested. It is considered by many to be the first “meme coin,” based on the internet meme of a Shiba Inu dog known as “Doge.” Dogecoin has proved to be very volatile, it was just in 2021 when its value increased by almost 800% when a Reddit community discussed turning it into the cryptocurrency version of GameStop. The subreddit r/SatoshiStreetBets aims to boost cryptocurrencies in the same way as r/WallStreetBets boosted stock prices.
A user with the username “iUsedToCallDogeDodge” went viral when he posted on Reddit’s r/dogecoin subreddit that he had become a dogecoin millionaire. The user had bought 5 million Dogecoins at 4 cents (around $250,000) which turned into more than a million dollars.
The Growth of Crypto in 2022
More and more people have begun investing their hard-earned money into digital cryptocurrency. Bitcoin, Ethereum, and Dogecoin are some well-known cryptocurrencies that garner a lot of attention due to their prices reaching sky-high, keep an eye on them if you are planning to invest. Reddit users seem to be more interested in Dogecoin than Bitcoin though, as was reported in the past year’s Reddit Recap. By the end of 2022, it’s anticipated that there will be more than a billion crypto owners worldwide. In 2021, there were 295 million crypto users worldwide, up from 106 million in January, that’s more than a 150% gain!
Conclusion
The most popular subjects on the platform in 2021 were published on Reddit in its “Reddit Recap.” The topic with the most views last year was cryptocurrency. For more than 10 years, Reddit has been the home to more than 500 subreddits discussing crypto opportunities. There will likely be more than a billion crypto owners globally by the end of 2022. Keep an eye on subreddits like r/WallStreetBets to stay up to date on what Redditors are going to invest in next.
