A new cryptocurrency has suddenly appeared at the very top of CoinMarketCap's ranking. Did WallStreetBets really release its token to conquer the ranking? As we know, there is a storm going on in the investment world right now, as users of the WallStreetBets group on Reddit, have started a movement of investing in shorted companies like AMC and GameStop, trying to drive hedge funds into bankruptcy, thereby making money. Don't be surprised if you see the WallStreetBets (WSB) token as the world's largest cryptocurrency in terms of gains when you scroll through the CoinMarketCap website.
However, no one expected a new cryptocurrency to sit atop the CoinMarketCap rankings. WallStreetBets (WSB) reportedly gained 130% in 24 hours, with a daily turnover of $100 million. As it later turned out, the new token is a joke made by the CoinMarketCap team, referring to the current situation. Bitcoin (BTC) is still the market leader, and the WSB token was issued to commemorate the current situation.
The token's page includes a brief timeline of the entire GameStop "saga," describing the short-squeeze tactic and its subsequent impact on the Robinhood app, which suspended retail trading for GME and several other stocks, including AMC, Nokia and Blackberry.
Note that this is a joke and no such resource exists. If you see projects with a similar name, do the required analysis. - Wrote CoinMarketCap on the WSB token page
The influence of Reddit and social media on the cryptocurrency space is incredible. This is why Dogecoin (DOGE) has seen gigantic gains and briefly broke through to 7th place in terms of market capitalization. DOGE's market capitalization rose to a record high of over $9 billion and the price per 1 Dogecoin was as high as $0.077, up from $0.012.