Cryptocurrency Ruled Reddit In 2021 Fueled By GameStop Mania – Forbes
Topline
Cryptocurrency dominated Reddit in 2021, becoming the most-popular topic in its discussion forums in a year when its users helped drive shares in GameStop and other meme stocks to new heights.
In this photo illustration, a Reddit logo seen displayed on a smartphone with stock market prices in … [+]n the backg…….
Topline
Cryptocurrency dominated Reddit in 2021, becoming the most-popular topic in its discussion forums in a year when its users helped drive shares in GameStop and other meme stocks to new heights.
In this photo illustration, a Reddit logo seen displayed on a smartphone with stock market prices in … [+]
SOPA Images/LightRocket via Getty Images
Key Facts
According to Reddit’s 2021 Recap, users made 366 million posts on the platform, a 19% increase compared to last year.
Cryptocurrency was the most-popular topic, beating out gaming, sports and weddings: So far this year, there have been 6.6 million mentions of “crypto.”
The most popular crypto communities: r/dogecoin, r/superstonk, r/cryptocurrency, r/amcstock and r/bitcoin.
The three most popular posts on the platform were in r/wallstreetbets, the community that was largely responsible for driving GameStop stock to new heights: The number one post showed a billboard in Times Square that had been purchased by a community member and received 431,000 upvotes.
Tangent
An April survey from Pew Research Center found that 23% of U.S. adult males use Reddit, compared to 12% of adult women. Meanwhile, 37% of respondents between the ages of 18 to 29 said they visited the site. Those numbers line up with another Pew survey released in November that reported 43% of men ages 18 to 29 have used some form of cryptocurrency, compared to just 16% of the general American public.
Key Background
In January, users on r/wallstreetbets plotted to boost GameStop’s stock price, hurting short-sellers who were targeting the struggling retailer. The campaign, which became known as Gamestonk, was a meme with real-world effects: The stock was priced at $16.94 one year ago; as of noon Wednesday it was trading for $177.63. Cryptocurrency also skyrocketed in 2021, particularly the currencies with strong Reddit communities devoted to them. In November, Bitcoin hit a record of over $69,000, though it has since fallen nearly 27% to $50,464.90.
Further Reading
Crypto’s Super User: Young Men. 43% Of U.S. Males Aged 18 To 29 Have Bought The Currency (Forbes)
GameStop Raises $1.1 Billion—Cashing In On 1,200% Reddit-Fueled Surge And Sending Shares Skyrocketing Again (Forbes)
Bitcoin Hits New Record High Above $69,000 After Inflation Surges To 31-Year Peak