Reddit: Bitcoin community reaches 2 million followers
On Reddit, the bitcoin community is seeing brisk growth as a result of r/wallstreetbets. Two million users now count towards the subreddit.
The impact of the r/wallstreetbets (WSB) subreddit is now rubbing off on bitcoin – at least indirectly. On the social media platform Reddit, the group „/r/Bitcoin“ has broken through the two million follower mark. The community currently has just over 2.2 million „Redditors“. This means that the subreddit now ranks 178th among the most popular pages on the Bitcoin Pro platform. The Bitcoin group undoubtedly benefited from the media attention of r/wallstreetbets. After all, the crypto group was able to grow by more than 250,000 users in just a few days due to the hype surrounding the GameStop share and the Dogecoin.
This is shown by the latest figures from the analytics platform FrontPageMetrics for Reddit
However, the crypto Reddit group cannot keep up with the hype surrounding r/wallstreetbets. The group of small investors caused a stir last week when they defied the „big players“ on Wall Street. Hedge funds had tried to profit from the drop in GameStop’s share price by using shorting methods. This backfired when the Reddit community caught on, colluded and simply bought up the share price. Billions in losses were the result for the hedge funds. Reddit gamblers are also suspected of being behind the exorbitant rise in the price of Dogecoin. The WSB not only profit from high profits, but the group is also very popular on Reddit. On 21 January, the subreddit of the hobby investors was still scratching the two million user mark, but within ten days the community had grown to over 7.6 million users. This is an increase of almost 400 percent.