Reddit Recap: Meme Stocks, Dogecoin, Bitcoin and the Growth of Crypto in 2022
Social media platform Reddit, which was on a roll in 2021, recently released a year-end “Reddit Recap.” The recap covers some surprises concerning the platform, including the fact that redditors expressed more investment interest in Dogecoin than in Bitcoin.
Reddit was at the center of this year’s meme stock volatility saga — in part due to very active and opinionated retail traders on r/WallStreetBets subreddit — and also, in December, announced it had confidentially submitted paperwork to the Securities and Exchange Commission (SEC) for an Initial Public Offering (IPO).
“This past year, Reddit became the place where people felt empowered and inspired to share their opinions, experiences, and stories and connect with one another to take action and positively impact their communities,” Reddit said in a blog post.
It comes as no surprise that breaking down the most viewed topics of 2021, crypto is the number one theme, preceding gaming.
“In 2021, there were a lot of conversations on Reddit, but none more prominent than cryptocurrency. For more than 10 years, Reddit has been home to over 500 cryptocurrency communities. As more redditors participate in conversation, whether it be for information, help, or to share major successes, Reddit continues to be the hub for cryptocurrency enthusiasts,” the recap read.
Notably, Dogecoin garnered more interest than Bitcoin on Reddit in 2021: the top-five most-viewed crypto communities in 2021 were r/dogecoin, r/superstonk, r/cryptocurrency, r/amcstock, and r/bitcoin.
In addition, the blog post notes that r/superstonk’s subscriber growth increased the most among Reddit’s crypto communities, with a 917K% increase year-over-year. There had been 6.6 million mentions of “crypto” across the platform in 2021, as of the posting of the recap.
The Most Popular Posts on Reddit
In terms of most-upvoted posts among crypto communities, Dogecoin takes the No. 1 spot again, with a post titled “Who’s still holding $DOGE?” having 80,300 upvotes.
This was followed by posts titled “All the confirmation bias I need, right here in one tweet,” from r/superstonk and “You hear about the kid who put in $500 into a memecoin and made 100k, but you don’t hear about the hundreds who put $1000 and are left with $0.1,” from r/cryptocurrency.
Other topics of interest included AMC and Tesla, with the posts “AMC YOU IN JAIL, CHEATERS,” and “Tesla buys $1.5b in Bitcoin and is looking to accept the crypto as a form of payment in the near future,” rounding up the list of most popular threads.
Reddit Expands, Opens New Offices
In addition to the planned IPO, Reddit said it continued its global expansion by announcing new offices in Canada, Australia, and Germany, reaching new redditors around the globe.
“The number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions,” Reddit said. “We are in a quiet period, and for regulatory reasons, we cannot say anything further.”
Peter Cohan, a senior lecturer at Babson College and author of “Goliath Strikes Back,” told GOBankingRates at the time that since it is a confidential filing, it’s hard to know whether the company is growing fast or making money.
“At the same time, I could see it becoming a meme stock since it hosts WallStreetBets which is the ultimate meme incubator,” Cohan added.
Reddit Makes Headlines, Produces Ads
Reddit also noted in its 2021 recap that it aired its “first-ever, 5-second Super Bowl ad (or as we call it, Superb Owl). We shipped new features — Reddit Talk, Predictions, and CryptoSnoos — that gave redditors more ways to connect and engage with each other.”
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Reddit made headlines earlier this year as retail traders on r/WallStreetBets, who were intent on taking down hedge fund short-sellers by buying shares of heavily shorted stocks, sent said stocks — including GameStop, AMC Entertainment and Bed Bath & Beyond — soaring… and then crashing. In turn, the market volatility brought the attention, and sometimes ire, of regulators.
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