According to numerous experts and recently-gathered data, most Reddit users have now gone from creating memes to getting interested in cryptocurrencies. It appears that the Reddit crypto forum called “r/Cryptocurrency” has become more popular than the “r/WallStreetBets” meme stocks forum. The latter was already incredibly popular. This is why being overshadowed by a crypto forum means a lot.
According to some analyses, the volume of posts on the Reddit crypto forum increased over 82% between May 1st and May 21st. Moreover, the daily posts surpassed 36,000 by the end of Bitcoin’s most unstable week. Meanwhile, the number of posts on the meme stocks forum decreased by 42%. So, it seems that Reddit crypto has become a thing, and here are more details on why this is so important.
The Reddit crypto interest and why it’s so important
From what we’ve gathered, there is a clear and definite reason why the posts on the Reddit crypto forum increased so much while the ones on the meme stocks one dropped. Apparently, the moderators of r/WallStreetBets prohibited all cryptocurrency-related discussions. Even if trading in meme stocks has not been that strong over the past few months, crypto developments keep on happening. This gets more and more people interested, as it should.
According to some experts, people no longer need a list of numbers to remain interested. They will get involved in a narrative and the crypto industry is providing exactly that. The recent announcement that Tesla INC will no longer accept Bitcoin due to environmental concerns sparked a narrative. The crypto crackdown in China did the same thing. This got people interested and retail investors were drawn to discussion forums.
This is extremely important for the future of cryptocurrencies as well as for the future of Reddit. Getting involved in this more and more popular industry means a lot for the company. If you asked anyone a while back whether or not Reddit could become an influential factor in the crypto industry, they would have probably answered: “definitely no”. Now, it seems that the situation has changed a lot and the Reddit crypto interest is stronger than ever.
Reddit users share their crypto knowledge
Reddit has also become a place where users can share their crypto knowledge and help others. For example, an instructional post by Reddit user u/teoeo has recently become viral. It lists a number of ten crucial factors that can help anyone find under-evaluated crypto coins that can possibly make you rich.
You can find the post along with its ten tips in the aforementioned link but this is just one that has gained a lot of popularity. There are many others on Reddit. This proves that people have turned to these forums for advice on the crypto industry. So, what we mentioned before is one hundred percent true. Reddit has adapted to fit the requirements and interests of most people today. This can be huge, especially in the context of an ever-changing industry. The Reddit crypto interest will probably not disappear anytime soon, which is a good thing.
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