After the GameStop (GME) stock price fiasco, CoinMarketCap has chosen to add an information ticker of WSB. The last few days have been incredible as there would be a massive distortion regarding the global financial markets. A crowd of retail investors, assembled behind the same purpose of striking against “smart money” on Wall Street, and introduced plenty of wrong things with the status quo. Moreover, Wall Street Bets has also grabbed the cryptocurrency community’s attention, with the preeminent monitoring resource, CoinMarketCap, assigning an informational ticker.
Coinmarketcap currently lists WallStreetBets token, which presently outranks Bitcoin, the most notable crypto by market cap. Users can discover everything they require of the GameStop short restraint and the outcome there. CoinMarketCap stressed the idea that the listing was “a joke no such asset exists.” The “joke” token price is $483. Additionally, its market cap is $24.8 billion. There are supposedly 51 million WSB tokens in accumulation, with a daily trading volume of above $100 million.
Robinhood halts GameStop Trading
Further, following the WSB GameStop short, maximum brokers like Robinhood halted trading activity for GameStop. The brokers stated market volatility as the reason behind terminating the trading. Maximum of the WSB Reddit members use Robinhood for trading. Beginning sometime last year, members of WSB bought up GameStop stock (GME), demonstrating that the company had huge capital on its balance sheet to protect it from going under value. However, its conventional brick-and-mortar business model was affected.
The subreddit, whose members casually describe themselves artists and bet on U.S. stocks, led to elevate GME prices from around $4 in 2020 to over $450 on Wednesday. The price wave caused hedge fund Melvin Capital to eventually squander billions of dollars on its short trade.
However, WSB didn’t exactly win. Robinhood, the alternative of brokerage for several WSB traders, yesterday paused all GME stock purchases, saying it was to manage the so-called market manipulation. It followed other brokerages such as Ameritrade, who halted the stock’s trading for a related reason in the past week. The decision attracted the anger of internet personalities like U.S. politician Alexandria Ocasio-Cortez, who condemned the move.
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