One can not deny the positive or negative effects of many people coming together to push an agenda. They can decide to influence the value following their beliefs. For this, we will refer to the stock market price of the cryptocurrency, which has been dwindling from one price to the other.
The popular subreddit forum, WSB or r/Wallstreetbets, widely known for the GameStop and Dogecoin (DOGE) expansion, is restricting any talks involving cryptocurrency after only agreeing to the discussion for just a day. This was made public on Thursday by a moderator in Subreddit, u/bawse1, that r/Wallstreetbets (WSB) has released a statement which involves the prohibition of any talk involving cryptocurrency until further notice because an article Bloomberg tagged “WSB Submits to Crypto.”
r/Wallstreetbets says it won’t allow crypto-related discussions again
It is quite amusing because just the previous day, the same u/bawse1 moderator said the subreddit forum would agree to any talk that includes only DOGE, Ether (ETH), and Bitcoin (BTC). From the statement he released, he pointed out that the new update was made regarding the previous articles that Bloomberg released. He pointed out that the piece was not encouraging, hence the need to ban the discussions further.
“You can not post a whole unilateral topic that discusses the technology and technicalities involved in cryptocurrency because the market works in such a way that any account of it can boost its stock, but you can just talk about it briefly,” the notes guiding the subreddit said. The released rules for WSB on Thursday said any content that contradicts or goes ahead to talk about NFTs and cryptocurrencies would be removed automatically.
The WSB beginning
R/WallStreetBets (WSB) was started in the year 2012; it serves as a subreddit platform where members talk about trading options and stock market prices. The platform with over 10 million participants was made famous recently when the WSB members came together to push GameStop’s market price, which increased the cost to more than $340 in late January from a meager $20 at the beginning of the same month.
For some, it is amazing to see how DOGE is breaking and creating new records daily. Even as of today, its new price is $0.29. In a parallel world, the GME uproar has subsided because, when this article is being written, the stock market price is $158. Another one that makes serious waves gaining up to 380% within a week is the altcoin, which has been up to over 6000% in the past year.