Cryptocurrencies are taking over Reddit threads and meme stocks are in the background, according to figures from market knowledge company Quiver Quantitative.
The data, shared with Insider, revealed that comment volumes in the r/CryptoCurrency sub-repertoire increased by 82% this month, while the number of comments on r/WallStreetBets fell by 25%.
In addition, on Friday, the cryptocurrency forum gained around 36,000 reviews, while Wall Street Bets only had 13,000.
The number of reviews in r/CryptoCurrency reached the point of the month last week with 59,000 on an und married day.
Although Wall Street Bets was previously revered this year amid the GameStop frenzy and reached more than 10 million subscribers, the forum prohibits users from arguing about cryptocurrencies. The rules say, “Do not pump and unload, cryptographic discussions, schemes or scams. “
The cryptocurrency thread, however, says it is the “main community” of discussion, news and research on the subject, with almost 3 million members.
Retailers, known for turning en masse to Reddit to talk about markets, need to invest “in a narrative,” Quiver Quantitative founder James Kardatzke told the Financial Times, adding that “cryptocurrencies have a lot of volatility and more attractive scenarios” than even stocks like GameStop and AMC Entertainment today.
An April survey of 1,400 investors over 18 to 40 at Motley Fool found that 47% of Generation Z and 39% of millennials own a cryptocurrency, making it the third most popular investment after stocks and mutual funds.