Introduction
Reddit is one of the most popular social network platforms. Millennials (and increasingly Gen Z) have embraced it as the one-stop shop to discuss trading (shares and crypto). With many dedicated communities gathering to discuss one topic with an amass of users. Reddit helps generate attention for businesses, stocks, and even cryptocurrencies.
In this article, we explore Reddit’s beloved topic- Cryptocurrency, and what investments Reddit users seem to be identifying in 2022. Please note that the Reddit community does not always follow convention or fundamentals – so this is a very risky play. The upside is that they have the power (in numbers) to drive huge increases. GME, AMC, and Doge all flew past 1000% growth in the recent past, driven by Redditors.
Impact of Reddit in the Rise of Cryptocurrency
In the past, the rise of cryptocurrency’s popularity as a common household name can be mostly owed to its hype in the social media discussion platform, Reddit. In Reddit’s 2021 recap, cryptocurrency held the highest spot, generating almost 366 million posts on the platform. This showed an almost 19% increase from the previous year.
The popularity of cryptocurrency on Reddit outshone famous topics such as gaming and sports. Therefore, the impact of Reddit on the rise in cryptocurrency’s visibility is significant.
For example, Reddit’s influence on cryptocurrency in its boost of GameStop’s stock price. Here, Reddit users in the community r/wallstreet worked together to increase its stock price (See more here). Shortly after, GameStop saw an increase in stock from $16.94 to $177.63.
Furthermore, much of the popularity of cryptocurrencies like Bitcoin may be owed to the strong Reddit communities devoted to them.
Reddit’s Picks for 2022
The following stand out right now as the cryptocurrencies with the most hype and/or following behind them on Reddit.
- Bitcoin
As of 2021, Bitcoin possesses a year-to-date Return of 78.01% and a market cap of $1.08 trillion, with one coin valued at almost $57,000. This means that Bitcoin could probably take the title for the most famous cryptocurrency in the modern world. It has garnered a loyal following of communities and supporters on Reddit making its prospects for 2022 better than ever.
- Ethereum
Similar to Bitcoin, Ethereum takes the position for second best cryptocurrency coin in the market. It has a market cap of over $557 billion and a year-to-date return of 447.14%. Ethereum also has a large Reddit following with many of its supporters predicting it may potentially surpass Bitcoin in 2022.
- Dodgecoin
In 2021, Dogecoin made for almost 62% of crypto revenue, with a year-to-date return of 3915.05% and a market cap of $24.1 billion. Dogecoin takes the number one spot with the most posts, following a post on the Reddit forum titled, “Who’s still holding $DOGE?” and garnering up to 80,300 upvotes.
- Binance Coin
In the last year, Binance Coin outperformed Bitcoin and Ethereum following an increase of 1300% in value, a market cap of $104 billion, and a year-to-date return of 235.6%. It has accumulated up to 28.6 million users and is projected to grow further still in 2022. The association of Binance with GameFi and the alleged metaverse has also helped its popularity grow amongst Reddit users. Take the metaverse bit with a grain of salt for now.
A newcomer to the cryptocurrency industry, Solana has managed to garner a huge following on Reddit in its short period of existence. Holding the nickname ‘Ethereum Killer’ with a growth of 17500% as of November 2021. With its new arrival to the industry and interoperable blockchains, Solana is a cryptocurrency to watch out for in 2022. (You can find out more on Solana here)
The hype around the ‘top’ assets to hold amongst Redditors can change but the above few have held a strong interest for the past 2 years.
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