After the GameStop (GME) share price fiasco, CoinMarketCap has decided to add an information ticker for Wall Street Bets (WSB)

To say the past few days have been exciting would be a massive understatement in terms of global financial markets

A group of retail investors who have banded behind the same cause of rebellion against “smart money” on Wall Street have brought out many things that are inconsistent with the status quo Wall Street Bets, like their subreddit originally has also caught the attention of the cryptocurrency community The leading monitoring resource, CoinMarketCap, is devoting an information ticker

A little less than a week ago, someone took it on Reddit to reveal that some Wall Street hedge funds were overly exposed to their short positions in GameStop stocks

GameStop is a company that has seen its shares drop significantly since the COVID19 pandemic, which has resulted in restrictions on many physical locations that keep some countries up to date.Like many other industries, business has suffered as well, and the stocks have taken a nosedive

Unsurprisingly, this was picked up by Wall Street hedge funds, who began selling the stock to the extent they were overly exposed to their positions, but why should they worry? The foundations for trading were clearly in place, as GameStop saw no concrete prospect for recovery – on the contrary

But there was one thing hedge funds couldn’t have seen – something so far beyond fundamental or technical analysis that even the best algorithms couldn’t pick up on – the power of retail investors engaged in a single mission hold on – to liquidate the ‘big boys’

Word started catching fire when a particular subreddit called Wall Street Bets quickly gained millions of users all united behind the same idea – GameStop (GME) stock price soared into the thermosphere

And they skyrocketed in price over 600% in a matter of days as hedge funds covered billions in losses GME became a meme stock that represents the innate desire of retail investors to see Wall Street at least once to smash

Hedge funds got the money – lots of it. It is highly unlikely that the GME fiasco did any irreparable damage to any of them, and it is very likely that most of them posted massive gains

How all this happened is worth thinking about.To prevent people from stacking on GME stock, major trading platforms like Ameritrade, Robinhood, and even NASDAQ suspended trading – these are just a few – the list isn’t exclusive

This was a cause for concern – why are these companies preventing people from buying more stocks? The most obvious answer, of course, is to prevent large hedge funds, known as smart money, from being further destroyed. But where is the little guy?

We do not see any trading disruptions when retail investors liquidate their positions. There are no emergency breakers when the John Does of the financial market watch their portfolios thin

It became clear that Wall Street was playing by different rules In fact, it became clear that Wall Street wasn’t even playing the same game And that caught the attention of the masses – have fun putting the ghost back in the bottle

With that in mind, the leading cryptocurrency market monitoring resource – CoinMarketCap – has put an informational ticker for Wall Street Bets (WSB) at the top of their list where users can find everything they need from the GameStop Short Squeeze and its aftermath

Perhaps we should add here that while all of this was happening on Wall Street, the cryptocurrency market was also shaken. The self-proclaimed “Chairman” of Wall Street Bets went on Twitter to ask if Dogecoin (DOGE) was ever involved Trading $ 1 That was all it took

In less than 24 hours, the most popular meme coin and arguably Elon Musk’s most popular cryptocurrency surged nearly 1100%, and it outperformed long-term projects with tons of fundamentals and left them in the dust, reaching number 7 on the top 10 list by CoinMarketCap

We informed CMC about their latest addition – WSB ticker Aaron Khoo, Head of Listings, commented on the matter

“At the center of this phenomenon is the innate human desire for Troll Jackson Palmer, Dogecoin’s creator, never thought that the hilarious cryptocurrency he had just launched would still exist in 2018, let alone a market capitalization of $ 2 billion”

“Much like the GME’s gamma squeeze, the rise of Dogecoin embodies the psychological desire to steal Mickey from the man – a loose gathering of people ultimately wanted to make a statement that the supposedly recognized Wall Street hedge funds were no better position had the right to make statements about what the fair valuation of an asset should look like transferring to themselves

Since this is in line with the right to exist of crypto, it is only fitting that we participate in the action, even if it is only a token contribution ”

Interesting to see how it goes from here. Will the public step down? Was this the three days of a miracle that will fade in a few months? Or will it cite something much more enduring?

However, if one thing is clear, all of this has highlighted the merits of decentralization to an extent that we had not seen before

Georgi Georgiev is the editor-in-chief of CryptoPotato and a seasoned writer with over two years of experience writing on blockchain and cryptocurrencies Georgi’s passion for bitcoin and cryptocurrencies blossomed in late 2016 and he has not looked back since the technological and economic impact of crypto interests him most and he’s kept an eye on the market when he’s not sleeping Contact George: LinkedIn

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World News – FI – CoinMarketCap adds an information ticker for Wall Street Bets (WSB)

Source: https://cryptopotato.com/coinmarketcap-adds-wall-street-bets-wsb-informational-ticker/