Is WallStreetBets Pushing Loopring Up 120%? Did They Break Their No Crypto Rule?

0

Last Updated on 5 November 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts

Although we are hoping that 2021 will mostly be the year of Bitcoin and other digital currencies, there is no denying that from a financial perspective, a group known as WallStreetBets also wrote a glorious chapter.

At the end of the month of January, just as Bitcoin started an epic run from $20k to $50k and right before Elon Musk announced he would be investing in Bitcoin (and drove the price up 15% in two days), another piece of financial news took the world’s spotlight.

WallStreetBets, a 7 million strong group of amateur traders on Reddit decided to take on the most powerful of Wall Street’s elite: the hedge funds, the so-called Apex Predators of the financial world.

Via a short squeeze in GameStop’s stock and a subsequent block by trading app Robinhood which prevented them from buying and only allowed them to sell their holdings, the group rose to world fame.

They became synonymous with group buying stocks, but until recently they had a no-crypto rule (they do bet on crypto mining companies though). Since this week it seems they may have broken that rule, or at least indirectly.

Advertentie.

NFT project

Their favorite stock, GameStop, gained 22% in three days of trading this week as the group of Redditors cheered rumors that the gaming company could be partnering with an Ethereum-based crypto for its NFT project.

Loopring, the coin in question, surged nearly 120% in a week in response.

Loopring’s public GitHub repository has leaked code confirming GameStop’s highly speculated partnership with the Ethereum Layer 2 scaling protocol.

The GMEdd story read.

The Reddit crowd caught wind of the rumors too. “Loopring leaked GameStop’s NFT last night,” wrote one Redditor who got 11,000 upvotes.