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CoinMarketCap "pushed" the WSB token ahead of bitcoin in support of Reddit users

CoinMarketCap “pushed” the WSB token ahead of bitcoin in support of Reddit users

On CoinMarketCap, the WallStreetBets token (WSB) appeared, taking zero place ahead of BTC in terms of capitalization. This joke is related to the” revenge ” of Reddit users to institutional traders.

The CoinMarketCap service has published a warning on the page about the WSB that in fact such an asset does not exist. This means that bitcoin is still the leader of the cryptocurrency market. The fictional token is valued at $483, and its capitalization is $24.8 billion. There are 51,442,000 WSBS in circulation, and the daily trading volume of the WSB allegedly amounts to $100 million.

These figures did not come out of nowhere. Most likely, they indicate the performance of the American retail chain GameStop, which sells video game consoles and computer games. Its shares were the subject of a dispute between hedge funds that opened positions on the decline, and thousands of users of the WallStreetBets subreddit, who began a massive purchase to “punish” market manipulators.

The participants of the subreddit managed to raise the price of GME more than five times. The stock’s rise has caused the hedge fund Melvin Capital to lose billions of dollars in short positions. After that, the American platform for retail trading in stocks and crypto assets, Robinhood, suspended the purchase of GME shares, allegedly to “control market manipulation”. Broker Ameritrade suspended trading in these shares for a similar reason.

This caused widespread outrage: retail investors are prohibited from buying shares, while hedge funds are free to trade them as they see fit. The social network Facebook has removed the official group of the Robinhood community of traders. American politician Alexandria Ocasio-Cortez (Alexandria Ocasio-Cortez) wrote on Twitter about the unacceptability of such actions, and Congressman Paul Gosar asked the US Attorney General to investigate. A lawsuit has also been filed against Robinhood for attempting to manipulate the smooth functioning of the financial market. The lawsuit received widespread public support.

The WSB token was created and placed on CoinMarketCap as a sign of support for the WallStreetBets community, which made headlines around the world. Now the token occupies a place next to bitcoin, sharing with it the principles of the free market and the right to full ownership of assets that should not be managed by hedge funds and other exchange-traded “sharks”.

On April 1, 2020, in the midst of the first wave of the coronavirus pandemic, Coimarketcap was already trying to pull off a similar joke with a “toilet paper token”. However, it did not find support in the community.