994 total views
Earlier this month, a little-known Reddit collective called WallStreetBets rocked the conventional market. In fact, its influence was felt even in the cryptocurrency market shortly afterwards, with the emergence of a similar community named “StatoshiStreetBets.”
The group that describes itself as the “crypto version of WallStreetBets” is now releasing cryptocurrency tokens for its own members. Read the Reddit announcement,
“So today I’m proud to announce the initial development of SatoshiSwap, a cryptocurrency and DAO inspired by the popular UniSwap and SushiSwap projects and made for the members of SatoshiStreetBets.”
The group described three key reasons for launching this token, including making a difference on the decentralised [DEX] market and uniting traders, apart from the millennia slogan of living life – YOLO [You live only once]. The group has not yet announced a date for the launch of the SatoshiSwap token, however, noting that it will be in the next two weeks.
The post on Reddit was drawn up by u/little-eagle, who is also the moderator of the community that was formed only in February 2020. Like its source, SSB has also only recently gained more popularity. It has over 300k users on Reddit and more than 38k members on Discord. It gained recognition for its involvement with the GameStop pump, followed by the DOGE pump.
Dogecoin, the famous meme coin, saw a huge surge in value after the community agreed to pump it. In reality, DOGE’s value grew by almost 1300 per cent in a single day. This development shook the crypto market as traders were able to drive their valuation way beyond market sentiment. The same group was allegedly behind the XRP pump in early February.
We’ve seen what herd mentality can do to the conventional market and the crypt market. However, it is too premature to know if SatoshiSwaps would have any effect on the market.