A subreddit that has been growing very quickly has managed to meme doge to the moon and now appear to be pumping the SEC rekt XRP.
r/SatoshiStreetBets, which we are shorting to SWB, has now reached 230,000 new users from barely 10,000 a week ago.
More importantly, there are 7,800 active users right now on the sub, almost as much as on r/bitcoin.
For months some cryptonians have been trying to emulate WSB, but without much success.
However following the GME retardness, the sub has been flooded alongside r/ethtrader due to donuts which 10xed during the weekend.
For SWB, both XRP and doge have jumped, with XRP rising from about 30 cent to 45 cent at some point while doge has reached a $5 billion market cap.
Uniswap has risen above $5 billion too, but that is more due to a boom goin on in decentralized finance (defi) which has raised the token considerably to now nearly $20.
Doge has always been the fun coin that pumps now and then just for the fun of it with it also being one of the oldest too, riding the waves since at least 2013.
XRP however is a bit different because it was de-listed from a number of prominent exchanges, including Coinbase, after the Securities and Exchanges Commission (SEC) filed a lawsuit due to considering it an unregistered security.
So it isn’t very clear how much holding power XRP has which is considered a centralized coin not least because a study recently found it can’t reach consensus.
So both doge and XRP are hot potato plays, the latter even more so, but that’s still good for bitcoin and eth of course because eventually you’d think all the profit taking will make its way to the proper and hold worthy cryptos that currently are primarily bitcoin and ethereum.