π We've heard from our community π
There are plenty of copy cat projects, but there can only be one original.
As such, our community has decided to airdrop all misled holders of @RDDTCOIN and @RedditOnSolana_.
Reply with your sol address below π
π We've heard from our community π
There are plenty of copy cat projects, but there can only be one original.
As such, our community has decided to airdrop all misled holders of @RDDTCOIN and @RedditOnSolana_.
Reply with your sol address below π
Reddit, which is the 17th most popular website in the world, was valued at $6.5 billion for their IPO today.
Someone created a Reddit crypto coin also, which has nothing to do with the company, yet many people are buying the token because they think it will appreciate more than the company's stock.
The Reddit coin was up ~ 70% today.
The idea of two parallel financial systems trading the same events, but doing it in their native way is fascinating.
Reddit the company is going public and investors will buy shares if they believe the fundamentals of the business will improve in the future.
Reddit the coin is already trading and investors will buy the coin if they believe the conversation, narrative, and meme will improve in the future.
While the company's stock hasn't started trading yet, the Reddit token holders are up ~ 400% in the last month.
It is obvious the company has long-term value and the coin likely does not. That won't stop people from short-term speculating on both.
If the coin outperforms the stock, I would expect people to launch more coins side-by-side with IPOs. Capital will also flow into these coins as investors chase outperformance.
I am not buying the coin, nor am I advising anyone else to either. There is tremendous risk that the coin goes to zero. At the same time, I am an investor in Reddit (the company) via an SPV.
It will be fascinating to see how this plays out and what the repercussions are for future IPOs.
Two systems. One event. Everyone speculating.