Reddit IPO data suggests that demand for subreddit memecoins MOON and BRICK may increase.
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Reddit stock ended trading at $50.44 per share, up 48% from its pre-market opening.
Sub-Reddit memecoins MOON and BRICK may rise on Reddit's successful IPO.
Reddit is up 48% in early trading.
Social media platform Reddit has finally launched on the New York Stock Exchange (NYSE). The company's stock, ticker symbol RDDT, began trading on the NYSE on Thursday, March 21st.
By the end of the trading day, RDDT rose by 48% as investors took the opportunity to buy shares of the company.
Reddit has attracted investors even though it hasn't turned an annual profit since it launched in 2005. However, the company promised investors that the content would be a training ground for artificial intelligence (AI) programs.
The company recently entered into a data licensing deal with Google worth about $60 million a year. This move convinced investors that Reddit could soon recover its loss-making assets.
With Reddit now a publicly traded company, RDDT may soon join other stock CFDs in OANDA, making it easier for investors to take positions on the future direction of Reddit's stock price.
Subreddit memecoins MOON and BRICK may rise.
With Reddit now being a public company, evidence suggests that subreddit memecoins like MOON and BRICK could skyrocket in no time. r/CryptoCurrency Moons is one of the trending coins in the crypto market.
Moon is down 20% in the last 24 hours. However, it has increased by 70% in the last seven days. The token is used to reward active users who contribute to the r/CryptoCurrency subreddit. This is one of the most active sub-texts on the forum. In October, the r/CryptoCurrency community removed moderators accused of insider trading.
Meanwhile, Brick has lost 21% of its value in the last 24 hours, but is up 109% in the last seven days. BRICK is used to reward active users who contribute to the r/Fortnite subreddit.
Successful on Reddit's opening day, these memecoins will likely skyrocket in the coming days and weeks. Reddit is known to be home to meme investors. A notable event on Reddit was a group of retail investors on the “wallstreetbets” subreddit to rally for shares of game retailer GameStop ( GME.N ).
Reddit's successful IPO could cause the price of memecoins to skyrocket as investors buy more Moon and Brick tokens. Despite the ongoing market correction, MOON and BRICK have shown high momentum in recent days.
