r/Wallstreetbets vs. Wall Street: A prelude to DeFi bursting onto the scene?
Cointelegraph
Published Feb 05, 2021 09:33AM ET
Updated Feb 06, 2021 11:40AM ET
Was last week’s Reddit versus Wall Street stand-off really the “beginning of the end for centralized finance,” as Gemini founder Tyler Winklevoss described it? Or was it just a one-time instance of individuals coming together to right a perceived wrong — with no long-term economic consequences?
As GameStop (NYSE:GME), a struggling videogame retailer, came under attack by hedge-fund short sellers, a coalition of individuals spearheaded by r/Wallstreetbets, a Reddit forum, jumped in to save GameStop by buying its shares, driving its stock price from $20 to as high as $483 — and doing some real damage to short traders in the bargain.
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Written By: Cointelegraph
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