Written by Lucas Hede (Features Writer)
In late January, early February 2021 a bunch of people from the now very popular subreddit WallStreetBets caught wind that hedge funds were going to be selling GME (Gamestop) stock and rebuying when they were lower. In an effort to anger the one percent they all decided to buy GME stock. A big group consisting of millions of people buying multiple shares. They brought it up about 1700 percent since December. When many people started buying it was around $20 a share, at its peak the stock went up to $347 a share. Many people put over a thousand dollars into that and have become overnight millionaires (as long as they cashed out). One person who made several million dollars off of the decision to blow up his Tesla “because he could”.
Since the blowing up of the GME stock, the subreddit has been going crazy. The subreddit has gained several million members in less than a week of people wanting to be on the next train hoping to get rich. The subreddit was trying to make AMC the next Gamestop but so far hedge funds have shut it down making many of the Reddit users lose money. The Reddit users still have hope though, with all their money they made they are funding billboards all around the world advertising both the subreddit and GME stock.
Another thing Reddit has accomplished is the rise of Dogecoin. Dogecoin is a cryptocurrency that about a month ago was under one cent but now is about 8 cents. That might not seem like much, but that’s over an 800 percent increase which is huge if you put a lot of money into it.
This whole idea that stocks can rise so suddenly and so high could change the future of the stock market. It might go from being a somewhat reliable place for the more wealthy to gain more money to a place where everyday people are constantly attempting to make stocks go crazy like Gamestop. With the top one percent usually controlling over 70-80 percent of the stock market this could mark a historic change where more people start playing this game of stocks. One thing is for sure, the stock market will never be the same.