Key Takeaway: Reddit’s stock (RDDT) debuted on the New York Stock Exchange (NYSE) with a 48% increase in its share price.
- Sub-Reddit memecoins MOON & BRICK are also expected to rise in value following Reddit’s successful IPO.
Reddit’s Market Debut Sees 48% Increase in Share Price
On Thursday, March 21st, social media platform Reddit debuted on the NYSE under the ticker symbol RDDT. By the end of the trading session, RDDT had grown by 48%, despite not having made a profit since its launch in 2005.
Investors were still drawn to Reddit, as the company’s content is seen as a valuable resource for training AI programs. Moreover, Reddit recently signed a data licensing contract with Google worth $60 million per year, further boosting investor confidence.
With Reddit now a publicly-traded company, it joins the ranks of other stock CFDs available through OANDA, making it easier for investors to access its shares.
Sub-Reddit Memecoins MOON & BRICK Could See Further Gains
Data suggests that memecoins MOON and BRICK, which are associated with the subreddits r/CryptoCurrency and r/Fortnite respectively, could see an increase in value in the coming months. MOON, which has seen a 70% increase in price over the past seven days, rewards active users on r/CryptoCurrency. In October, the subreddit removed moderators accused of insider trading.
Similarly, BRICK has seen a 109% increase in price in the last 24 hours, though it did experience a 21% drop during the same period. BRICK rewards active users on the r/Fortnite subreddit, and its price could also be affected by Reddit’s successful IPO.
With Reddit being home to many meme investors, the success of its IPO could lead to further gains for MOON and BRICK. This is reminiscent of the recent GameStop (GME.N) situation, where retail investors on the subreddit “wallstreetbets” worked together to boost the company’s shares.
Despite the bullish momentum of MOON and BRICK, the overall market is currently experiencing a correction.
