Key takeaways
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Reddit’s stock ends trading at $50.44 per share, up by 48% on its market debut.
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Sub-Reddit memecoins MOON and BRICK could rally higher on Reddit’s successful IPO.
Reddit shares up by 48% on market debut
Social media platform Reddit finally debuted on the New York Stock Exchange (NYSE). The company’s stock, with a ticker symbol RDDT, began trading on the NYSE on Thursday, March 21st.
By the end of the trading day, RDDT was up by 48% as investors took the opportunity to buy the company’s shares.
Reddit attracted investors despite the company not turning an annual profit since launching in 2005. However, the company promises investors that its content will be the training ground for artificial intelligence (AI) programs.
The company also recently struck a data licensing deal with Google worth about $60 million a year. This move further convinced investors that Reddit could soon turn over its loss-making fortunes.
With Reddit now a publicly traded company, RDDT could soon join other stocks CFDs at OANDA, making it easier for investors to take a position on the future trajectory of Reddit’s share price.
Sub-Reddit memecoins MOON and BRICK could soar higher
With Reddit now a public company, data suggests that subreddit memecoins like MOON and BRICK could soar higher in the short term. r/CryptoCurrency Moons is one of the trending coins in the crypto market.
MOON is down by 20% over the last 24 hours. However, it is up by 70% over 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 subreddits on the platform. In October, the r/CryptoCurrency community removed moderators accused of insider trading
Meanwhile, BRICK is also up by 109% in the last seven days despite losing 21% of its value in the past 24 hours. BRICK is used for rewarding active users who contribute to the r/Fortnite subreddit.
With Reddit’s opening day a success, these memecoins could soar higher in the coming days and weeks. Reddit is known to be home to meme investors. One notable event on Reddit was when a group of retail investors collaborated on the “wallstreetbets” subreddit to pump the shares of game retailer GameStop (GME.N).
Reddit’s successful IPO could see investors buy more MOON and BRICK tokens, pushing the memecoins prices higher. Despite the ongoing market correction, MOON and BRICK have shown bullish momentum in recent days.
The post Reddit IPO could trigger spike in demand for sub-Reddit memecoins MOON and BRICK, data suggests appeared first on CoinJournal.
