Topline
Cryptocurrency dominated Reddit in 2021, becoming the most-popular topic in its discussion forums in a year when its users helped drive shares in GameStop and other meme stocks to new heights.
Key Facts
According to Reddit’s 2021 Recap, users made 366 million posts on the platform, a 19% increase compared to last year.
Cryptocurrency was the most-popular topic, beating out gaming, sports and weddings: So far this year, there have been 6.6 million mentions of “crypto.”
The most popular crypto communities: r/dogecoin, r/superstonk, r/cryptocurrency, r/amcstock and r/bitcoin.
The three most popular posts on the platform were in r/wallstreetbets, the community that was largely responsible for driving GameStop stock to new heights: The number one post showed a billboard in Times Square that had been purchased by a community member and received 431,000 upvotes.
Tangent
An April survey from Pew Research Center found that 23% of U.S. adult males use Reddit, compared to 12% of adult women. Meanwhile, 37% of respondents between the ages of 18 to 29 said they visited the site. Those numbers line up with another Pew survey released in November that reported 43% of men ages 18 to 29 have used some form of cryptocurrency, compared to just 16% of the general American public.
Key Background
In January, users on r/wallstreetbets plotted to boost GameStop’s stock price, hurting short-sellers who were targeting the struggling retailer. The campaign, which became known as Gamestonk, was a meme with real-world effects: The stock was priced at $16.94 one year ago; as of noon Wednesday it was trading for $177.63. Cryptocurrency also skyrocketed in 2021, particularly the currencies with strong Reddit communities devoted to them. In November, Bitcoin hit a record of over $69,000, though it has since fallen nearly 27% to $50,464.90.
Further Reading
Crypto’s Super User: Young Men. 43% Of U.S. Males Aged 18 To 29 Have Bought The Currency (Forbes)
Bitcoin Hits New Record High Above $69,000 After Inflation Surges To 31-Year Peak
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