r/Wallstreetbets, a subreddit famous for organizing a pump for Dogecoin and the GameStop short squeeze, is enacting a crypto discussion ban after officially allowing the topic for a single day.
Subreddit moderator u/bawse1 announced on Thursday that r/Wallstreetbets has now banned crypto discussions forever, following a Bloomberg article titled “WallStreetBets Bows to Crypto.” Just a day before, the same moderator officially announced that the subreddit will finally allow crypto discussion strictly limited to Bitcoin (BTC), Ether (ETH) and Dogecoin (DOGE). The new post reads:
“Due to the article that was written [by] Bloomberg who somehow felt that ‘WallStreetBets Bows to Crypto.’ Crypto discussion is banned indefinitely. I’ve read a lot of dumb articles written about wsb. This one takes the cake. P.S. Like always. Please be respectful.”
A Thursday update to r/Wallstreetbets rules reads that the subreddit will automatically remove content mentioning cryptocurrencies alongside nonfungible tokens. “You can mention it in passing but posts whose sole topic is cryptocurrency or the underlying technology are not allowed. The crypto market tends to consist of small accounts and pump & dumps,” the subreddit’s content guide notes.
Founded back in 2012, r/Wallstreetbets is a subreddit where participants discuss stock and option trading. Boasting nearly 10 million members, the subreddit became extremely popular this year after r/Wallstreetbets collectively pumped GameStop’s stock, skyrocketing the price from about $20 in early January to above $340 on Jan. 28.
While the GME craze has somewhat cooled down, with the stock trading at $158 at the time of writing, DOGE has been repeatedly breaking new all-time highs recently, setting a new record of $0.29 on Friday. The altcoin is up more than 380% over the past seven days, gaining more than 6,000% in the past 12 months.