'WallStreetBets are Hoping for Another GameStop Boom and it's All Down to NFTs' nfts wallstreetbets
In December 2020, a $20 stock degraded as “the next Blockbuster” by venture capitalists was rapidly garnering the enthusiasm of retail investors. Normal people invested their savings behind GameStop, betting that it would go the opposite direction that financial big guns were saying. The now infamous subreddit r/wallstreetbets was awash with ‘due diligence’ posts, advising readers of the potential for a huge short squeeze.
Fresh out of a New Year’s Resolution to learn more about finance, I stumbled across the GameStop hype and bought a few shares around the $20 mark. But the mainstream narrative that it was nothing more than a ‘meme stock’ undervalues the analysis that members of the subreddit put in. There is a reason that the stock has fluctuated around $150-200 even since the hype died down.
Keith Gill, who goes by Roaring Kitty on YouTube or u/DeepF***ingValue on WallStreetBets, was the most prominent success story to come out of the short squeeze. He first invested in GameStop when it was just $5, proposing that it was wildly undervalued. Some may have seen it as nothing more than a meme – see Elon Musk’s “Gamestonk” tweet – but others had done rigorous research before choosing to get involved.
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