WallStreetBets Reddit spinoff will launch its cryptocurrency.
SatoshiSwap (SAS) tokens will go to subreddit members whose posts will get upvoted.
Subreddit group SatoshiStreetBets, which advertised itself as “the crypto version of WallStreetBets,” is getting ready to launch its cryptocurrency token to members.
SatoshiSwap (SAS) tokens, which will serve as utility governance tokens for the group, will go to members based on the upvotes for their posts in Reddit. It will also be airdropped to users of the decentralized exchanges Sushiswap and Uniswap and distributed to liquidity providers.
The token launch is recently planned for a yet-to-be-determined date in February.
In the post, SatoshiStreetBets moderator u/little-eagle provided different reasons for making a token, one of which is “YOLO” (you only live once).
“The decentralized exchange (dex) market is shaping up to be wildly successful and lucrative,” elaborated Little Eagle. “Yet there are glaring problems which need to be addressed—high gas fees, scalability issues, lack of interoperability, lack of margin trading, etc. We can make a difference and offer our own fresh perspectives.”
Furthermore, Little Eagle wrote, “As a community of traders, we’re always looking for a token to unite us, that we can all rally behind and throw all our support towards.”
SatoshiStreetBets was created in February 2020 as a spinoff of WallStreetBets, the subreddit that helped pump the price of GameStop up to dizzying heights last month.
However, just like its predecessor, it has only gotten severe traction recently. As the founder of the SatoshiStreetBets subreddit, a person identifying themselves stated, “Our userbase has exploded to 300k users from 15k users in just a couple of weeks.” As of now, it’s up to 313,000 members, and the Twitter account for the upcoming token has over 1,200 followers after tweeting for the first time today.
The purported founder stated how SatoshiStreetBets came to be:
“Many would say the cryptocurrency has disrupted the financial markets and taken back power from the ‘big guys’ and given it to the people. I watched with interest as arguably in a very different way [WallStreetBets] has achieved similar disruption. Interestingly, many ‘professionals’ sought to delegitimize cryptocurrency and now with [WallStreetBets] you have a similar effect, with ‘professionals’ saying ‘hey, wait a second, you guys can’t do that.’ So it seemed fitting to me that the biggest disrupter of them all, cryptocurrency, joined in the fun.”
The subreddit is home to the usual assortment of cryptocurrency memes and bullish projections about tokens. Mainstream media entities started covering the group amidst Dogecoin‘s price surge from under a penny to an all-time high above $0.08. The subreddit members were trying to push the price to an astronomical $10.
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