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.”
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:
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.
For up-to-date Cryptocurrency, Blockchain, and Crypto-mining news, please join our Telegram Channel.