UMA Introduction Of WallStreetBets uSTONKS Lets Coin Explode

0

Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
View all posts

SNL (Saturday Night Live) has a segment which they call the cold open. It is a mostly five minute sketch that tells, in a humorous manner, the most important fact of US politics over the past week.

In the past years, it mainly featured actors portraying former US President Donald Trump, Vice-President Mike Pence, and many others. This past Saturday it was called What Still Works and talked about several issues.

Advertentie.

It’s called the stonk market

Of course, it featured WallStreetBets versus Wall Street hedge funds of course. Comedian Pete Davidson played a GameStop employee who boasted that he was now rich thanks to the Reddit board. He also explained that stocks preferred by the millions of people that make up the WallStreetsBets crowd are in fact known as STONKS.

Asked if the Stock Market still works, Pete Davidson responded:

First of all, it’s pronounced the STONK market and hell yeah it works.

STONK instead of stock is Chanspeak the language initially used by posters of 4Chan, 8Chan and other anonymous boards of course, just as HODL and for the lolz are two other terms that were coined by the millennials and generation-z.

Ten stocks most commented on WallStreetBets

UMA, a crypto protocol, decided to go to work with the knowledge that Chanspeak is now here to stay and, in collaboration with YAM Finance, developed uSTONKS (explained in detail in this Medium document).

The official marketing tag explains that:

The uSTONKS token is a synthetic that tracks an index consisting of ten stocks that are most commented on r/wallstreetbets.

That is of course a very original idea and does immediately acknowledge the growing importance of social networks. Just as Wall Street today already works with automated bots that buy or sell the market as soon as they read a headline (for example about Republicans and Democrats making and agreement on stimulus), the crypto world decides to focus on the growing importance of social media forums.

UMA is currently up 195% this week and corrected about 12%. The current price is around $31.

Could be highly important this one.

rafapress / Depositphotos.com