Can Reddit’s memecoin flip its IPO? This Dogecoin millionaire says yes!
- Glauber Contessoto envisions RDDT to flip the actual Reddit stock IPO.
- Reddit’s IPO takes the spotlight as the company raises $748 million.
The buzz around the cryptocurrency landscape is fueled by predictions and projections leading to debates among enthusiasts and investors alike. Following the same trajectory, a renowned cryptocurrency trader Glauber Contessoto has made news with his bold remarks on a Reddit-themed memecoin ($RDDT).
Taking to X (formerly Twitter) on the 21st of March, Contessoto noted,
“If the meme coin $RDDT flips the actual #REDDIT stock IPO with the ticker symbol $RDDT than we have done our jobs as crypto enthusiasts well and we have fought the good fight and have won!”
This has underscored the growing influence of memecoins and the unpredictable nature of the cryptocurrency market.
Will Contessoto’s prediction for $RDDT stand the test of time?
Contessoto, also known as the “Slum DOGE millionaire,” was also the one who turned $250,000 into $2 million with Dogecoin’s rise in the year 2021. Dogecoin [DOGE], once considered a joke soared to unprecedented heights, especially after Elon Musk’s support on a Saturday Night Live appearance in 2021.
Now, Contessoto believes RDDT could follow suit, exciting the crypto community. That being said, the investor enthusiasm for Reddit largely stems from its AI-related business ventures.
Emphasizing the value of Reddit’s user-generated content for training AI models, Reddit’s Chief Operating Officer, Jennifer Wong, highlighted,
“Human experience organized by topic, with moderation and relevance — that is incredibly important to building both a chat capability and the freshness of information. That is an area where we see opportunity.”
What influenced the memecoin surge?
Additionally, the recent surge in meme coin activity coincides with the Federal Open Market Committee’s (FOMC) decision to maintain current interest rates while hinting at future cuts.
Moreover, Reddit’s IPO announcement has reignited meme coin trader interest, driving a 16.2% surge in market capitalization within 24 hours.
Leading the chart is Dogecoin, which witnessed over 6% increase in value within the last 24 hours, following a brief decline earlier in the week. Other memecoins like Shiba Inu and PEPE have also seen positive movements, reflecting the heightened excitement surrounding meme coin investments.
Meanwhile, Reddit’s IPO has garnered significant attention, with the company raising $748 million by selling 22 million shares. This underscores the growing influence of meme coins in the cryptocurrency landscape.
