CryptocurrencyNews

Satoshi Street Bet To Launch Its Own Cryptocurrency

Some weeks ago, a subreddit group called WallStreetBet got some social media attention for its vast followership, and another crypto platform created a fake asset with the group’s name. Some of those traders had tried to drive up some stock prices during the Robinhood incident, where the latter restricted traders from buying particulars stocks.

The incident came with so much controversy, but everyone is sure that Robinhood’s restriction on the asset’s purchase brought down its price, which affected the bet wall street investors placed on the platform. Now, another Reddit group called SatoshiStrreetBet has come up, explaining that it’s the crypto version of the popular Reddit group.

Satoshi street bet creates its token

The crypto-related group recently announced that it would launch its tokens to expand the digital asset market further. The Reddit group is quickly gaining some popularity, bringing in more followers for the venue. The platform shared that SatoshiSwap would be the utility governance tokens, and the token would interact with members based on the upvotes on their posts.

Today, it shared that the SatoshiSwap would airdrop to group members that used some DEX platforms such as SushiSwap and UniSwap, which would then be passed on to liquidity providers. For now, the creators have not specified a launch date for the new asset, but sources suggest that it would be within the next six months.

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To strengthen the asset’s stance in the crypto market, one of the group’s moderators gave some motivation for the new crypto’s creation. The moderator cited You Only Live Once as the first reason for its creation. The term usually means that individuals should enjoy all available opportunities because they ‘only live once.’

The regulator, whose username Little Eagle, said that DEX platforms are becoming very successful and lucrative, but some problems still pose a significant discouragement. The group moderator mentioned high transaction fees, scalability problems, and the absence of margin trading, amongst others. Little Eagle then added that they could change things and offer a new perspective.

Satoshi tokens to unite Reddit group

The group regulator said that the group wants a token that would bring them together and that the token’s creation would do that while uniting towards a rally to push the token.

Interestingly, the creators made the group a spinoff of the popular Wallstreetbet group specializing only in cryptocurrencies in 2020. The latter change things for the GMC stokes, as the army of traders caused a price pump, which caused stock prices to skyrocket.

Interestingly, both groups recently got attention, probably because of the new booming crypto industry. Sources explained that the group’s creator shared its massive growth from 15,000 members to 300,000 users in some weeks.

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The creator also added that the token’s official Twitter handle has over a thousand followers since its first post. The group founder said that his motivation for creating the group is to take power from the big players and give it to the people.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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