One myth that has arguably emerged in the GameStop squeeze is that of “David and Goliath”. As Roland Barthes (1975) argues in Mythologies, myth is a type of language-a mode of pure signification that can make a difference in shaping how people understand the world, and, in this case, take financial risks. These are myths not because they are necessarily false over exaggerations but because they are alive and can shape how we come to understand and value emerging technologies. However, with GameStop, analysts have capitalized on various myths of digital media to predict a transformation in the structure and norms of investing. The history of Silicon Valley investment has been defined by booms, busts, and bubbles such as the famous Dot-com bubble of the late 1990s and finance capitalism itself has been marked by numerous crises such as the subprime mortgage crisis, itself due in part to investors shorting the housing market. Many questions are emerging from this squeeze, and media have been speculating about what role digital platforms such as Reddit and Robinhood might come to play in the future of stock trading. How we come to understand trading within and through digital platforms may ultimately shape how people choose to invest and take risks with their money. I find this story illustrative of larger theoretical critiques of platforms, big data, and digital assets that have been the focus of my research for the past several years. While theories explaining why the GME short squeeze happened are mixed (fun, profit, and vengeance have become three main explanations), over at WallStreetBets a meme-driven ethos of resistance against hedge funds, finance capitalism, and the temptation to cash out has concretized into a singular message: “hold the line”. One Wall Street hedge fund, Melvin Capital, is reported to have lost some 53% of their fund in January and needed a $2 billion bailout from Citadel. Within two weeks GME stocks jumped some 500% due to the rapid mobilization of retail traders using mobile trading apps such as Robinhood. The story goes that in late January of 2021 a subreddit called WallStreetBets mobilized its users to invest heavily in GameStop (GME) stocks in an effort to “squeeze” an attempt by elite hedge funds to “short” the value of the stock. The efforts made by Lookonchain to throw light on actions that are of concern play an important part in the development of a crypto ecosystem that is safer and more dependable.The “short squeeze” of GameStop stock has given rise to predictions that we are on the verge of witnessing a revolution in finance capitalism thanks to the power of social networks, mobile platforms, and investing apps. These continual findings highlight the significance of conducting an in-depth investigation as a means of sustaining trust and confidence within the cryptocurrency ecosystem since transparency and accountability are essential components in this process. There is still a lack of clarity on the implications for the market and those who possess tokens despite the fact that these questionable addresses control large amounts of tokens.Īs investors and analysts dig further into the inquiry, they are waiting for new updates and insights. The cryptocurrency community is paying careful attention to the data published by Lookonchain since recent events have further increased the level of anxiety around $LADYS. They all received $ETH from #KuCoin at the same time and bought $LADYS.Īnd also transferred all $LADYS to new addresses 10 hrs ago. They hold 205T $LADYS ($19M), 23% of the total supply. If you bought $LADYS, you should pay attention to these 42 suspicious addresses. These addresses are now in possession of an astounding 205 trillion $LADYS tokens, which have a value of around $19 million and account for 23% of the entire supply. In their tweet, Lookonchain disclosed 42 addresses that caused investors of $LADYS to express worry. The timing of deposits provides evidence that there is a link between the deposits and the following reduction in the price of $LADYS this leads to more issues about the dynamics that are at play.Īn investigation that was carried out previously by Lookonchain revealed a number of questionable dealings that were connected to the $LADYS cryptocurrency. JL8zmXLbmG- Lookonchain May 16, 2023Īccording to the most recent findings of the inquiry, these 86 addresses jointly have 131 trillion $LADYS ($15 million), which indicates strong engagement in the ecosystem of the token. These 86 addresses currently hold 131T $LADYS ($15M). We updated the list of suspicious addresses.Ĩ6 addresses deposited a total of 90T $LADYS ($10.8M) to the exchanges.Īccording to the deposit time, we found that the price of $LADYS started to drop after the deposit.
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