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20B in volume in a single trading day and people still think this is just retail. Sheesh.

by BoorishBears 6y ago

sroussey 6y ago
It’s the retail volume that is breaking things, but yeah other are riding momentum.
- BoorishBears 6y ago
  Exactly as I said... this is not just retail. Not 20B in a single trading day.
  - wyre 6y ago
    That’s 4 million people averaging $5000. It could be?
    - sekai 6y ago
      Not really, few percentage points of that sub are actually investing. Loud minority.
  - xiphias2 6y ago
    Retail has 10x leverqge with out of money call options, don't forget that. Of course hedge funds need to sell and hedge those options that create the huge volume
bugzz 6y ago
2-3 weeks ago when share prices were around $17, GME had a market cap of less than 1.2B. WSB has 7.6 million users now, but I assume it went up a lot recently. Say 2 million of them bought some GME. To buy 50% of the shares a couple weeks ago it would have only taken $296 each. So they could ABSOLUTELY get prices moving significantly. Now of course lots more people have jumped on now. But that 20B volume number is after they got the price to ramp up!
- ImprovedSilence 6y ago
  Thats assuming all of wsb bought in on it. There are plenty of casual followers there that did not. Alternatively, there are plenty of non-wsb-ers that followed the hype.
- UncleMeat 6y ago
  > Say 2 million of them bought some GME. I think you are off by one or two orders of magnitude. I'd wager that a full half of the subscribers haven't even opened reddit in the last week.
  - pcthrowaway 6y ago
    Well considering it's currently at 7.8 million subscribers, and a week ago it was 2.1 million subscribers [1] I'd love to know how 4 million redditors subscribed without opening reddit [1] https://web.archive.org/web/20210125060034/https://www.reddit.com/r/wallstreetbets/ https://web.archive.org/web/20210125060034/https://www.reddi...
    - weeboid 6y ago
      He just knows, ok? Geez
    - UncleMeat 6y ago
      Ok that's fair. New subs does mess with my estimate. I'll still insist that only a small minority actually purchased GME.
      - orestarod 6y ago
        Don't know about that. I have never in my life bothered with stocks, and now I bought a share with all the spare money I could afford to lose. Me, a complete outsider. I can say at least 1M of the members hold stocks. And probably many more. I only got in the sub to watch how things unfold, intent on buying from the beginning. I don't think anyone would bother following WSB just for the giggles. Most of the posts are for the sole purpose of reaffirming our collective choice of holding GME.

20B in volume in a single trading day and people still think this is just retail. Sheesh.

sroussey 6y ago

It’s the retail volume that is breaking things, but yeah other are riding momentum.

BoorishBears 6y ago
Exactly as I said... this is not just retail. Not 20B in a single trading day.
- wyre 6y ago
  That’s 4 million people averaging $5000. It could be?
  - sekai 6y ago
    Not really, few percentage points of that sub are actually investing. Loud minority.
- xiphias2 6y ago
  Retail has 10x leverqge with out of money call options, don't forget that. Of course hedge funds need to sell and hedge those options that create the huge volume

bugzz 6y ago

2-3 weeks ago when share prices were around $17, GME had a market cap of less than 1.2B. WSB has 7.6 million users now, but I assume it went up a lot recently. Say 2 million of them bought some GME. To buy 50% of the shares a couple weeks ago it would have only taken $296 each. So they could ABSOLUTELY get prices moving significantly. Now of course lots more people have jumped on now. But that 20B volume number is after they got the price to ramp up!

ImprovedSilence 6y ago
Thats assuming all of wsb bought in on it. There are plenty of casual followers there that did not. Alternatively, there are plenty of non-wsb-ers that followed the hype.
UncleMeat 6y ago
> Say 2 million of them bought some GME. I think you are off by one or two orders of magnitude. I'd wager that a full half of the subscribers haven't even opened reddit in the last week.
- pcthrowaway 6y ago
  Well considering it's currently at 7.8 million subscribers, and a week ago it was 2.1 million subscribers [1] I'd love to know how 4 million redditors subscribed without opening reddit [1] https://web.archive.org/web/20210125060034/https://www.reddit.com/r/wallstreetbets/ https://web.archive.org/web/20210125060034/https://www.reddi...
  - weeboid 6y ago
    He just knows, ok? Geez
  - UncleMeat 6y ago
    Ok that's fair. New subs does mess with my estimate. I'll still insist that only a small minority actually purchased GME.
    - orestarod 6y ago
      Don't know about that. I have never in my life bothered with stocks, and now I bought a share with all the spare money I could afford to lose. Me, a complete outsider. I can say at least 1M of the members hold stocks. And probably many more. I only got in the sub to watch how things unfold, intent on buying from the beginning. I don't think anyone would bother following WSB just for the giggles. Most of the posts are for the sole purpose of reaffirming our collective choice of holding GME.