Dogecoin 'Millionaire' Wants This Reddit-Themed Meme Coin To Flip The Actual Reddit IPO
Portfolio Pulse from Benzinga Neuro
Glauber Contessoto, known for his Dogecoin fortune, predicts the meme coin $RDDT could outperform Reddit's upcoming IPO. Reddit aims to raise $748 million, valuing the company at $6.5 billion. RDDT, with a market cap of $7.82 million, would need a 9465.22% increase to match Reddit's IPO valuation. The Reddit IPO is highly anticipated, being five times oversubscribed, and will trade under the ticker 'RDDT' on the NYSE.
March 21, 2024 | 7:44 am
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NEUTRAL IMPACT
Glauber Contessoto, a notable Dogecoin investor, supports $RDDT against Reddit's IPO, potentially influencing Dogecoin's visibility and investor sentiment.
While the news highlights Contessoto's support for $RDDT, his association with Dogecoin could indirectly affect DOGE's market sentiment by increasing visibility and potentially attracting more investors to the meme coin space.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
The meme coin $RDDT, supported by Dogecoin millionaire Glauber Contessoto, aims to outperform Reddit's IPO, requiring a 9465.22% market cap increase to match the anticipated $748 million IPO valuation.
Contessoto's endorsement and the comparison to Reddit's IPO put $RDDT in the spotlight, potentially driving investor interest and speculative trading. The significant market cap increase required for $RDDT to match Reddit's IPO valuation highlights the ambitious goal set by its supporters.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100