Reddit, the famous social networking platform, launched its market at its original price of $34, which was sold at $47 per share. The current company’s estimation, based on the late valuation procedures, stands near $6.5 billion. The issue was able to come to the stock exchange under the ticker RDDT, and the Reddit shares increased at a pace, going over $57 and then stabilizing at $50.
The coming IPO will be a meaningful step in the development of this platform, which is famous for its online groups and leading role. Reddit, which is renowned for its cryptocurrency-related activities, has iconic subreddits, namely, r/Cryptocurrency and r/Bitcoin, which are popular among the top 100 r/subreddits.
The Bitcoin, Ethereum, and MATIC tokens are presently utilized as financial assets to help hold Reddit’s cash reserves. The exchange overstepped its bounds into the crypto realm as its platform’s native currency token, MOON, rocketed up around 7% prior to the initial beginning of trading, dropping to roughly $0.44.
Cryptos, which are innovative Reddit projects, have both created successes and downfalls. Last October, the company put the brakes on the Community Points beta program because it did not know the regulatory framework and encountered problems with scaling. Nonetheless, Reddit is almost running in the NFT space. Now, it has launched its Polygon-based Avatars, which clearly illustrates its values as a dominant factor in the growing space.
Also Read: Reddit Faces FTC Probe Over Data Licensing for AI Training
