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Comment by BoorishBears | Hacker News Reader

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

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!

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.

> 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.

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.reddi...

Ok that's fair. New subs does mess with my estimate.

I'll still insist that only a small minority actually purchased GME.

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.

> WSB has 7.6 million users

I keep seeing this metric everywhere, it's irrelevant, $GME became a meme stock, people are joining the sub to check out the fun, not to invest. Max 1% of them are really investing anything of value.

Cannot confirm, I joined to watch things to eventually buy, and I bought. I never bothered with stocks before. I also know many like me, in my real life circle, who did the same. A good chunk of WSB holds GME, is my estimate.

Best number should be Robin Hood consumer. I read somewhere that 56% of RH subscribers were owning GME. I dont do stock trade, not sure whether this means every one has atleast one or the company let you group the $$ amounts too.

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

Exactly as I said... this is not just retail. Not 20B in a single trading day.

That’s 4 million people averaging $5000. It could be?

Not really, few percentage points of that sub are actually investing. Loud minority.

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

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