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As of 2022 SEMRush ranks Reddit the 11th largest website in the US by traffic stats, and 15th in the world.
Alongside social media platforms like Twitter, Telegram and Facebook it is a popular discussion forum to do market research on new cryptos to buy and upcoming altcoin projects.
Alongside the main Reddit crypto forum r/Cryptocurrency, there are thousands of other crypto subreddits dedicated to each cryptocurrency, altcoin, DeFi token, etc.
Cryptos to buy now Reddit
To save time browsing all the various crypto Reddit threads, the top trending cryptos Reddit users are watching and showing signs of investing in right now can be tracked using various online sites.
One such research tool is Coindicators.net which tracks cryptocurrencies, DeFi projects and NFT collections.
For example today and yesterday it ranked Lucky Block as the daily top new Reddit, in terms of number of new subscribers – ۵۸ today and 15 yesterday. That’s an indicator of investor interest in the project.
Reddit cryptos are often rated according to the total number of subscribers in their Reddit subs – that’s also displayed, e.g. 1,445 for $LBLOCK.
Reddit cryptos to buy
To give an idea of the best cryptos to buy Reddit wise the daily percentage change in price is also displayed – Lucky Block made a new all-time high yesterday, currently trading over $0.008, up over 10% in the past 24 hours according to Coinmarketcap.
The free version of Coindicators allows 5 page views daily and they are also on Twitter under the handle @coindicators.
As the site writes, ‘Reddit is an important social news aggregation and discussion website, popular among crypto enthusiasts. Data from coin subreddits is collected and presented using machine learning and sentient analysis‘.
Cryptocurrency markets are highly volatile and your investments are at risk.
Best Cryptos to Invest in Reddit
It’s important to bet on strength and buy digital assets that are in an uptrend. A common mistake new crypto investors make is to buy coins that are down a lot – but altcoins that are already down 90% can still drop another 90%. They can take years to recover, and some never do.
A better investing strategy is to bet on strength – only ‘buy the dip’ in confirmed uptrends. As part of your technical analysis (TA) look for coins that are printing higher lows (HL) and higher highs (HH) on a high timeframe (HTF) chart such as the daily or weekly. Whether it’s a brand new crypto, or big cap that has broken out of its bearish market structure and started a new bull run.
That doesn’t mean FOMO into a large green candle on a LTF chart, chasing a random pump in a downtrend or ‘chop’ (sideways consolidation) – but do buy HTF bullish price action (PA). Even if a new crypto is already up 10x, 50x, even if its a 100x altcoin already – upside in crypto is high, the best cryptos can go up 1000x.
The overall crypto marketcap ATH is only $3 trillion, much lower than e.g. Gold ($11 trillion). Don’t risk the opportunity cost of being left ‘holding the bag’ on an altcoin that was in a bear cycle, that you bought as it was cheap and ‘down a lot’. Wait for confirmation and invest in uptrending cryptos.
Look for HHs and HLs when choosing cryptos in invest in
Set a stoploss, take profit targets and be ready to cut your position and move onto new projects if your coin loses its bullish trend and starts putting in LHs and LLs. There are many crypto Reddits and Telegram groups with a community of ‘bagholders’ who decide to just ‘HODL’ indefinitely. Meme coin Shiba Inu went up over 1000x then started making lower highs – many of the r/SHIBArmy didn’t sell.
Remember IOTA? XVG? Even newer projects once considered the best cryptos like ICX have underperformed in the long-term vs Bitcoin and Ethereum – only allocate part of your portfolio to speculative altcoins.
While it can be tempting to not sell, so as not to ‘realise the loss’ and just wait for the market to turn around, that doesn’t necessarily apply to altcoins in the same way as it has historically to Bitcoin, as developers can abandon altcoin projects. Recouping losses can be done faster by buying new coins that are in a strong uptrend.
The popularity on Reddit of Lucky Block for example could be explained by it being less than a month old and only trading on a couple of exchanges, Pancakeswap and LBank.
New coins on Pancakeswap DEX are popular with Reddit investors for their low marketcap and high growth potential as they aren’t yet listed on major crypto exchanges like eToro, Huobi, Coinbase, Binance etc. – they’re more likely to be unknown ‘gems’ that haven’t yet seen mass adoption. It’s also often not possible for large investors and whales to short sell those new Pancakeswap listings, manipulate the market and dump the price.
Promising new Pancakeswap coins don’t always deliver though, e.g. FLOKI was first listed there and the ROI has been low for the Floki Inu army so far.
Visit the Lucky Block crypto Reddit here.