Reddit Inc is gearing up for a massive initial public offering (IPO), and the excitement is palpable. So much so that Glauber Contessoto, a Dogecoin millionaire, is predicting that the meme coin RDDT could surpass the actual Reddit stock IPO.
What Happened: Contessoto, who gained fame for turning a $250,000 investment in Dogecoin into a $2 million fortune in 2021, took to social media platform X formerly known as Twitter to express his views on the upcoming Reddit IPO.
He suggested that if the meme coin RDDT outperforms the actual Reddit stock IPO, it would be a victory for crypto enthusiasts.
“If the meme coin RDDT flips the actual #REDDIT stock IPO with the ticker symbol RDDT than we have done our jobs as crypto enthusiasts well and we have fought the good fight and have won! LFG! @RDDTCOIN WE LIKE THE COIN!!!,” Contessoto wrote.
Reddit is reportedly aiming to raise a substantial $748 million in its upcoming IPO, making it one of the year’s most significant offerings. The company plans to sell 22 million shares, priced between $31 and $34, potentially valuing the company at $6.5 billion, as per a Benzinga report.
The RDDT token, named after social media platform Reddit, currently boasts a market capitalization of $7.82 million, with each token priced at $0.007999, reflecting a 7.29% increase in the last 24 hours and an 8.79% rise over the past year.
With a circulating supply of 1 billion tokens, to surpass the upcoming Reddit offering which aims to raise $748 million, the RDDT token would need to achieve a market capitalization of the same magnitude, signifying a significant increase of 9465.22% from its current level.
RDDT is a meme token that operates on the Ethereum network and may not have a direct association with the social media platform Reddit.
Why It Matters: The Reddit IPO has been a hot topic in the financial world, with the company’s valuation generating significant interest. The IPO was reportedly five times oversubscribed, indicating strong investor interest.
Reddit’s IPO shares have also been made available to a select few through Robinhood Markets; IPO Access list, offering an exclusive opportunity for a few lucky individuals.
Reddit’s stock is set to begin trading on the NYSE under the ticker “RDDT” on Thursday.
With such high expectations surrounding the Reddit IPO, it’s no wonder that Contessoto and other crypto enthusiasts are closely watching the event unfold.
