Chart, page-15151

Actually there is quite a bit of research that shows online stock forums and social media groups do in fact influence trading and can temporarily drive up stock prices.

This is precisely why ASIC (and other regulators around the world) are trying to crack down on it.

I think there is a very strong argument that this explains most of the recent price rise. The meme stock phenomenon is fascinating.


https://asic.gov.au/about-asic/news-centre/find-a-media-release/2021-releases/21-256mr-asic-warns-of-social-media-led-pump-and-dump-campaigns/

21-256MR ASIC warns of social media led ‘pump and dump’ campaigns

ASIC has noted a concerning trend of social media posts being used to coordinate ‘pump and dump’ activity in listed stocks, which may amount to market manipulation in breach of the Corporations Act 2001.

‘Pump and dump’ activity occurs when a person buys shares in a company and starts an organised program to seek to increase (or ‘pump’) the share price. They do this by using social media and online forums to create a sense of excitement in a stock or spread false news about the company’s prospects. They then sell (or ‘dump’) their shares and take a profit, and other shareholders suffer as the share price falls.