So far in December, r/wallstreetbets has been getting 15-20k comments per day, way down on the 100k+ per day that was common during peak "GameStop mania". The moment may have passed for another GameStop moment.
If reddit traders pass on the stock, other investors will likely actually look at the fundamental of reddit's business, which is advertising driven, like most social platforms.
And in theory, the way reddit is organized should be an advertisers dream. Want to advertise a Rolex? There's 1.6 million people in a watches community ready to go.
In practice however, reddit has struggled to make the big ad dollars, with the company expecting to bring in roughly $350m in revenue this year. By comparison, Pinterest did $1.7bn last year, with a similar sized audience. Twitter did $3.7bn.