A VR company penny stocks jumped over 300% after the company announced they are going to take actions as a cryptocurrency related business.
Rumour has spread – blockchain is “the technology” and anything related to it is worth investing. Investors from all over the world, as well as people looking for new assets to place their savings in are investing in cryptocurrencies, and crypto-related companies and startups. That’s nothing odd considering the fact that after watching cryptocurrencies enormous surges for the last few years – everyone is lured by the promise of safe investment with quick (and huge) profit.
Lately, a company TimefireVR, which was founded in 2014 and so far focused on virtual platform development announced that they are taking a new direction. In the announcement released on Thursday, they have stated that the company has already sold all their VR assets to invest in the blockchain technology. Since that their penny stocks jumped from 0,03$ do 0,1$ in just one day.
A similar situation took place lately – Long Island Ice Tea, a beverage company, noticed quick and significant market price increase after rebranding to Long Blockchain. It is unknown if the company is shifting its focus towards blockchain technology. The Financial Industry Regulatory Authority has issued a warning towards investors to be rather cautious about the stocks of companies that recently claimed themselves as crypto-related.
Last modified: January 8, 2018
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