Vinco Ventures (NASDAQ:BBIG) a pleasant surprise for investors in the morning. Shares of BBIG show no plans to slow after an impressive 23% increase in total trading yesterday. Now the boom of the previous market is followed by another set of steep gains to start trading today. It seems that much of the momentum can be attributed to rumors in the vein Cryptyde spinoff.
Vinco Ventures continues its week of speculative boom, but its shares have enjoyed a fair share of ups and downs for some time. BBIG was in the spotlight last year and was a popular choice among meme stock retailers.
Last spring, the company increased its offering by including projected irreplaceable tokens (NFT) in its repertoire. In addition, Vinco is creating waves with its partnership with Zash Global Media. As early as July 2021, the company closed the deal, making it a 50% owner Lomotif social media app. Analysts praise Vinco Ventures for this deal; Lomotif is a close competitor with the hugely popular social media platform Tik Tok.
Finally, news emerged at the end of August of the company splitting for cryptocurrencies. Cryptyde, as it is called, will be the company’s next major venture – one that will eventually become its own entity, traded in public markets under the TYDE symbol. Vinco Ventures will also merge with Zasha into a single unit.
When the company appears on Fintel, there are many rumors about the launch of Cryptyde
BBIG shares have fallen off investor radar in recent months. Thanks to the quiet period before the merger and the initial public offering of TYDE (IPO), there was not much on the way to updates around Cryptyda. So the hype faded and users opted for other relevant games. However, Vinco was not completely forgotten. In fact, the company is trading at full power today, and users are preparing for the long-awaited launch of Cryptyde.
Although there is nothing absolute about the timeline yet, there are rumors and hints that the beginning will come soon. Earlier this week, investors began arguing over Cryptyde’s increasing presence on social media. In fact, more and more employees from the newly formed company are declaring.
Today, however, the enthusiasm goes a step further. A popular financial data aggregator Fintel is behind the chat; it seems to have a website launched a dedicated Cryptyde website to monitor TYDE stock data prior to the IPO. Investors take this as a hint that the stock’s debut is imminent.
As such, there is a huge inflow of money into BBIG shares today. In the early moments of trading, BBIG is already trading above the daily average volume; more than 40 million shares are currently traded, compared to an average of 23 million. Meanwhile, the share price is rising by more than 8%.
On the day of the publication of Brenden Rearick did not hold (directly or indirectly) any position in the securities referred to in this Article. The opinions expressed in this article are those of the author and are the subject of InvestorPlace.com Guidelines for publication.