- The stock price of Dragon Victory International Limited (Nasdaq: LYL) has increased by over 50% pre-market. This is why it happened.
The stock price of Dragon Victory International Limited (Nasdaq: LYL) – a company that offers reward-based crowdfunding opportunities in China – has increased by over 50% pre-market. There is no apparent news or recent SEC filings so it appears there are external factors at play.
LYL has become a favorite by aggressive day traders due to the low float. And because of the low float, the price of LYL can fluctuate wildly from time-to-time.
On social media, some investors seem to speculate that Dragon Victory is going to get into cryptocurrency. This has been one of the driving forces of the stock price increase recently and in the past as well.
One of the reasons why this rumor keeps coming up is because Dragon Victory utilizes blockchains and smart contract technology for integrating the upstream and downstream links of auto parts supply chains. And the transactions of the Bitcoin cryptocurrency are logged on blockchains.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.