- The stock price of Phunware Inc (NASDAQ: PHUN) increased by over 30% pre-market today. This is why it happened.
The stock price of Phunware Inc (NASDAQ: PHUN) – a fully-integrated enterprise cloud platform for mobile that provides products, solutions, data, and services for brands worldwide – increased by over 30% pre-market today. Investors are responding positively to the launch of Donald Trump’s new social media platform TRUTH Social launching late yesterday on Apple’s App Store.
This is the former president’s return to social media after being banned by Twitter, Facebook, and YouTube last year for inciting an insurrection at the U.S. Capitol on January 6, 2021.
TRUTH Social — which is a free app — quickly became ranked number one in the social networking category of the Apple App Store due to the sudden increase in downloads. And many users reported having trouble registering for an account. Or they were added to a waitlist.
TRUTH Social is overseen by a company called Trump Media & Technology Group (TMTG). Former Republican U.S. Representative Devin Nunes became the head of TMTG recently.
What Does This Have To Do With Phunware?
Phunware has been associated with the Trump campaign in the past. For Trump’s 2020 campaign, Phunware had partnered with American Made Media Consultants to develop The Official Trump 2020 App.
Due to this association, stock price changes in Digital World Acquisition Corporation (NASDAQ: DWAC) have also been influencing what happens with Phunware since October — which was around the time that it was announced that TMTG will be going public with Digital World. DWAC is up more than 45% pre-market today so Phunware is also up in sympathy.
What Else You Should Know
Last week, Phunware also announced the launch of its PhunToken (PHTK) liquidity pool rewards program for an Ether (ETH) – PHTK trading pair at Uniswap V2. PHTK is currently available for purchase here with US Dollars (USD), Bitcoin (BTC), or ETH.
The liquidity pool rewards program is expected to launch next month and the first reward will be distributed in April to eligible whitelisted wallets. And these rewards are paid in PHTK to every eligible liquidity provider that locks ETH and PHTK on Uniswap for at least 30 days. These rewards are in addition to the anticipated 0.3% fee liquidity that providers typically get from Uniswap trades on trading pairs they provide liquidity to in the market. Only a limited number of liquidity providers who register here will be whitelisted.
By incentivizing PHTK holders with rewards, Phunware expects to provide the necessary liquidity to not only foster a healthy ecosystem but also more rapidly accelerate the global decentralization of PhunToken.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.