- The stock price of Vinco Ventures Inc (NASDAQ: BBIG) increased by over 29% this past week. This is why it happened.
The stock price of Vinco Ventures Inc (NASDAQ: BBIG) increased by over 29% this past week and it is up more than 6% pre-market today. There are no company-specific reports driving the stock price up today so it appears there are external factors at play.
Investors who are active on stock trading forums on social media platforms like Discord, Reddit, StockTwits, Twitter, and Facebook Group appear to be driving a short squeeze on the company shares. And some of the investors are buying into the company in anticipation of Vinco Ventures deploying a crypto spinoff on Friday.
The crypto spinoff — which is called Cryptyde — will be a selective acquisitions company focused on utilizing blockchain technologies to disrupt consumer facing industries. And upon the successful dividend spin-off, the newly formed publicly-traded company will trade under the symbol “TYDE.”
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.