Vinco Ventures (NASDAQ: BBIG) never ceases to amaze and excite its investors by venturing into new markets. And it appears that the most recent one will send retail investors into a frenzy. Type 2 and Type 3 short squeeze signals have been triggered for BBIG, according to Ortex. Even on Fintel, BBIG is the top candidate for a short squeeze.
User Vaibhav Agarwal on twitter posted that, he’s unable to buy short positions for BBIG as his broker couldn’t borrow any more stock.
To summarise, Vinco Ventures is a technology firm that seeks to acquire or invest in cutting-edge consumer technology. This has led it to invest in crypto-related assets, Non-Fungible Token (NFT) ventures, and other blockchain-related areas.
It has become one of the most challenging company structures to comprehend for most investors. Its business model is based on aggressive acquisitions of other businesses.
In recent months, the company’s stock has made some significant moves before succumbing to heavy shorting. When BBIG reached a high of $12.49 in September 2021, it entered a bearish trend. However, it has now picked up a bullish trend and continues to soar; BBIG is currently trading for $3.
Vinco Ventures was the big winner among the meme stocks on Wednesday. At noon yesterday, the stock was up nearly 10%. That gain was more than doubled by the stock, which closed up 23% at $2.88.
At the time of writing on Thursday, BBIG’s stock price has increased by 5% to $3.04. The trading volume is roughly 50% higher than the daily average of 23 million.
Possible reasons for the price increase include the spin-off of its Cryptyde (a non-fungible token) and Lomotif (a video sharing app).
Cryptyde is an acquisition vehicle that will focus on the blockchain industry. The Cryptyde unit also has holdings in Crypto mining and the increasingly popular metaverse spaces.
Lomotif, on the other hand, is a video-sharing site with 31 million monthly active users. Lomotif was named one of the top five up-and-coming apps for Generation Z by Fortune. This week, there was a lot of talk about Lomotif, which has the potential to become “the Tik Tok.”
Social media keeps buzzing with BBIG news, and investors are always looking for updates. As a result, it wasn’t long before ardent BBIG investors noticed Cryptyde’s website was also up and running. When Benzinga’s Director Corporate Communications, Zoltan Suranyi, tweeted that Vinco Venture’s CEO will be interviewing with them soon – though no date has been confirmed – investors were delighted.
Rising Candle has contacted Vinco Ventures Investor relations to get more information/updates on the Vinco-Zash merger, Cryptyde launch date, and whether NASDAQ has approved their application for TYDE. We will update you once we get a response.