BBIG Stock Forecast: Vinco Ventures tumbles during rocky start to the week for markets
- NASDAQ:BBIG fell by 7.83% during Monday’s trading session.
- Cryptyde continues to fall lower following its spin-off from Vinco Ventures.
- GameStop officially launches its NFT Marketplace.
NASDAQ:BBIG sank lower to start the week as the meme stock continues to get back on track from its recent spin-off of shares of Cryptyde. On Monday, shares of BBIG tumbled by 7.83% and closed the trading session at $1.06. It was an ominous start to a week that will see both the June CPI report and the start of second quarter earnings season. The Dow Jones sank by 164 basis points, while the S&P 500 and the NASDAQ dropped lower by 1.15% and 2.26% respectively during the session.
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The spin-off of Cryptyde (NASDAQ:TYDE) from Vinco Ventures hasn’t quite gone according to plan for BBIG investors. The long-awaited split for the blockchain-based company was seen as a bullish catalyst by many for both stocks. Instead, shares of Tyde fell a further 10.94% on Monday, and have lost nearly all of their value since debuting on June 27th at about $6.30. Vinco Ventures hasn’t fared much better, falling from a closing price of $1.39 on June 27th to its current price levels.
BBIG stock price
In other meme stock news, GameStop (NYSE:GME) officially launched its Ethereum-based NFT Marketplace. The news comes on the heels of the company suddenly firing its CFO as well as some of its staff. While the news has long been seen as the first step in GameStop’s digital transformation, the launch unfortunately comes at a time where crypto and NFT interest is at a multi-year low. Shares of GME were little moved, with the stock gaining 1.21% on Monday.
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