BBIG Stock News: Vinco Ventures Inc continues downward as bears remain in control

NASDAQ:BBIG dropped a further 7.01% on Tuesday as the broader markets recovered early but fell again late.
Vinco Ventures’ subsidiary will distribute the first ever NFT movie soundtrack.
It was another session in the red for meme stocks on Tuesday.

Stocks Reporter FXStreet

NASDAQ:BBIG is clearly not providing a performance that many retail apes anticipated when it was touted as the next big short squeeze. On Tuesday, shares of BBIG extended their recent decline and fell by 7.01% to close the trading day at $6.77. After the recent downward trend, shares are now fast approaching the 50-day moving average, a sign that the short-term movement has been extremely bearish. Tuesday offered some relief for investors following Monday’s global sell-off, although the Dow Jones and the S&P 500 both managed to close the day in the red.

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Vinco Ventures and its subsidiary Emmersive Entertainment are producing the very first NFT movie soundtrack. The album is expected to be available off of the e-NFT.com site, and will feature well known artists like Anderson .Paak and CeeLo Green amongst others. The soundtrack will be for the upcoming dramedy titled Karen. Emmersive Entertainment previously released artist Tory Lanez’s album as an NFT in August, and sold 1 million copies within the first minute of release.

BBIG Stock Forecast

Despite somewhat of a market stabilization on Tuesday, the meme stock sector still fell victim to the ongoing volatility. AMC (NYSE:AMC) and GameStop (NYSE:GME) fell by 3.65% and 1.32% respectively. AMC has now lost nearly 17% over the past week, as there seems to be no end in sight to the stock’s descent. Elsewhere, shares of ContextLogic (NASDAQ:WISH) hit new lows as the stock shed a further 3.62%.

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Stocks Reporter

FXStreet

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