- NASDAQ:BBIG surged 10.44% higher on Monday amidst a mixed day for the broader markets.
- Social media was calling for another BBIG short squeeze.
- The NFT market heats up as a popular meme sells for $76,000.
NASDAQ:BBIG started off the week on the right foot, as the meme stock continued its momentum over from Friday. Shares of BBIG surged by 10.44 on Monday and closed the first trading session of the week at $6.98. Vinco Ventures soared as the stock saw nearly double its recent average daily trading volume, with nearly 80 million shares changing hands. BBIG easily outpaced the broader markets on Monday, as the NASDAQ and S&P 500 closed lower, while the Dow Jones eked out a narrow gain, adding 71 basis points.
Stay up to speed with hot stocks' news!
Monday was another busy day on social media, as retail investors across Reddit and Twitter were calling for another short squeeze for Vinco Ventures. The popularity of short squeezes has increased dramatically since the original squeeze of GameStop (NYSE:GME) and AMC (NYSE:AMC). While nothing concrete has happened in the meme stock industry since AMC surged higher in June, retail investors are always on the lookout for stocks with low share floats and high short interest. Vinco Ventures remains one of the most mentioned stocks on Reddit forums such as r/WallStreetBets.
BBIG stock forecast
Although much of the discussion about Vinco Ventures is about its stock, its business is doing better thanks to the continued popularity of the NFT Market. On Monday, one of the world’s most popular meme images was sold by the family who took the picture for 25 Etherum or over $76,000. The NFT was purchased by a Dubai-based music company called 3F Music, which may be a competitor to the Vinco Ventures subsidiary, Emmersive Entertainment, which releases new albums in the form of NFTs.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair keenly awaits the US PCE inflation data and Fed Chair Powell's speech for fresh hints on next week's price action.
GBP/USD holds steady above 1.2600 as markets stay calm on Good Friday
GBP/USD trades sideways above 1.2600 amid a typical Good Friday trading lull. A broadly firmer US Dollar could keep any upside attempts limited in the pair ahead of the US PCE inflation data and Fed Chair Powell's appearance.
Gold price sits at all-time highs above $2,230, US PCE eyed
Gold price hit all-time highs at $2,236 on Thursday to finish Q1 2024 with a bang. Most major world markets, including the US are closed due to Holy Friday, leaving volatility around Gold price highly subdued. US PCE inflation and Powell are awaited.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.