BBIG Stock News: Vinco Ventures Inc tanks ahead of Cryptyde ex-dividend date

NASDAQ:BBIG extended its decline on Tuesday, as the NFT and blockchain-based company saw its second straight drop to start the week. Shares of BBIG plummeted by 17.10% and closed the trading session at $7.95. Despite the recent sell off, it’s difficult for shareholders to be upset with a stock that has still returned over 400% so far this year, which is more than ten times what the S&P 500 has done. Shares are still trading above both the key 50-day and 200-day moving averages, even though it has fallen about 40% from its 52-week high price of $12.49. 

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Wednesday September, 15th marks an important date for Vinco Ventures shareholders. This is the proxy record date for when shareholders will need to own BBIG shares in order to receive shares of Vinco’s spinoff company called Cryptyde. The new spinoff is a Blockchain-based acquisition company that will look into acquiring new Blockchain-based technology firms. Vinco Ventures is looking into taking Cryptyde public as well and it is expected to debut under the ticker symbol TYDE. Whenever Cryptyde does go public, BBIG shareholders will receive shares of TYDE in the form of a dividend.

BBIG stock forecast

It was a volatile day all around for meme stocks, as the momentum from AMC’s (NYSE:AMC) busy weekend did not carry over into Tuesday’s session. Shares of AMC fell by 8.55%, GameStop (NYSE:GME) lost 1.97%, and SmileDirectClub (NASDAQ:SDC) dropped by 3.68% during trading hours. Meme investors are no strangers to volatility, but it is particularly magnified in a market that has been especially choppy as of late.