Blockchain penny stocks were once a hot commodity but now have taken the backburner to cannabis. Cannabis is becoming the hot ticket among stocks nowadays. Many cannabis stocks are booming on the market, very similar to blockchain in 2017.
Let’s take a look at a blockchain penny stock and its latest movement.
eXeBlock Technology Corp. (CSE:XBLK)
eXeBlock Technology is based in Vancouver, Canada. The company develops blockchain-based software for businesses worldwide. eXeBlock is involved in developing and marketing decentralized applications.
While most blockchain penny stocks have all but fizzled out in regards to daily market movement, eXeBlock Technology Corp recently had quite the spike.
Last Thursday, eXeBlock announced that it had completed the work of its Sidechain dApp. This dApp is aimed at solving the problems of inter-blockchain transfer of value. This is huge in the blockchain space currently, as sidechains allow for larger volumes to be completed on the blockchain network.
>> Is Golden Star Resources Shining Over These Penny Stocks?
“I’m excited to be part of a Blockchain company that has already built assets that have significant value. With the right partners and strategy, these assets are ready for deployment to ensure our path to revenue generation and profitability,” said Jamie Davison, President and CEO of eXeBlock Technology Corp.
eXeBlock’s Sidechain enables the transfers from the Bitcoin blockchain to the PeerPlays blockchain without a centralized entity. Sidechain uses the Cross Chain Consensus Protocol (CCCP) and it ensures that the communication between blockchains maintains a decentralized mechanism.
Penny Stock Movement
After this announcement by eXeBlock, its stock shares jumped up. The company hadn’t put out a public announcement on its developments in months. eXeBlock’s shares rose 75% after the announcement of Sidechain went public.
XBLK closed the market today at $0.10 a share, down -4.76% from Friday’s close. Shares of eXeBlock fell sharply this morning to $0.09 a share, after closing Friday at $0.135 a share. It remains unknown at this time if the penny stock will continue its upward trend.
Featured Image: Depositphotos/© pincasso
