Blockchain penny stocks were the hot ticket back in 2017 and most companies that pivoted to blockchain last year have since fizzled out. However, there are still some blockchain companies that are doing strong.
Investors are still tracking blockchain penny stocks to see which one withstood the storm. The total cryptocurrency market dropped nearly $500 billion this year, and publically listed blockchain companies have suffered as a result.
Let’s take a closer look at two blockchain penny stocks and their latest company movements.
Seven Stars Cloud Group, Inc. (NASDAQ:SSC)
Seven Stars Cloud Group is a Fintech Blockchain company based in China. It is one of very few publically traded blockchain companies that has seen percentage gains on its share prices this year.
Most of the others have seen share prices decline rapidly since the beginning of the year. Towards the end of August, Seven Stars shares rose well above $5 and had percentage gains for the year.
Seven Stars, or Ideanomics, has announced big movements the past few weeks, with various partnerships and agreements around Artificial Intelligence and blockchain. However, the stock has taken a hit today on the market.
According to Yahoo Finance, SSC is trading at $4.38 a share, down -$0.30 (-6.41%).
What’s surprising is a company that has declined rapidly this past year is actually trading in the green today.
Riot Blockchain, Inc. (NASDAQ:RIOT)
Riot Blockchain is based in Castle Rock, Colorado and primarily operates as a cryptocurrency mining company. Just recently, its CEO was accused of microcap fraud by the SEC.
John O’Rourke was removed from his CEO position ten days ago, and Riot Blockchain appointed an interim CEO to take his place. To say the company is in shambles right now is an understatement. Yet, its stock is moving in the green on the market.
According to Yahoo Finance, RIOT ended the day at $3.89 a share, up $0.08 (+2.10%). Maybe the company’s restructuring gave investors more confidence in the direction of the company.
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