Blockchain penny stocks have lost their luster this year, compared to last year when every investor wanted in on the emerging technology. Many companies pivoted last year and turned to blockchain to revive their company.
Many who made the switch, were on the fringe of being delisted by the public exchanges. Many investors were buying stock shares based on the ‘blockchain hype,’ as most of these companies had no clue about cryptocurrencies and blockchain technology. Now, many of these stocks have tumbled.
However, there are a few of these companies with shares that have survived the crypto massacre of 2018. Let’s take a close look at a blockchain company that’s actually thriving and its latest movements.
Seven Stars Cloud Group, Inc. (NASDAQ:SSC)
Seven Stars, or Ideanomics, is based out of Beijing, China and is a star among all the other blockchain penny stocks. Many of the popular blockchain stocks of 2017 have lost significant value this year, but Ideanomics is the exception.
Back on August 24th, shares of SSC rose above $5.40 a share and reached a year high. However, the company is only seeing slight losses currently year-to-date.
Today, Ideanomics announced that it has entered a joint venture with APMEN Trade Tech Co Ltd to establish a leading enterprise that’s focused on digital supply chain services that use blockchain technology and artificial intelligence.
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“We are excited to deliver a never seen before intelligent supply chain management platform driven by blockchain and super artificial intelligence technology. We will integrate business data from various partners, establishing a risk control model in cooperation with a single window to provide risk control services for regulatory authorities and enterprises,” said Bruno Wu, Chairman and Co-CEO of Ideanomics.
SSC Stock Movement
According to Yahoo Finance, SSC saw a spike on the market after the announcement and is now trading at $4.55 a share, up $0.14 (3.17%). How much longer will this company remain within the blockchain penny stock realm?
Featured Image: Depositphotos/© spaxiax
