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Shares of Penny & Dogecoin exploded as traders on Reddit wanted to buy more

April 16, 2021

6 minutes of reading

This story originally appeared on PennyStocks

Risk asset, Penny Shares & Dogecoin took off on April 16

Traders continue to look for the ultimate alpha in the stock market. Today is a clear example of a breakout from cryptocurrencies like Dogecoin as well as penny stocks. Why? The simplest reason is that traders are looking for higher risk, more volatile trades to make money fast.

While the broader markets have clearly risen higher this month, volume has been in place. In fact, the past 8 trading days have seen significantly lower liquidity for indices such as the S&P and its respective ETF, SPY. Nasdaq ETF (NASDAQ: QQQ) also reflects this lower volume trend.

Needless to say, this week’s story is the driver for higher-risk assets. Penny stocks is one of them, and recently, the meme cryptocurrency, Dogecoin has become another one. On Thursday night, popular brokerage firms like Robinhood periodically halted trading in certain cryptocurrencies, including Dogecoin.

The growing popularity of cheap “meme coin” has caused a fever of retail transactions. Even the reports from the mass media stunned the Reddit community. One, namely r / WallStreetBets clearly sets the distance between it and any cryptocurrency. In fact, the subreddit has put in place a “Do not use cryptocurrencies” policy that prohibits posts about anything related to this subject.

This did not prevent other Redditors from looking for cryptocurrencies and penny shares to buy. You might think that digital assets and blockchain technology will be the top niche choice and many cheap stocks will take the throne on Friday.

Is Dogecoin Worth?

Right now, we see an increase in altcoins, especially Dogecoin. Meme coin is not a “stock,” but it trades as loudly as your typical penny stocks. This has attracted high-risk traders on Robinhood to assign some of their cash to this “brave new world” of cryptocurrencies. Is it creating momentum for other altcoins?

[Read More] Penny stocks need to follow with crypto in focus

Yes, but the easier it is to buy cryptocurrencies, the more active they are. In this case, millions of new traders on apps like Robinhood and Webull have access to a small basket of cryptocurrencies right now. Since these cross-trading platforms and Dogecoin are the cheapest on the platform, I am not surprised that all of your penny stock traders are finding Doge attractive right now.

Best Penny Stocks to Buy Now?

So where will this leave penny stocks? Momentum has found a way to overcome some of the higher-risk assets. Today, we see this translate into more cheaper stocks. Many of them have some technological or commercial exposure that is reopening. They will be on yours list of penny stocks bought in April?

  1. Moxian Inc. (NASDAQ: MOXC)
  2. Clear Channel Outdoor Holdings Inc. (NYSE: CCO)
  3. Cinedigm Corp (NASDAQ: CIDM)

Moxian Inc. (NASDAQ: MOXC)

Moxian shares began to rise later on April 16. The company operates a social networking platform based in China in which users and merchants can interact. The company’s customer base includes small and medium businesses that have physical stores and can interact with customers online through the Moxian platform.

There hasn’t been any news updates from the company recently. But its company profile has brought some attention to the company. Earlier this month, Director William Yap Guan Hong bought 18,600 shares for an average price of $ 1.25 on March 11th. This is usually a bullish sign.

One of the things that is getting popular right now is the reopening of commerce. Since Moxian deals with businesses that have physical locations and connect them with online customers, that can be an ideal situation for advertising agencies. Moxian’s approach to digital advertising is something other companies have also adopted, especially during the pandemic.

Clear Channel Outdoor Holdings Inc. (NYSE: CCO)

Along with the Moxian Clear Channel can also be noticed as trade reopens is increasingly popular. The company is one of the world’s largest advertisers of outdoor advertising and has a wide range of print and digital display products aimed at millions of consumers. With the apparent reopening now and the fundamental effects of economic growth, it is clear that advertisers may be among the beneficiaries of the growth.

In the previous earnings report for 2020 and Q4, William Eccleshare, CEO of Clear Channel, stated that “we believe that we have entered 2021 with a solid financial position to take. Using the expected recovery in our markets as we slowly exit the global pandemic. “

Regarding the possibility to reopen, speculation and sentiment helped CCO shares to rise. Up to now, penny shares have increased by nearly 30%. The trading channel recently saw Clear Channel shares bounce between a low of around $ 1.70 and a high of around $ 2.25. In addition to reopening the highlights, the market is watching the Clear Channel closely as it moves into May.

This is when they will see results from the first quarter of the year. Comment below with your thoughts on where you think Clear Channel ends after reporting the results on May 10.

Best penny stocks to buy right now Clear Channel Outdoor Holdings Inc.  CCO stock chart

Cinedigm Corp (NASDAQ: CIDM)

Digital entertainment stocks have risen hot over the past few months. Cinedigm created what it called a “enthusiast” streaming channel. Among them are popular names like “Dove Channel”, “ConTV” and even “The Bob Ross Channel”, among others. Earlier this month, the company reported record user subscriber growth and ad support. Its SVOD service total subscriber count exceeded 640,000, an increase of 574% from the same period last year. Furthermore, the total number of online viewers reached 23.8 million in March, an increase of more than 200% from the same period last year.

Though it’s not the size of Netflix (NASDAQ: NFLX), viewership metrics are something to be aware of. In particular, more than 420 million minutes were streamed live in March 2021. About 96% of streaming is from a connected TV, which tends to be high-value inventory based on demand from homes. advertisement. In addition, the company has expanded the total number of streaming channels available. Last year, Cinedigm has offered 5 channels since March 2020. This year, 16 streaming channels are available.

But the bigger story lately has wrapped up in that bit of blockchain / cryptocurrency element. Late last month, the company had a frenetic discussion of its plans to enter the NFT market.

[Read More] Penny Stocks to watch as DOGE Coin Skyrockets

“Cinedigm is excited about the increase in consumer adoption and the commercial outlook for #NFT. With our extensive film library, deep connections with fans and collections as well as strong brand partnerships and $ CIDM’s technological prowess, I have led the product team of We develop new #NFT products to enhance the user experience of our loyal audience, “the company’s Twitter feed (@Cinedigm) tweeted. NFT penny stocks Becoming a bigger focus, CIDM may be one of the things worth watching right now.

Best penny stocks to buy right now Cinedigm Corp. Stock chart.  CIDM



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