SOS Limited (NYSE:SOS) stock is soaring higher on Tuesday despite a lack of news concerning the company.
The increasing price in SOS stock comes alongside heavy trading of the shares. As of this writing, more than 100 million shares of the stock have changed hands. To put that into focus, the company’s daily average trading volume is closer to 17 million shares.
So why exactly are shares of SOS stock on the rise today? It likely has to do with bull traders online pushing for more investors to pump up shares of the stock. Also, the increasing price of Bitcoin (BTC) is also likely a factor in the increase.
With all that in mind, here are some examples from social media of bulls that are pushing for SOS stock to continue its rise.
“SOS Ltd. is a small player in the crypto world with the share price being only 4,2$ (as of writing this). It’s not like some of the smaller crypto mining players like $CWLD or $MGTI who are sub 1$ but it instead has a nice foundation of a few dollars. When comparing this to other stocks like MARA (38$) and RIOT (39$) this has potential for huge gains.” — MarZ_1337, Reddit PennyStocks
$SOS I called blockchain play $NAKD before it ran 1,700 % from .19 to 3.39, now $SOS has an identical setup as one of the heaviest shorted stocks, huge volume building up in a bottom consolidation and today starting a major breakout#Bitcoin $BTC #Ethereum $ETH.X $MARA $RIOT pic.twitter.com/Cp8FPMjkNM
— VoxTrader (@VoxTrader) February 11, 2021
“$SOS if you thought this was going to straight line up to $20 thats your fault for buying high. There’s ALWAYS pull backs. By end of lunch and PH this will be back to wards $12.50-13. But stop freaking out because you bought in before waiting on a healthy pullback to build support.” — collegeballer48, StockTwits.
SOS Limited is a crypto mining company that has been beefing up its business lately. It announed last week that it’s adding 5,000 mining machines to its network. With the rising price of bitcoin, it only makes sense that a mining company for the cryptocurrency would also see an increase.
SOS stock was up 61% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
