Vinco Ventures (NASDAQ:BBIG) investors are waking up to a pleasant surprise this morning. BBIG stock is showing no plans of slowing down after an impressive 23% gain throughout yesterday’s trading. Now, a boom in pre-market is being followed by another set of steep gains to start trading today. It looks like much of the momentum can be attributed to rumors in the vein of the Cryptyde spinoff.
Vinco Ventures is continuing a week of speculative booming, but its stock has enjoyed its fair share of ups and downs for a while now. Coming into the limelight last year, BBIG has been a popular pick among retail ‘meme stock’ traders.
Last spring, the company increased its offering by incorporating projectable non-fungible tokens (NFTs) to its repertoire. Additionally, Vinco has been making waves with its partnership with Zash Global Media. Back in July 2021, the company closed a deal making it a 50% owner of the Lomotif social media app. Analysts are lauding Vinco Ventures thanks to this deal; Lomotif stands to be a close competitor with wildly popular social media platform TikTok.
Finally, in late August, news of a crypto acquisitions spinoff company surfaced. Cryptyde, as it is called, will be the company’s next major venture — one that will ultimately become its own publicly traded entity under the TYDE ticker symbol. It will also see Vinco Ventures merge with Zash into a single entity.
Cryptyde Launch Rumors Abound as Company Pops Up on Fintel
BBIG stock fell off of investor radars in recent months. Thanks to the quiet period ahead of the merger and TYDE initial public offering (IPO), there has not been much in the way of updates around Cryptyde. Thus, the hype faded and users cycled into other relevant plays. However, Vinco has not been forgotten entirely. In fact, the company is trading at full force today, with users preparing for the long-awaited launch of Cryptyde.
While nothing is absolute as of yet regarding a timeline, there are rumors and clues that suggest the launch is coming soon. Earlier this week, investors began clamoring over Cryptyde’s increasing presence on social media. Indeed, more and more employees from the fledgling company are making themselves known.
Today, though, the excitement is going a step further. Popular financial data aggregator Fintel is behind the chatter; the site appears to have launched a dedicated Cryptyde web page to track TYDE stock data ahead of the IPO. Investors are taking this as a hint that the debut of the stock is imminent.
As such, there is a massive influx of money into BBIG stock today. In the early moments of trading, BBIG is already trading above its daily average volume; currently more than 40 million shares of the stock are trading against an average of 23 million. Meanwhile, the stock’s price is seeing a gain of over 8%.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.