Ayush Bansal
Image: Kiplinger
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 a small-cap company that operates 13 consumer and digital marketing brands, including 911 Help Now, SRM Idea Lab, and Ferguson Containers.
The company’s business model is based on “aggressive acquisitions” using its BIG strategy: buy, innovate, and grow.
Although it has received little coverage from the media and Wall Street, the stock has been getting attention on Reddit due to its recent performance and its history of short squeezes. With short interest in Vinco Ventures growing, it’s possible that BBIG could become a meme stock and undergo another short squeeze in the short term.
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.
Vinco Ventures (BBIG) shares have taken investors on a profitable ride so far in 2022, but that may face the first major hurdle of the year now as things turn ugly on Tuesday. BBIG stock put in three huge green days last week, with Wednesday and Thursday seeing gains of 23% in succession and then Friday finishing off with BBIG closing at $4.07 for a 15% gain. So far the stock is indicating higher movement again in Tuesday’s premarket, but this will be a big test.
Why BBIG is Surging?
BBIG stock fell off of investor radars in recent months. Thanks to the quiet period ahead of the merger and TYDE’s 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. 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, some rumors and clues 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%.