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Not Just Takung Art, This Stock Skyrocketed 84% Today As NFT Play

March 18, 2021 10:10 pm
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Not Just Takung Art, This Stock Skyrocketed 84% Today As NFT Play

Takung Art Co Ltd (NYSE:TKAT) shares spiked over 49% on Thursday in the regular and after-hours session but the non-fungible token buzz also enveloped the shares of Jiayin Group Inc (NASDAQ:JFIN) which soared over 84% in the two sessions.

What Happened: Chinese fintech company Jiayin’s shares touched a high of $13.60 in intraday trading on Thursday — more than doubling over Wednesday’s close of $5.42, amid social media speculation that it could enter the NFT space. There are no announcements or substantial reports confirming the rumors.

Meanwhile, Takung continues to run up buoyed by NFT hysteria with the company’s shares skyrocketing 664.88% over a seven-day period.

In Wednesday’s regular trading, Takung had shot up 277% thanks to social media attention.

Why It Matters: Both Takung and Jiayin found places in the list of top 10 trending streams on Stocktwits, a measure of social media buzz. Takung topped the list. 

NFTs have been in the news as these digital certificates of ownership have been attracting high valuation as tokenized art ranging from sneakers to works from artists such as Beeple and Grimes, partner of Tesla Inc (NASDAQ:TSLA) CEO Elon Musk, attract sky-high valuations.

Jiayin stock is trading with a public float of 3.5 million shares. New traders should be cautious as the price is subject to rapid movements, Tyler Bundy noted for Benzinga earlier.

Price Action: Takung shares closed almost 33% higher at $30.06 on Thursday and rose 16.77% in the after-hours session to $35.10. On the same day, Jiayin shares closed nearly 73.6% higher at $9.41 and rose 10.52% in the after-hours trading to $10.40.

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