The rally in ‘meme stocks’ is back. This morning it is the SOS (NYSE:SOS) stock that seems to have attracted the attention of Redditors and it has already jumped by 10% owing to that.
However, the actions of retail investors from Reddit are not the only reason why the SOS stock has rallied. Bitcoin, the world’s biggest cryptocurrency by market cap, has also made a recovery and is nearing the $40,000 level. Since SOS is involved with the cryptocurrency sector, the recovery has resulted in optimism about its stock as well.
Bitcoin had sunk considerably last week after a tweet from the founder of Tesla in relation to the environmental concerns about its mining process had spooked the crypto markets. Since SOS is a Bitcoin miner, its rewards also dropped proportionately due to the slump in the Bitcoin price. At this point, it could be a good move for investors to keep an eye on the SOS stock.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.