Stock price of Jiayin Group (NASDAQ:JFIN) soared by approximately 77% today due to NFT speculation. Shares prices have increaseda staggering 226% in five days as investors predict that these companies will increase in valuation due potential NFT investments which relates with their business model.
NFTs allows you to buy and sell a unit of data or digital files such as art, video, and audio and keep track of their ownership using blockchain, which represents the digital ledger technology, where each NFT can depict a unique digital item.
Certain NFTs have already been sold for Millions of dollars, which has further increased investor interest. JFIN has not directly been involved in the NFT space, however investors expect their current business model to have immense potential to shift towards NFTs, increasing their stock price significantly.However no official statement has been reported by the company yet.
Jiayin Group Inc before NFT speculation
JFIN Sponsored ADR and stocks surged 26.9% finishing the last trading session at approximately $5.42. The rise came on an impressive volume with a higher number of stocks being traded vs an ordinary session.
Coronavirus has also provided a solid boost to the Fintech sector. Increasing demands for cashless transactions as well as a soaring number of online banking users has further strengthened JFIN stance in the financial technology world. Surge in the stock price can also be associated with increasing optimism over Jiayin Group’s expansion capability in China’s ever-growing fintech market.
Conclusion
Jiayin Group (NASDAQ:JFIN) operates in the lucrative field of financial technology connecting individual debtors to individual creditors. Recent buzz on social media has suggested thatthe company is expected to get into the NFT space, however the official stance of the company is still unknown. JFIN’s long-term revenue growth and rising stock price has proven to be a success and an expected investment in NFT’s has peaked investor expectation for the company.
