The colossal trading volume is keeping the shares price pump.
SOS limited (SOS) shares are on the bullish move following a heavy trading volume. It seems that the bull traders are keeping the stock moving. More than 180 million people have traded SOS today, as we write this.
One of the major factors that have kept the bulls running is the increase in the price of Bitcoin. Recently, the company received 5000 PCS of mining rigs which can generate BTC and ETH. With much happening across the cryptosphere, SOS has even more upside going into the future but with much more risk, as well.
What’s happening?
SOS Ltd. (SOS) is a crypto mining company that has picked up hype in the last one-month period, following the bullish rally of Bitcoin. The future of cryptocurrency is seeming more evident with each passing day. The adoption of Bitcoin by PayPal was a major step towards the widespread adoption of digital currency.
Recently, Elon Musk’s Tesla bought BTC’s worth $1.5 billion and the reports started to circulate that Apple is also interested in buying the crypto giant coin.
On Feb. 11, a Twitter user named VoxTrader tweeted that SOS has an identical setup as one of the heaviest shorted stocks, similarly to NAKD which is predicted to surge higher. And, NAKD shares soared over 1,700% from $0.19 to $3.39.
The company recently announced that it has received 5000 PCS of mining rigs five days earlier than the date of delivery. The first batch contains 5000 PCS of mining rigs which can generate both Bitcoin and Ethereum about Hash Power 175P and Hash Power 350G, respectively.
If the company utilizes these mining rigs to the maximum of their benefit and operates as expected, the Annual Return on Investment (ROI) is forecasted to range higher—based on the current BTC and ETH price momentum. The chairman of SOS, Yandai Wang highlighted that they have secured the supply of crypto mining equipment that could help in generating enough crypto hash power to sink in with the rising cryptocurrency price.
SOS has also agreed with certain accredited investors to sell its American Depositary Shares (ADSs) that would be issued at an exercise price of $2, totaling up to 23.8 million ADSs. The company plans to use the gross proceeds from the offering to enhance its planned blockchain-based cryptocurrency mining network. Moreover, use the proceeds for acquisitions in the relevant marketplace and also for working capital and general corporate purpose.
Conclusion
There is still much upside for SOS Ltd. (SOS) stock as the cryptocurrency market is breaking new records. However, there is much volatility too which could be risky too.
