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SOS Limited (NYSE: SOS) shares jumped more than 30% in pre-trade on Wednesday Targeted by short sellers and adopted by social trading aficionados, SOS stock hit a high of 15 $ per share in mid-February before dropping to $ 477 over the next 10 days

SOS is a Chinese tech company that recently entered the booming cryptocurrency market with its own mining operation and blockchain offering. SOS stock received a boost in late March after announcing that she would establish a digital asset swap

The larger crypto space roared through April with the valuation of the entire cryptocurrency market surpassing the $ 2 trillion mark this week The surge was led by Bitcoin (CCC: BTC ), which held its own market cap above $ 1 trillion for a week Analysts said as long as the largest crypto held more than $ 53,000 it would be able to maintain that market cap, Reuters reported

Short interest in SOS stock has reached over 216% of its shares sold, according to MarketBeat, after a rough patch in recent weeks Hindenburg Research has accused management of falsifying trade announcements What was once presented as a company primarily focused on solutions for emergency rescue services, its February acquisition of 5,000 cryptocurrency mining machines created a major rally

Over the past 24 hours, the Reddit charts have lit up with comparisons to GameStop (NYSE: GME) and called for a short squeeze this morning “We’re going to start buying as many stocks as we can put in. control and we will limit the sale of these shares to $ 100 or more, “promised a poster on a subdirectory dedicated to SOS

Meanwhile, another Redditor wrote: “SOS currently has 40% of its borrowed shares and 8% interest on those borrowed shares. We think he’s a prime candidate for pop, especially after hitting a double bottom. A VWAP peak would also help us technically “

As of the publication date, Robert Lakin does not hold (neither directly nor indirectly) any position in the securities mentioned in this article

Robert Lakin, InvestorPlace contributor, is a seasoned financial writer and editor who follows fintech, agtech and real estate startups

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SOS stock

World news – CA – SOS Stock: Crypto Play Does SOS rise on short squeeze hopes?

Source: https://investorplace.com/2021/04/sos-stock-is-crypto-play-sos-rising-on-short-squeeze-hopes/