After Monday’s 3,000% surge, Eightco has lost two-thirds, or 70% of that upmove in the last three trading sessions. The stock fell another 25% on Thursday, after Wednesday’s 40% and Tuesday’s 11% fall.
From Monday’s close above $45, the stock is back at $14, while its closing last Friday was just above $1.5 apiece.
A e-commerce company, Eightco grabbed the limelight when it announced that it will be selling 171.2 million shares of the company through a private placement, in which, the World Foundation, co-founded by OpenAI’s Sam Altman, would participate. The proceeds would then be used to fund the purchase of Worldcoin, backed by the World foundation.
The company also proposed that it will look to include Ether as the second reserve currency on its balance sheet.
The move on Monday had added over $180 million in Eightco’s market capitalisation, most of which is now wiped out as the stock goes into a freefall.
Volumes continue to fall as well for Eightco. After 20 crore shares changing hands on Monday, Tuesday’s volumes fell to 1.9 crore, followed by the 68 lakh and 38 lakh on Wednesday and Thursday respectively.
Shares of Eightco though, are up 5% in extended trading on Thursday.
