Ignite International Brands Ltd (OTC: BILZF) traded as higher as $4 on Tuesday ahead of ending the day at $1.66 on greater-than-usual trading volume.
Ignite was co-founded by the so-known as “King of Instagram,” Dan Bilzerian. Ignite sells CBD oil and vape products as component of a higher-finish worldwide cannabis brand. The stock officially started trading on Sept. three soon after becoming upgraded from the Pink marketplace.
In reaction to a robust open Tuesday morning, Ignite stated in a press release that it is “not conscious” of any improvement, news or undisclosed material adjust in its enterprise that would warrant volatility in its stock.
Ignite’s stock saw related momentum on Monday soon after the stock was promoted to the OTC Markets’ highest-tier exchange, the OTCQX.
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Why It is Significant
Ignite’s stock traded additional than six million shares Tuesday, which represents a 10-fold raise.
Some media outlets attributed the surge to Bilzerian discussing the stock across various social media posts.
It would be affordable for investors to assume Bilzerian’s huge following — which includes inexperienced investors — were shopping for the stock merely to personal a piece of Bilzerian’s enterprise.
Ignite’s stock will be closely watched by investors and day traders, and it is not clear if volatility will continue more than the coming days and weeks or if the stock will normalize.
The stock was trading greater by 9.04% at $1.84 at the time of publication Wednesday.
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