- The stock price of Dragon Victory International Ltd (NASDAQ: LYL) increased by 35%. This is why it happened.
The stock price of Dragon Victory International Ltd — a company that operates an online crowdfunding platform in China — increased by 35% as it went from a previous close of $2.80 to $3.78. It appears that a coordinated short squeeze of the stock has been happening on social media platforms like StockTwits, Discord, and Reddit. Investors cited the low float and sympathy play involving the increasing price of the bitcoin cryptocurrency. The price of bitcoin increased over 80% over the past month as it went from $31,000 in late January to nearly $60,000 this past week.
Dragon Victory utilizes blockchains and smart contract technology for integrating the upstream and downstream links of auto parts supply chains.
What does blockchain have to do with bitcoin? Blockchain technology was invented by an organization or individual using the name Satoshi Nakamoto in 2008 for serving as the public transaction ledger of bitcoin.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.
