AppSwarm Corp (OTCMKTS:SWRM) Stock Moves Up 9%: What’s The Buzz?
Software developer and mobile applications aggregator AppSwarm Corp (OTCMKTS:SWRM) was in focus among investors yesterday and clocked gains of as much as 9% as investors piled on to it.
Market Reaction:
On Monday, SWRM stock gained 9% at $0.0118 with more than 138.91 million shares, compared to its average volume of 22.83 million shares. The stock has moved within a range of $0.0101 – 0.0177 after opening the trade at $0.0104.
Major News
The company was in the news yesterday after it announced that it was planning to launch its cryptocurrency mining operations by way of TulsaLabs. In recent times, crypto mining has proven to be a highly lucrative line of business for many companies and hence, the optimism around that announcement is perhaps understandable. The company noted that it was going to work closely with Data Syndicate, its blockchain advisor, for the initial launch of the mining operations.
The company added that at the initial stage the cryptocurrency mining operations are going to be focussed on Dogecoin, Litecoin and Bitcoin. At this stage, the company is going to be focussed on purchasing and then eventually deploying the ASIC rig miners as soon as possible. Once that phase is complete, AppSwarm will look to expand its operations considerably through additional rigs by way of co-location plants. The move from the company is an ambitious one and it is something that could lead to a long term boost. Investors could consider adding the stock to their watch lists.
