Phunware Inc (NASDAQ:PHUN) Stock Is Back In Action: Here is Why
There were plenty of stocks which managed to make an upward move last Friday and one of those was the Phunware Inc (NASDAQ:PHUN) stock. On Friday, the company announced that it was going to start with the work related to the initial issuance of the PhunCoin.
Market Stats
On Friday, PHUN stock jumped 4.82% at $3.70 with more than 43.49 million shares, compared to its average volume of 28.83 million shares. The stock has moved within a range of $3.5400 – 4.1200 after opening trading at $3.91.
PhunCoin by Phunware to Begin Trading
The announcement came as a source of excitement for investors and the stock went up by as much as 5% as a consequence. The company went on to point out that the digital asset is going to made available for trading on the platform Securitize exclusively. It should be noted that Securitize is the first blockchain powered transfer agent to have got a registration with the United States Securities and Exchange Commission.
In addition to that, the company also announced that those individuals who had already invested in PhunCoin are going to be provided with instruction on how to have their issuance. After the distribution is completed, the company is going to continue reserve as much as 72% of the maximum supply. The maximum available supply is going to be as much as 100 billion PhunCoin tokens. It remains to be seen if the Phunware stock comes into focus among investors this morning.
Key Quote
“As we work to commercialize a truly decentralized data economy, we’re thrilled to begin building a market for one of the world’s first regulated cryptocurrencies designed for mainstream adoption,” said Alan S. Knitowski, President, CEO and Co-Founder of Phunware. “PhunCoin is an important first step towards ensuring consumers not only control their data, but also are compensated fairly when their data is purchased by brands.”
Traders Corner
PHUN stock is trading above the 200-Day and 50-Day Moving averages of $1.73 and $2.46 respectively. However, the stock is trading below the 20-Day moving average of $3.74. The stock is up 262% in the past month.
