Asia Broadband (OTCMKTS:AABB) Stock Suddenly Jumps 25%: What’s Going On?
The Asia Broadband Inc (OTCMKTS:AABB) stock emerged as one of the major gainers on Wednesday as it clocked gains of as much as 15% on the back of considerable investor interest.
While the gains were certainly notable, it is also necessary for investors to note that there was no news about the company that could have led to such gains. It might however be a good move to take a look at a key announcement from the company from back in June. At the time, Asia Broadband announced that it was making plans to make its gold backed cryptocurrency AABBG popular in Central America and in order to achieve that it was looking to create demand for it in El Salvador.
The company announced at the time that the plan to make the cryptocurrency popular in El Salvador revolved around tie ups with the major retailers in the country. The retailers are going to be targeted by Asia Broadband so that they start accepting AABBG as payments. Asia Broadband has also set up a business development program by way of which the retailers are going to be offered commissions and discounts for using the AABBG crypto token. Investors could keep the stock in their watch lists this month.
Market Reaction:
On Thursday, AABB stock soared 24% at $0.1329 with more than 42.79 million shares, compared to its average volume of 22.22 million shares. The stock had moved within a range of $0.1055 – 0.1395 after opening the trade at $0.1075. Over the past 52-week, the stock has been trading within a range of $0.0025 – 0.6447.
