This morning on the opening bell, shares of Taoping Inc (NASDAQ: TAOP) are trading up 42% on huge volume. The stock is poised to be one of the top gaining stocks in the entire US stock market and is attracting a lot of attention on Twitter this Friday following what was a dull stock trading day on Thursday. Here is what is happening. Look at the chart.
Taoping Inc (NASDAQ: TAOP) shares have been on a steady rise already this year, doubling in price, to jump on stock screens. It is now looking to gap up on the open huge. The company is a China based cloud computing and IT firm with a market cap of $48 million. The small market cap means that it doesn’t make much buying to drive the stock up so Robinhood traders can move it and so can message board people.
Today the company announced a consulting agreement with Bay Capital to venture into the Blockchain Development space. “TAOP started research on applying blockchain technology to Taoping New-media Ecosystem three years ago. In the past three years, we kept upgrading Taoping smart cloud platform and Taoping screens are now available in 211 cities across 26 provinces in China. Also, growing market demand for digital assets such as Bitcoin, maturity of advanced solutions, and improving regulatory clarity present considerable market opportunities. It’s time for TAOP to embrace the opportunities in blockchain industry and digital assets, especially Bitcoin,” said Mr. Jianghuai Lin, Chairman and CEO of TAOP. “We believe Great Bay can help us achieve this goal.”
With Bitcoin at $50,000 and other cryptos having big runs there is a drive among many to get into the next Blockchain or crypto currency play. In a momentum driven financial market this is helping to drive interest into TAOP this morning as you can see from these Tweets.
1K-30Mil Small Caps 🧢 Gappers 2/19/21$VCNX $JMP $WATT $TAOP $CASA— CamTheMan (@StocksThatGo) February 19, 2021
Hello, today I am watching these stocks as they could be volatile up and down. We will see being very paytient and making sure we are being smart shorting rips and buying dips. Study hard team study study study pic.twitter.com/KiLl0PkzV1
$TAOP good job bulls— JC Capital Consultants (@CapitalJc) February 19, 2021
I am not trading this stock and neither is Mike Swanson, the head editor of this website. No one affiliated with this website has a position in this stock. It will be interesting to see what happens with this stock after the open.