- NASDAQ:DWAC fell by 2.63% during Wednesday’s trading session.
- DWAC now has the highest nominal short interest amongst SPAC stocks.
- GameStop jumps higher again as NFT rumors persist.
NASDAQ:DWAC stumbled on Wednesday after flying higher during the previous session. It was just another bump in the road for the volatile meme SPAC that has taken the focus off of GameStop (NYSE:GME) and AMC (NYSE:AMC) on Reddit forums like r/WallStreetBets. Shares of DWAC fell 2.63% and closed the trading day at $63.25. The stock is still trading at over six times its NAV price of $10, but has pulled back considerably from its recent highs of $175 per share. The stock has been a rallying point for retail investors and has been the top discussed ticker symbol on Reddit for the past couple of weeks.
Stay up to speed with hot stocks' news!
It should then come as no surprise whatsoever that DWAC has the highest nominal short interest out of any SPAC stock in the market right now. It is hard to argue with that as well, considering that the company it is merging with, Truth Social, has yet to even be released to the public. Former President Trump has stated that the platform should be ready at some point in 2022, but the short interest is definitely justified considering how high and how fast the stock has soared.
DWAC stock forecast
While DWAC has been dominating the headlines, legacy meme stock GameStop has quietly risen by nearly 25% over the past five trading sessions. What is causing this resurgence of GameStop’s stock? It has been linked to an NFT project featuring a Loophole cryptocurrency that is based on the Ethereum blockchain. There has been some leaked information from Loophole’s public GitHub space that there is an impending GameStop NFT platform in the works.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD struggles near 1.0550 amid dour mood
EUR/USD struggles near 1.0550 in the European morning on Thursday. The pair faces headwinds from risk-off flows due to rising geopolitical conflict between Russia and Ukraine and worries over the potential US tariffs on the EU. ECB- and Fedspeak are awaited.
GBP/USD trades around 1.2650, upside potential seems limited
GBP/USD keeps its range near 1.2650 in early European trading on Thursday. The pair's sidetrend could be attributed to the softer US Dollar and a risk-aversion market environment. Traders stay cautious amid rife geopolitical tensions and a light economic calendar. Fedspeak eyed.
Gold price retains its bullish bias near one-week high amid rising geopolitical risks
Gold price maintains its bid tone heading into the European session and currently trades around the $2,660 level, or a one-and-half-week high touched earlier this Thursday. This marks the fourth straight day of a positive move and is sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu (SHIB) trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Why Nvidia’s story is far from over
Nvidia delivers another earnings beat: Nvidia exceeded expectations with $35.08 billion in revenue, a 94% year-over-year increase, driven by strong performance in its data center business, which more than doubled to $30.8 billion.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.