Reddit Penny Stocks To Watch Right Now Thanks To Trump’s DWAC Stock
Why these current and former penny stocks are moving right now.
Are These Trump Penny Stocks on Your Watchlist?
Unless you’ve been living under a rock, you know that former President Donald Trump has a SPAC. It’s called Digital World Acquisition Corp. (NASDAQ:DWAC). Whether we’re talking about penny stocks or higher-priced stocks, DWAC stock has triggered a ripple effect across markets. The tie-in starts with any moderate connection to the former President and then extends from there. Let me explain what I mean because it’s kind of like the telephone game at this point.
Take Phunware Inc. (NASDAQ:PHUN), for example. It is a tech company that reported a partnership in 2020 with American Made Media Consultants. The project was designed to develop, launch, and manage the Trump-Pence 2020 Reelection Campaign’s mobile application portfolio. While there’s a direct tie to the former President, PHUN stock’s move also triggered interest in a few mobile application penny stocks.
Thanks to heightened attention on alternative social media stocks, we also saw other companies like Grom Social Media (NASDAQ:GROM) take off. Though there were no apparent ties to Trump, GROM stock exploded early in Friday’s session. This was likely thanks to its loose tie-in to this idea of “other” social media platforms. The company operates a social platform and content outlet for children.
Trump Stocks Moving Right Now
Sentiment plays a big part in the world of penny stocks. Whether you call them meme stocks, stonks, Trump stocks, or anything else, DWAC stock is impacting the small-cap market. With that, we’re looking at a few other penny stocks to watch that are moving right now at the start of the final week of October 2021.
Penny Stocks To Watch
Creatd, Inc. (NASDAQ:CRTD)
Last week we discussed Creatd in another article as somewhat of a confused Trump stock to watch. The company specializes in social media marketing and digital content creation. It’s also the parent company to several other businesses, including Vocal and OG Gallery. Vocal is the platform for online creators, while OG is focused on the emerging NFT space – on-fungible tokens.
Last week we thought Creatd may have been more of a knee-jerk reaction thanks to some keyword placement. There was a period when the company and Mike Lindell – the MyPillow Guy – made headlines after Lindell planned to launch his own social media network, Vocl. Lawyers for Creatd’s Vocal warned Lindell, in a letter reviewed by The Daily Beast, to change his social media network’s name and surrender ownership of the Vocl.com domain name.
But this week, there’s a bit more optimism in the air with direct ties to the former President. Creatd announced its latest NFT drop, “The Trump Photographs,” which depicts a young Trump and was acquired from creditors of Bob Guccione, former CEO of General Media. This media company was behind magazines like Penthouse and OMNI, to name a few, and this NFT is going for a whopping 240 ETH. If you’re unfamiliar with cryptocurrency, 1 ETH is roughly $4,100 USD.
GreenPro Capital Corp. (NASDAQ:GRNQ)
Thanks to the hype from CRTD stock news, it isn’t unusual that NFT penny stocks are also coming into focus in the stock market today. GreenPro Capital is one of the companies getting its feet wet in the DeFi and Fintech arenas. As we’ve discussed, recent initiatives include spinning off tech incubators like SEATech Ventures Corp. (OTC:SEAV) and investing directly into digital asset exchanges.
Last month the company took stakes in two projects, Link Capital and Samothracec International (ATM Online). Where the NFT play comes to light is GreenPro’s previous purchase of thousands of NFTs earlier this year. These were Sputnik satellite-themed tokens that put the company directing into the digital art arena.
Also helping boost momentum in the stock market today is the company’s newest headline. GreenProannounced that one of its incubator companies, Angkasa-X, filed for an application to launch its Low Earth Orbit satellites. Its membership as an ITU-R member also means it’s part of an agency tied to the United Nations, specializing in space telecommunications.
Salem Media Group Inc. (NASDAQ:SALM)
You can’t have a list of “Trump stocks” without mentioning Salem Media. The conservative outlet has long been a close sympathy trade during the former President’s time in office. According to the company’s website, it boasts 11 million radio listeners, 153 million monthly web and app sessions, and a database of 40 million active email addresses. Its two leading brands include Salem Christian Media and Salem Conservative Media.
The tie-in to the Trump name is a bit clearer than other names on this list of penny stocks. One of Salem’s former network hosts, Dr. Sebastian Gorka, was appointed to President Trump’s National Security Education Board. With this has come plenty of bullishness, thanks to the move that DWAC stock has made.
Are Penny Stocks Worth Buying Right Now?
In light of all of this, something that should get discussed is that we’re still talking about penny stocks. Many of these recent runners have been under some pretty heavy pressure over the last few months.
Furthermore, there’ve been periods where many of these stocks have been dormant with much lighter trading volumes compared to the latest surge. My point is that with such heavy trading, some companies may take advantage of it and raise money, which could trigger some bearish responses in the market.
We’ve already seen this early on Monday with companies like SG Blocks (NASDAQ:SGBX). This company became a Trump stock thanks to a 2012 headline showing Donal Trump Jr. being named a Senior Advisor to SG Blocks. While this is nearly a decade old, the simple relation to the Trump family sent shares surging.
That was stopped short thanks to news that the company would raise $11.55 million at a steep discount to Friday’s closing price. So if you’re following high-velocity trends like this latest one stemming from DWAC stock, make sure you’ve got your strategy mapped out ahead of time.