LM Funding America (NASDAQ :LMFA) the stock is higher on Friday despite the lack of news regarding the company.
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Meme traders love LMFA stocks and their influence is probably helping stocks move higher today. The stock is trading intensely with some 54 million stocks that have changed hands at the time of this writing. To put this in perspective, the average daily trading volume of the company is only around 906,000 shares.
While it’s true that LMFA stock is one of the favorites for memes traders, it’s not just their stocks that are pushing it higher today. We must also take into account the rise in the price of Bitcoin (CCC:BTC-USD), which the company plans to start operating next year through its new subsidiary, US Digital Mining and Hosting.
Bitcoin has been doing well lately, with the price of digital tokens rising steadily. This continues today with a major peak in value which has crypto trading above $ 61,400 per token. This brings it incredibly close to its all-time high of $ 64,863.10.
Of course, traders will want to be careful when investing in LMFA stocks. First off, the company is firmly in the penny range with stocks trading at around $ 4.70 each and a market cap of $ 25.459 million.
Then you need to consider its status as a crypto mining game. While crypto is on the rise now, we saw a big drop earlier this year that brought BTC down to around $ 30,000 per token. If something similar happens again, it could cause crypto mining stocks to drop at the same time.
LMFA stock was up 37.9% on Friday afternoon.
Investors looking for stock market news are in luck!
We have everything traders need to know for Friday with our recent market coverage. Among these are the latest news about Xpeng Engines (NYSE :XPEV), Reached (NASDAQ :UPST), and new CoinList Seed projects to watch out for. You can get all of these details from the following links!
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As of the publication date, William White does not have (directly or indirectly) any position in any of the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.
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Read more: Penny Stocks – How To Profit From It Without Getting Ripped Off
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