There were many stocks which started the week on the wrong note and one of those was the GD Entertainment and Technology (OTCMKTS:GDET) stock. On Monday, the stock suffered from a strong selloff and ended up with losses of as much as 40% as investors headed for the exits.
While the decline in the GD Entertainment stock was certainly alarming it is also necessary for investors to remember that there has been no news about the company in the past week that could have triggered the selloff. The company is involved in high growth industries in the cryptocurrency niche and earlier on in the month it announced the official launch of Dreamcard.
The announcement regarding Dreamcard was made on August 5. The product is certainly interesting since it is unique. It is the first debit or credit card that allows for both crypto as well as fiat transactions and comes with a dual chip. In order to bring about wider adoption of the Dreamcard, GD Entertainment has come up with four important targets.
The company is looking to rope in celebrities and influencers as one of its targets. In addition to that, it will also be looking into targeting retail users, charities and membership groups to work on the growth of Dreamcard.