Many stocks which record significant gains within a short period of time can often suffer declines on the back of profit booking and that is what happened with the Valiant Eagle Inc (OTCMKTS:PSRU) stock on Thursday.
As investors moved in to book their profits, the stock suffered from a selloff and went down by as much as 23%. However, it should be noted that in the past week, the Valiant Eagle stock is still up by 55%. In this context, it is important to note that the rally in the stock was triggered last week when the company announced that it signed a letter of intent with Cinevision Global over an NFT (non-fungible token) deal.
As per the terms of the deal, Fungy, the NFT platform operated by Valiant Eagle will be able to sell television and film NFTs of more than 2000 titles. It was a major deal for the company considering the fact that the Cinevision deal is going to give the company the biggest NFT resource till date.
NFTs have become a highly lucrative niche in the crypto market and the latest development came as a source of considerable optimism among investors. It remains to be seen if the Valiant Eagle stock can make a recovery today.
