Not too long ago the Valiant Eagle Inc (OTCMKTS:PSRU) stock had been one of the notable gainers in the market but this past Friday the stock corrected sharply and decline by as much as 33%.
Could this be an opportunity for new investors or is a deeper correction in store? First of all, investors need to note that the correction in the stock last Friday was not triggered by any news about the company. Hence, it might be a good move to take a look at the reason behind the original rally in the stock price earlier on in the month.
Back on September 14 the company provided a key update for its shareholders when it announced that it had snared a major new resource for its NFT (non-fungible token) marketplace Fungy. The company signed a letter of intent with the company Cinevision Global that will see as many as 2000 television and film titles hitting the platform in the form of NFTs.
The NFT space has grown at a breakneck pace over the course of the past months and has proven to be highly lucrative for platform operators as well. Hence, the excitement among investors at the time was understandable.
