It was a difficult time in the markets on Friday for investors in the company Social Life Network Inc (OTCMKTS:WDLF) as the stock suffered from a sharp selloff and ended up with a decline of as much as 10%.
On Friday, WDLF stock decreased 10.36% at $0.0026 with more than 42.82 million shares, compared to its average volume of 62.97 million shares. The stock has moved within a range of $0.0024 – 0.0030 after opening trade at $0.0029.
Social Life Network Launches Marketplace 3.0 for TBI Licensees in preparation of 2022 E-commerce Growth
The selloff in the Social Life Network stock came about after the company made a major announcement with regards to an upgrade in its e-commerce social marketplace. The company noted that the major upgrade in question is going to be rolled out to all those who are TBI Licensees and will be accomplished during the course of December 2021.
The rollout is going to begin with the camping, fishing and hunting community at HuntPost.Com It is believed that a tie up with an e-commerce social network like Social Life Network is going to help HuntPost.Com in competing meaningfully with their larger peers.
More importantly, this service from the company is also helpful for those outfits who are too small in scale and hence, big ticket retailers generally stay away from the products. Despite the decline in the Social Life Network stock it may be a good idea for investors to keep an eye on the developments at the company.
“In the same way Etsy.com enabled artisans to create value from their trade, HuntPost empowers sportsmen to sell via their goods and services on our upgraded platform,” says Lynn Murphy, CEO of HuntPost. “Etsy, who trades on NASDAQ under the ticker symbol ETSY, has a market cap of more than $30 billion, and services a much smaller audience of vendors and merchants than our hunting, fishing and camping industry,” added Murphy.
WDLF stock is trading below the 20-Day and 50-Day Moving averages of $0.0031 and $0.0038 respectively. Moreover, the stock is above 200-Day moving average of $0.0088. The stock is down 16% in the past month.