Yesterday, the Hop-On Inc (OTCMKTS:HPNN) stock continued to be in the middle of a selloff as investors kept heading for the exits and ended the day with a decline of 6%. The decline in the stock on Thursday actually took the losses recorded by the Hop-On stock over the course of the past week to as much as 13%.
Trading Data
On Thursday, HPNN stock fell 5.88% to $0.0032 with more than 39.80 million shares, compared to its average volume of 25.66 million shares. The stock has moved within a range of $0.0032 – 0.0042 after opening trade at $0.0042.
Hop-on Announces SocialSoundtrax™ for the Digitalage Platform with an Eye on Public Launch
The stock may have performed poorly but at the same time it ought to be noted that Hop-On actually made a key announcement yesterday that investors could consider looking into. The company announced some of the progress that it has been able to make which is aimed at providing support to the music strategy for Digitalaga, the decentralised social media platform launched by Hop-On.
Peter Michaels, who is the Chief Executive Officer of the company, spoke about the situation as well. He stated that content creation remains a point of focus and innovation for Hop-On. On that front, the company is not looking to imitate what some of the biggest social media platforms like Instagram and Facebook have been doing. It is an ambitious plan and it remains to be seen if the company can execute it or not.
Key Quote
Peter Michaels, CEO, stated, “We see content creation as a point of innovation rather than merely mimicking what other social platforms do. For example, with Facebook and Instagram Reels reacting to TikToks’ success, it added no additional value to the category, except attracting those belonging to an older demographic dancing to the same songs from the 90s. It is important to at least be on par with our competitors; however, our vision is to push the toolsets, promoting ease of use and creating more opportunities for a variety of content.
Technical Data
HPNN stock is trading below the 20-Day and 50-Day Moving averages of $0.0033 and $0036 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0038.
