While it is true that KYN Capital Group (OTCMKTS:KYNC) may have garnered some focus from investors in recent times due to its work in relation to the Koinfold group of products, the stock tanked hard yesterday following an announcement.
Trading Data
On Thursday, KYNC stock slumped 26% to close at $0.0037 with more than 244.53 million shares traded, compared to its average volume of 67.65 million shares. The stock has moved within a range of $0.0035 – 0.0055 after opening trading at $0.0051.
KYN Capital Group Gives Corporate Update on Development Progress of Koinfold(TM) Suite and Debit Card
The KYN Capital stock suffered from a heavy selloff and went down by as much as 25% for the day as a consequence. However, at the same time, it might also be important to take a look at the situation at KYN Capital Group at this point in time. Yesterday, it emerged that the company is making steady progress in its quest to launch a number of new tools as part of the Koinfold group of products.
While the announcement may have been a positive one, it goes without saying that investors did not see it in the same light and headed for the exits. In addition to that, KYN Capital Group also announced yesterday that it was at the concluding stages of releasing the Koinfold Debit Card.
Although the stock tanked yesterday, it may be a good idea for investors to perhaps keep an eye on it in the coming days and watch out for further developments.
Key Quote
“We here at KYN Capital Group are building a digital strategy and our suite of tools is falling into place. We are very encouraged about the progress of our development team to add features to our Koinfold™ Suite of products. We are excited about our first quarter of 2022,” states Rick Wilson, CEO.
Technical Data
KYNC stock is trading below the 20-Day and 50-Day Moving averages of $0.0058 and $0.0066 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0115.
