If a stock falls sharply, there are two things that investors need to consider. They need to figure out if the stock is going to continue to slide or if there is going to be a recovery at any point or not. One of the companies which saw its stock fall sharply this past Friday was Axis Technologies Group Inc (OTCMKTS:AXTG). The stock suffered from a heavy selloff and ended the day with a decline of as much as 23% as a consequence.
Trading Data
On Friday, AXTG stock ended flat at $0.0050 with 858K shares, compared to its average volume 846K shares. The stock moved within a range of $0.0050 – 0.0075 after opening trade at $0.0065.
About Axis Technologies Group
As it happens, the company was in the news last week on Thursday when it made an announcement with regards to its fully owned subsidiary unit TIENWORLD. The company announced on the day TIENWORLD had reached an agreement with TIENGOLD for the purpose of creating a gold mine asset digitization program that is going to be ESG compliant.
It goes without saying that the project is an ambitious one and could lead to a long term boost for TIENWORLD. However, it seems that investors were not particularly elated at the development and the selloff in the stock on Friday was perhaps an indication of that.
TiENGOLD Partners with TiENWORLD
TIENWORLD announced that by way of this partnership it is going to work on the digitization of physical gold by turning those assets into NFTs or non-fungible tokens. To that end, there is going to be a initial coin offering and that is going to be made up of a trial order of digital gold. Once the project is completed, TIENGOLD is also going to offer its customers the option of physical delivery of gold if the monthly order it worth more than $1 million.
In this regard, it is also necessary to note how TIENWORLD is going to benefit from the whole project. The company is going to earn project transaction fees by way of minting the TIENGOLD NFTs and also through the trading of those same NFTs. It should be noted that the company has already been successful in minting as many as 1000 TIENGOLD NFTs on OpenSea.
Out of those, as many as 600 units have already been reserved for the purpose of the trial order. At this point in time, there is a lot of clamour with regards to the environmental aspects of the cryptocurrency ecosystem. Hence, this is a project that has been floated with the aim of creating a blockchain ecosystem that is ESG compliant.
While the latest TIENWORLD project may have led to the decline in the Axis Technologies Group stock price, it should be noted that back in June this year, the company had made another major announcement.
Back on June 9, the company announced that it had appointed a chief financial officer in the form of Richard J Casinelli. The appointment actually went into effect the day before. It now remains to be seen if the Axis Technologies stock manages to gain some traction among investors today and makes a comeback or not.
Technical Data
AXTG stock is trading below the 20-Day and 50-Day Moving averages of $0.0053 and $0.0073 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0219. The company has a total market capitalization of $1.22 million. The stock is down 82% over the past 6-month.
