iWallet Corporation (OTCMKTS:IWAL) gained a lot of momentum on Friday as the stock saw a big rise in price along with massive volume. Moreover, the stock reached its new high in the intra-day session.
IWAL stock closed higher by a whopping 325.53% to $0.1000. What is more worth mentioning is that the stock had witnessed its highest one-day volume at least in the past year. Total volume for the session stood at 31.03 million shares, compared to its average volume of 631K shares. The stock had started the session with slight gains and picked up momentum in afternoon trading as the stock went up as much as 380% to hit the new high of $0.1130.
So what triggered such a big move? Well, there was no news and as we all know penny stocks often do need news to trigger a big move.
iWallet Corporation designs, develops, manufactures, and sells personal security products to protect against identity, personal, and financial information theft in the United States and internationally.
But, one should note that the company has not released any news since 2015, and one needs to be careful while trading momentum-driven penny stocks. The company had a market capitalization of 3.39 million (based on the closing price on June 18, 2021). Over the past year, the stock has been moving within a range of $0.0030 – 0.1130.