In recent days, the Discovery Minerals Ltd (OTCMKTS:DSCR) stock has come into considerable focus among investors despite there being no news about the company at all. Yesterday, the stock actually went down by as much as 22% owing to a bout of profit taking from investors.
Despite the fall yesterday, it is necessary to remember that over the course of the past week the Discovery Minerals stock has actually rallied by as much as 65%. There has been no news about the company for many weeks but back in May the precious metals production and exploration company announced that it was going to launch its own cryptocurrency token called Discovery Minerals Coin.
In recent times, many companies have moved into the cryptocurrency space due to the popularity of digital assets and many of those companies have also seen a bump in its stock price due to such moves. The company revealed that its cryptocurrency is going to be a ‘tethered coin’ and it is going to be backed up by a range of other assets. At the time, the company had announced that the assets that are going to back the coin are 2100 silver ounces, 2100 gold ounces, 2100 Ethereum tokens and 2100 Bitcoin tokens.
Market Reaction:
On Wednesday, DSCR stock plunged 22% at $0.0108 with more than 267.72 million shares, compared to its average volume of 89.98 million shares. The stock has moved within a range of $0.0092 – 0.0149 after opening the trade at $0.0149. Over the past 52-week, the stock has been trading within a range of $0.0001 – 0.0360.
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