Dogecoin prices have plummeted along with Bitcoin, Ethereum, and others. But that doesn't mean you're destined for an all-out cryptomarket route. In fact, for the risk-averse, penny stocks have presented plenty of opportunities for making money from volatile assets.
Dogecoin and other cryptocurrencies rose in popularity earlier this year. In a mass buying spree, traders flocked to the meme token alongside breakouts in stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC). But the latest rug pull for the broader cryptocurrency market has left some shaking their heads, wondering where to find opportunities now. Since its highs, the price of Dogecoin is down nearly 80%.
A mix losing its luster among celebrities like Tesla's (NASDAQ:TSLA) Elon Musk, along with a buying frenzy in stocks, has muted the bullish sentiment of the Shiba Inu token. But rest assured, all is not lost if you're looking for volatility. In the stock market today, things have swiftly taken a turn for the better. Monday was thought to be the start of the next stock market crash, but bullish buying has turned fears into stock market optimism.
Dow Futures, Blue Origin, Nasdaq, & Penny Stocks Take Off
During premarket hours on Tuesday, markets turned positive. Dow futures rebounded after the largest 1-day decline since last October. Other markets, including the Nasdaq Index, also surged after a slight pullback at the opening bell. But the bigger story? Blue Origin, Jeff Bezos' spaceship brainchild, took to the skies. While there isn't a "Blue Origin stock," it didn't stop traders from buying up shares of companies like Amazon (NASDAQ:AMZN) Tuesday morning.
The Blue Origin rocket launch was the latest in a series of billionaire blast-offs to space. Earlier this month, Virgin Galactic (NYSE:SPCE) founder Sir Richard Branson became the first "space Barron" and earned his astronaut wings.
Penny stocks have also bounced back big on July 20th. The general benchmark for smaller companies is the Russell 2000 Small-Cap ETF (NYSE:IWM). After dropping to some of its lowest levels since March, the IWM saw a surge of new buying come into the stock market today. The ETF jumped over 2% during the morning session indicated strength in smaller stocks. Putting this into perspective, neither the S&P's SPY, Dow's DIA, or Nasdaq's QQQ made a move of more than 1.50% before 10:45 AM ET. With this, the "risk-on" trade seems to be back, which could mean big things for penny stocks.
Hot Penny Stocks To Watch Right Now
- Alpha Esports Tech Inc. (CSE:ALPA) (OTC:APETF)
- NeuroMetrix Inc. (NASDAQ:NURO)
- Genius Brands (NASDAQ:GNUS)
- Neo Battery Materials Ltd. (TSX:NBM)(OTC:NBMFF)
Alpha Esports Tech Inc. (CSE:ALPA) (OTC:APETF)
Something that you'll notice about this list of penny stocks is that it has a lot of tech names on it right now. As the stock market recovers today, growth companies are at the top of mind. Thanks to this, we see the typical tech stocks rally, which has helped bring the broader sector higher. Alpha Esports Tech has followed suit. The company has begun building a foothold within the esports industry. Not only has it focused on fostering a revenue model designed around competitions, but it has also begun building the ecosystem around it. This includes striking up new agreements with companies via its GaaS.
Alpha announced that it had seen strong growth through its Gaming as a Service (GaaS) platform. Interim CEO Matthew Schmidt explained in a press release recently that "Through GaaS, we are able to target new user bases for GamerzArena by partnering with large organizations, and we also offer incentives to these organizations through revenue splits for user acquisition and sponsorships."
But it hasn't been only about building its reach. The company has also worked to bring enhancements to its current platform. On July 20th, Alpha announced a Letter of Intent (LOI) to acquire eDoxa Inc. If made definitive, the deal would give Alpha the ability to leverage eDoxa's AI-based game scoring. According to the company, this will help equalize the "opportunity for gamers of any skill level to win prizes in tournaments."
eDoxa's technology can also sense fake accounts, fraud, and other types of abuse that impact fairness. This deal is expected to enhance Alpha's gameplay further. Read More About Alpha Esports Tech.
NeuroMetrix Inc. (NASDAQ:NURO)
One of the high-volume penny stocks to watch right now, NeuroMetrix, surged to fresh highs on Tuesday. The company is a commercial-stage healthcare company producing bioelectrical and digital medicines addressing chronic health conditions. This would be something like pain, diabetes, or sleep disorders, for instance.
The big spike in trading action on July 20th stemmed from FDA news. NeuroMetrix announced that it received FDA Breakthrough Device Designation for treating fibromyalgia. Specifically, its Quell device garnered the interest of the stock market today. The device is non-invasive and is a nerve stimulator covered by 18 U.S. utility patents already. This Breakthrough Device Program aims to help patients gain quicker access to technologies like Quell that could provide more effective treatments.
"We are moving forward with a regulatory filing that could position us to launch Quell for this indication in the second half of next year."Shai N. Gozani, M.D., Ph.D., President and CEO of NeuroMetrix
Later this week, the company releases its Q2 results. So if NURO stock is on your list right now, keep July 22nd in mind. The company will also host a conference call before the market opens on that day. Read More On NeuroMetrix.
Genius Brands (NASDAQ:GNUS)
Love it or hate it, Genius Brands is turning heads on July 20th. The now-infamous entertainment penny stock has done nothing but slide since late June. What's more, from its 2021 high, GNUS stock is down by nearly 50%. Needless to say, with the stock market rebounding today, shares are up. No news or filings accompany the move. However, a rebound in tech stocks may be a partial catalyst.
While fears remain thanks to news from a Pelosi staffer catching COVID, the larger concerns from Monday seem to have subsided. In the same light, many reopening stocks have gained more attention. Genius Brands has built a suite of entertainment brands over the last few years. The company recently announced that its "Sant Lee's Superhero Kindergarten" exceeded 40 million views on Genius' Kartoon Channel! That's just from 11 episodes of season one currently available. There are 15 more episodes set to debut this year, according to the company.
Right now, Kartoon Channel! is available on multiple platforms. These include Comcast, DISH, Sling TV, Amazon Prime, Apple TV, Roku, and many smart TVs. GNUS is also no stranger to volatile moves. Considering that the penny stock has bounced back to test a major technical level (its 200-Day moving average), it will be interesting to see if the overall market's momentum can continue this bullishness or not. Read More On Genius.
Neo Battery Materials Ltd. (TSX:NBM)(OTC:NBMFF)
One of the current trends in the stock market today is the rising interest in renewables. Everything from solar power to electric vehicles has captivated retail traders. Neo Battery Materials has managed to benefit. Since January, shares of NBM stock have surged from just CA$0.08 to highs of CA$1.31 this month.
The big move hasn't only stemmed from bullish sector sentiment. The company's overall progress being made in producing battery metals has helped as well. In fact, this week, Neo Battery signed a Memorandum of Understanding (MOU) with a subsidiary of Ferroglobe PLC (NASDAQ:GSM). For those who've read our articles in the past, you're likely familiar with the big move that GSM stock has made over the last year. The company is one of the world's top suppliers of silicon metal and alloys. This MOU will see the two look for opportunities where they can combine efforts for optimizing lithium-ion batteries.
Spencer Huh, President and CEO of NEO commented, "NEO emphasizes that cost and performance of silicon anode materials are highly complementary as one cannot go without the other. Thus, we will engage closely with Ferroglobe to push the development of low-cost, mass-producible end market anode materials."
As this deal develops, it could be something to watch if NBM stock is on your list right now. Read More On Neo Battery.
Should You Buy Penny Stocks Today?
A rebounding market, surging small-caps, and an overall bullish sentiment have lead investors back to buying stocks today. But does that mean penny stocks are right for you? Well, if you read the title because you own Dogecoin, you already know about risk and volatility. In that case, penny stocks could be a clear segway into the stock market today. Just keep in mind that the same risks are at play, and prices can shift just as quickly.
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