Are We Near the Top? How $299 and a Tweet Launched a $1+ Billion Buying Frenzy

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Penny stock Zomedica Corp. (NYSE: ZOM) has nearly doubled on Monday after a promotional video touting the release of an upcoming diagnostic product for veterinarian use.

Carole Baskin, star of the Netflix show Tiger King, made a video in which she said Zomedica’s new product Truforma is expected to be a “big seller.” She went on to say how she is “‘invested’ in finding out more” about the product.

It appears that Baksin was paid $299 through Cameo to make the 37-second video.

And that’s not the only stock making a crazy move today.

Signal Advance, Inc. (OTC Pink: SIGL) went from $7 to $70 in the first 30 minutes after the market opened.

This stock spiked in a likely case of mistaken identity. The newly-minted ‘richest man in the world’ Elon Musk sent a tweet out on Thursday morning telling his followers to “Use Signal.” His tweet was an endorsement for the Signal app which facilitates encrypted messaging.

Signal Advance has no relationship whatsoever to the Signal app. But that didn’t stop an onslaught of buying when the market opened. The company which finished trading on Friday afternoon with a market cap of $75 million, ballooned more than 985%, to an incredible $740 million at its peak.

The two stocks, ZOM and SIGL, have seen unprecedented volume on a day when the broader markets are all trading lower. The volume from the two combined is approximately $1 billion for just today.

Legendary penny stock trader Timothy Sykes was quick to point out how “insane” the moves were, and that short sellers likely tipped off the financial media to the case of mistaken identity.

The power of social media and the retail stock trader is on full display today.

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