The thriving blockchain company Phunware (NASDAQ: PHUN) is back on the radar this morning with investors getting behind the company once again, sending stock soaring over 10% as Thursday’s market bells rang. Whether retail speculation, media frenzy, or genuine faith in the emerging blockchain giant, Phunware has a lot going on behind the scenes, and bulls are starting to take action.
Phunware often trades in a similar pattern to Trump’s Digital World Acquisition SPAC, and hence the announcement of plans to raise $1B for the company’s new social media venture had a trickle-down effect on Phunware stock this morning. Phunware and DWA have been unofficially linked since the involvement in Trump’s 2020 reelection campaign. Whilst the two are independently traded, there is an evident link between the two.
When stripping back the Digital World Acquisition SPAC hype, Phunware itself holds a lot of promise for long-term investors. Its blockchain-centered business sells high-performance crypto mining computers, and the company have slowly been amassing large quantities of Bitcoin. At the end of November, Phunware extended its already impressive bitcoin load by a further purchase of 398 Bitcoins.
Whether investors think Phunware is tied to Trump’s Media & Technology Group, or believe in the potential of crypto in the near future; there are a few reasons why bulls are so present. PHUN stock is trading with a daily gain of 12%, at a price of $3.64.
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Oliver is a financial writer and analyst specialising in the US stock market, with years of personal experience in understanding micro/macroeconomic structures, market trends and fundamental analysis.