Eightco (OCTO) stock fell again on Wednesday as the luster from earlier this week started to wear off. For investors who haven’t kept up with the Eightco saga, the company’s shares underwent a massive rally on Monday after it announced a $250 million private placement.
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That $250 million private placement is huge news for Eightco, as the company intends to use the funds from it to create a crypto treasury. Worldcoin (WLD) is the company’s crypto of choice it will hold. It picked WLD, as it noted that “the future of AI requires World to lead the way in this AI-driven Fourth Industrial Revolution.”
The major surge that Eightco experienced on Monday has extended to other companies with crypto treasury plans. One example of this is Antelope Enterprise (AEHL), which rocketed more than 300% this morning. This climb is likely tied to its plans to create a Bitcoin (BTC) crypto treasury. There’s also QMMM Holdings Limited (QMMM), which was down on Wednesday following a crypto treasury rally yesterday.
Eightco Stock Movement Today
Eightco stock was down 8.51% in pre-market trading on Wednesday, following a 10.89% drop yesterday. Even so, the shares remained up 1,734.25% year-to-date and 2,832.12% over the past 12 months.
Investors will also note that OCTO stock trading activity is limited today. As of this writing, roughly 440,000 shares have changed hands. That’s below its three-month daily average of about 2.03 million shares, as well as yesterday’s 19.34 million shares that were traded.
Is Eightco Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Eightco is Hold, based on one Hold rating over the past three months. With that comes an average OCTO stock price target of $39, representing a potential 2.91% downside for the shares.
