Shares of camera company Life Clips, Inc have skyrocketed over the last two days after the company revamped its brand and announced a pivot to blockchain.
The penny stock, which trades over the counter, jumped to $0.0569 Thursday, nearly 3,061% higher than the closing price two days prior.
On Wednesday, Life Clips said it agreed to acquire Belfrics Group, a blockchain technology firm that runs cryptocurrency exchanges on its platform and operates in Malaysia, Singapore, India, Kenya, Tanzania, Nigeria, and Bahrain.
Trading volume exploded the day of the announcement, with 2,894,175,888 shares changing hands, compared to the average trading volume of 92,544,385.
Meanwhile, day traders are beginning to take notice of the soaring stock. On Thursday, Life Clips was the number one stock with the most new watchers in the last 24 hours on Stocktwits.
“$LCLP put 250,000 shares in this at .04. Let’s see where she goes,” one Stocktwits user commented.
Several users on Twitter commented on how Belfrics Group said it is valued at $400 million and is aspiring for a $10 billion valuation by 2023.
Life Clips also created a new website Wednesday that describes the company as a distributor of single-use and cordless batteries for cellular phones. Life Clips said it is also the parent company of Cognitive Apps Software Solutions Inc., an AI-Powered mental health analytics platform.
The company was founded in 2013 and previously developed and manufactured action cameras while also offering one-time use batteries for mobile devices, according to a profile of the company from the Wall Street Journal.
Shares of Life Clips hovered around 4 cents Thursday afternoon.