HomeCoinsBitcoin (BTC)Shares up 50% Over Average Price – Bitcoin News

Shares up 50% Over Average Price – Bitcoin News

- Advertisement -


Ethan Allen, a U.S.-based furniture company, has been getting strange traction in markets this year, due to an interesting coincidence. The company’s stock ticker is the same as ethereum’s ticker, something it shares with one of the hottest cryptocurrencies right now. This has caused confusion among investors, who have bought Ethan Allen without doing research and thinking they are buying ethereum.

Ethan Allen Enjoys Ethereum’s Market Ticker

Ethan Allen, a Nasdaq-listed custom furniture company based in Vermont, has been getting a special kind of attention in the market this year, as its shares are going up for no apparent reason. But what’s the cause of all this? Confusion it seems. It turns out that Ethan Allen’s shares its ticker (ETH) with ethereum, one of the most popular cryptocurrencies in the market right now, making investors ape in furniture company shares rather than in digital currency.

And while this might sound incredible to some, the comments on the social boards of stock investing sites confirm this fact: most of the messages posted are related to ethereum, instead of talking about Ethan Allen. Messages like:

“Sideways for the next few days. Load up now #eth.”

“Sold everything for a 10k profit, now parked in $Eth till the next dip, LOVE IT!”

The aforementioned comments are just a couple of instances that illustrate how investors are indeed confusing the two tickers.

However, there are other savvy investors that mock this confusion, with comments like:

$ETH to the moon! – give us something to sit in when we get there!

In the year 2030, all transactions will be settled digitally with Ethan Allen interiors stock

But, even with all this confusion, Ethan Allen has nothing to regret from this. The firm’s stock has been trading 50% over its 5-year price average, an unexpected blessing for Ethan Allen investors.

Other Instances Where This Has Happened

While Ethan Allen has profited from its coincidental relation with ethereum (ETH), there are other companies that have pivoted their names to benefit from this relation. This is the case of Long Island Iced Tea, a company that changed its name to “Long Blockchain Corp.” during the 2017 bull run. This created a wave of buyers aping in, with its stock surging more than 200% in just one day.

However, this change didn’t help the company in the long run. The company had its ticker delisted from the stock market last year, with the SEC stating it had failed to file financial reports since 2018.

What do you think about the Ethan Allen- ETH ticker confusion? Tell us in the comments section below.

Tags in this story
Bitcoin, Confusion, Cryptocurrency, Ethan Allen, Ethan Allen Shares, Ethereum, Ethereum (ETH), Long Blockchain Corp, Long Island Iced Tea Corp, nasdaq, Nasdaq: ETH, shares, stock price

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
profile logo 500x500
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,493FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 43,508.00
ethereum
Ethereum (ETH) $ 3,028.14
tether
Tether (USDT) $ 0.994072
bitcoin-cash
Bitcoin Cash (BCH) $ 543.73
litecoin
Litecoin (LTC) $ 156.01
eos
EOS (EOS) $ 4.26
okb
OKB (OKB) $ 16.98
tezos
Tezos (XTZ) $ 5.34
leo-token
LEO Token (LEO) $ 2.96
cardano
Cardano (ADA) $ 2.04
monero
Monero (XMR) $ 230.94
stellar
Stellar (XLM) $ 0.277333
chainlink
Chainlink (LINK) $ 23.93
huobi-token
Huobi Token (HT) $ 12.85
tron
TRON (TRX) $ 0.092207
usd-coin
USD Coin (USDC) $ 0.999197
dash
Dash (DASH) $ 172.47
neo
NEO (NEO) $ 41.96
iota
IOTA (MIOTA) $ 1.32
nem
NEM (XEM) $ 0.158008
zcash
Zcash (ZEC) $ 118.19
maker
Maker (MKR) $ 2,481.16
paxos-standard
Pax Dollar (USDP) $ 0.997705
ethereum-classic
Ethereum Classic (ETC) $ 48.87
vechain
VeChain (VET) $ 0.093082
true-usd
TrueUSD (TUSD) $ 0.99485
ftx-token
FTX Token (FTT) $ 52.28
kucoin-shares
KuCoin Token (KCS) $ 10.12
waves
Waves (WAVES) $ 23.70