Singlepoint, Inc. (OTCQB: SING) stock price is seeing another decline these days. It has been ever since its price broke the support level at $0.02 in mid-February. Now, the price of the company’s stock is dropping once again, currently being at $0.0143. While this may seem bad at first, it is important to remember that the company has known worse times in its history, and as far as declines go, the current bottom is still higher than ever before.
Who is SinglePoint?
SinglePoint is a technology and investment firm that focuses on acquiring various companies that can benefit from significant injections of growth capital or tech integration. There are many such firms around these days, and the company has quickly included a number of them from different industries in its portfolio.
So far, they started delving into mobile payments, blockchain solutions, as well as cannabis services. SinglePoint’s acquisitions within horizontal markets allowed the company to create its portfolio by approaching undervalued companies. The fact that the company is open to investing in various firms, as long as they hold real potential, allowed it to create a very diversified holding base.
SinglePoint also operates through its subsidiary, SingleSeed, which is a firm dedicated to providing various services and products to the cannabis industry. The cannabis industry is believed to hold a massive amount of potential, and as an industry that has yet to reach its height, it draws SinglePoint’s interest.
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SinglePoint’s moves and performance
SinglePoint has had a long history of sudden ups and downs, which eventually led to 2018. The company has never had a particularly high price to its stock, and the highest price that SING has ever reached was at around $0.135. On the other hand, the company’s stock also experienced lows as deep as $0.002, which is a significant difference from its current $0.0143.
SING’s last massive surge came in June 2018, just after the company completed commercial for Bitcoin wallet. This was not a particularly well period for cryptocurrencies, as this digital currency space suffered what will come to be known as a year-long crypto winter. However, the price of SING did skyrocket after this commercial, reaching $0.7 within two weeks.
After the hype has died down, the company’s stock price continued to decline, and the drop went on for months, until the next surge, albeit this one was quite small and short. It came in the first days of October 2018, after it was announced that SinglePoint’s subsidiary entered a distribution agreement with American Premium Water Corp. The announcement allowed SING’s price to grow from $0.03 to $0.04, although, as mentioned, the growth was rather short.
Not only that, but it was followed by an even worse decline of price — one which managed to break the stock price’s bottom at $0.03 and force it even further down. During this time, SinglePoint continued to work with cryptocurrencies and Bitcoin wallet, reaching 12,000 downloads by mid-October. However, the company did not forget for cannabis industry either, and its SingleSeed managed to continue growing, and it kept adding more and more CBD products.
The company’s stock price reached its lowest point in 2018 in late December, just as the year ended. However, in these final days, the company was still working hard on improving its business, and its announcement that hemp became federally legal in all 50 states significantly boosted its stock price. The company started seeing a recovery, it invested in CBD development, and as the sector exploded, the firm dedicated more and more of its attention to it.
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The company’s stock is once again on the slight decline, although this is not exactly new. It seems that the firm is moving from one trend to another, investing in businesses with large potential in the currently booming sector, and then moving on. As such, it is finding it hard to see its own stock price surge, but it is still worthy of investment. We will be updating on Singlepoint when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Singlepoint.
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Disclosure: we hold no position in Singlepoint either long or short and we have not been compensated for this article.