AiRWA, Inc. is the newest stock garnering attention from retail investors, after the company's pivot to cryptocurrencies and a significant stock move.
Retail watchers for the YYAI stock increased 3% over the last 24 hours and 32.3% over seven days, according to Stocktwits data. The sentiment of community members has been 'extremely bearish' since the middle of last week.
On Oct. 7, AiRWA changed its name from Connexa Sports Technologies and announced it was fully pivoting to Web3 and blockchain-based financial services, moving away from its earlier business of sports products such as portable ball launchers and sports analytics.
It also announced a joint venture company with JuCoin Capital Pte Ltd, a cryptocurrency exchange and Web3 company headquartered in Dubai, to launch "AiRWA Exchange" for trading tokenized U.S. equities with Solana as a core asset.
The two JV partners will invest $250 million each into the exchange. JuCoin committed $100 million last week, including approximately $30 million of Solana tokens.
"Connexa's change of name to AiRWA Inc. reflects the company's intention to make AiRWA Exchange core to its business," a company statement from Oct. 6 read.
AiRWA Exchange will focus on major trading pairs built on the Solana blockchain, and initially launch to about 4 million users from JuCoin's ecosystem, it said.
Interestingly, YYAI stock fell a whopping 92% the day after the announcement, Oct. 7. YYAI shares rose nearly 6% to $014 in premarket trading on Thursday.
The company's market cap is nearly $2 million.
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