MassRoots Inc (OTCMKTS:MSRT) Turns Red Once More

After stumbling twice at the same high point on the charts last week, MassRoots Inc (OTCMKTS:MSRT) hesitated and closed a fraction of a percent red on Monday. In yesterday’s session the price took a proper step down, closing nearly 3% in the red on volume slightly over the average for the month.

About a month ago MassRoots was sitting at price levels that were well below its current perch near $2.0 per share. As a matter of fact, the stock had gone under a dollar per share in late July. The sudden reversal is attributable to a string of press releases, starting with one that informed of MSRT “aggressively monetizing” its digital platform, which the media dubbed the ‘Facebook of cannabis’ back in early summer.

The news that MSRT generated $25 thousand in 10 days of the so-called aggressive monetization was enough to get people excited again and the price started climbing. Volume remained slow despite the price movement. The real accumulation in volume came in early September, after MSRT announced filing an application to uplist to the NASDAQ.

We’ve seen this many times before and the outcome of this sort of PR is always the same – traders see an OTC ticker symbol and the NASDAQ in the same sentence and they start freaking out. The rush to buy MSRT stock on sheer excitement sent the ticker to its recent highs and well into overbought territory.

If traders paused to check and see what exactly the different requirements for uplisting to the NASDAQ are and realized MSRT is not exactly close to meeting any of them, excitement levels would have probably been a lot lower. Then again, it’s the OTC and hype is king.

In its last reported quarter MSRT had under $200,000 in cash and generated $2,126 in revenues.