ProGaming Platforms (OTCMKTS:PPTF) Shot Down In a Blaze of Pumps
The last two trading sessions easily turned out to be among the worst ever for the stock of ProGaming Platforms (OTCMKTS:PPTF). The reason why this happened is, as you might have guessed, a classic paid promotion. Let’s go into some detail about that.
It all began on the eve of Maundy Thursday (Orthodox) when a promoter known as Penny Stock Tweets unleashed the first of a dazzling array of promotional emails touting the stock of PPTF. Needless to say, the guys got paid $30,000 for a mere one-day effort. Stock Mister followed suit almost immediately. Acting as a third party, the notorious pumper, which is responsible for dozens of failed historical efforts as well, paid a total of $15,000 to a huge promoters’ group including such promoters as Liquid Tycoon, Rising Penny Stocks, and SuperNova Stock Picks to name a few. The latter got their reward for one day of service.
While getting a wage of such caliber is by no means an easy task in the real world, it does happen every now and then in pennyland. However, if the common man were to be paid such hefty amounts on a daily basis, they would at least be required to achieve successful results for the company which hired them in the first place.
This notion does not apply to paid pumpers, though, and what PPTF stock did on Thursday and Friday is a prime example thereof. Not only did the stock fail to break new ground, but it also sunk like a brick faster than the speed of light. By the end of the May 2 session, PPTF shares had already lost a good 37% of their market value, thus rendering the promotional effort disappointing. If this were not enough, PPTF lost yet another 32% on Friday, even though the pump had already expired.
The pompous press release regarding PPTF‘s potential to enter what its managers brand as “the $600M Southeast Asia gaming market” did not help, either. Yet, if you take a look at the PPTF‘s financial state, you will easily notice that the developer of online gaming platforms simply does not have the financial strength required to expand its business overseas.
With a market cap of approx. $1 million, PPTF is by all means a small business whose stock enjoyed little interest on the charts prior to the paid campaign. In other words, it meets the prerequisites that make for a drastic movement. And it happened, only in a negative direction. This scenario goes to say that the third party must have literally killed the stock as soon as they started shorting their stakes, which is why traders are advised to stay away from promoted stocks in general. You never know when they will blow off, do you?
