Why Did Takung Art Shares Shoot Up 28% Today?

Takung Art Co Ltd TKAT shares closed 28% higher at $7.04 on Tuesday.

What’s Moving?  Shares of the proprietary online art trading platform rose another 2.84% in the after-hours trading to $7.24.

The price rise in Takung shares came amid heavy volumes, which touched nearly 79.80 million. The average volume is approximately 2.42 million.

Why Is It Moving? Takung garnered high attention on social media on Tuesday amid growing interest in non fungible tokens or NFTs.

Hong Kong-based Takung’s stock also rose in tandem with other Chinese shares on Tuesday.

Shares of Alibaba Group Holding Ltd BABA closed higher 6.61%, while those of JD.com, Inc JD and Pinduoduo Inc PDD ended the day’s regular session up 14.44% and 22.5% respectively.

Last month, Takung Art raised $5 million in a private institutional placement.

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