Why is MultiMetaVerse stock trading over 90% higher today?

MultiMetaVerse (MMV) shares are trading over 90% higher to $1.17 on abnormally-high volume with no obvious news or announcements from the company.

The company did have a press release where it announced it signed a term sheet to acquire Bowong AI, but that was released after the rally had already begun and, because of that, is likely not the reason for the rally.

MultiMetaVerse is a penny stock with a low float. Stocks of this nature are more easily susceptible to volatility and manipulation by some traders.

Given the recent increase in market volatility following an uptick in retail investor volume, and MMV’s penny stock status and low float, the stock is likely being traded apart of that and for its technicals.

The stock has 17.6 million volume at the time of writing and has a 52-week low of $0.45 and a 52-week high of $4.