Shares of Pennexx Foods (OTCMKTS:PNNX) ended a bit higher on Monday after a 25% slump in the past week.
Market Reaction
On Monday, PNNX stock went up 5% to $0.2247 with 27k shares, compared to its average volume of 39k shares. The stock has moved within a range of $0.2247 – 0.2489 after opening trade at $0.25.
Launch of a New Crypto Currency Coin
Pennexx Foods (OTCMKTS:PNNX) is about to finish the new cryptocurrency coin for rewards, which would be launched on December 3.
The YourSocialOffers.com cryptocurrency would be providing way for retailers and merchants to incentivize consumers for purchasing product. Additionally, it will also earn cryptocurrency which may be used within stores or at other retailers.
Incentives and Cryptocurrency works well as merchants would give customers in products than cash and hence can allure customers for returning to stores. This is a win win for both customers and retailers.
Generally, retailers can either reward a customer using the closed loop system, where customers can accrue loyalty rewards for use in stores or else get a cash back on purchase.
However, the closed loop system has some limitations and the consumer feels unsure on getting the rewards. This is why the cryptocurrency coin can be useful. On the other hand, the cash back system enables merchants to give complete reward. This is why the coin allows merchants to know the arrival of a customer and using the reward saving retailer and merchant money.
Blockchain use will allow retailers to have confidence on receiving fair exchange for services and products as it is an open and reviewed technology creating accountability.
Traders Review
PNNX stock is trading below the 20-Day and 50-Day Moving averages of $0.26 and $0.28 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.33. The stock is down 20% over the past month.
