It's a lot like that. A small company starting out in pinkland has just enough unknowns about it's true status (at a glance anyway) so as to leave room for doubt with most investors and especially the day traders that are just flipping shares when the opportunity presents itself. The shorters are all to well aware of that and are often the same people, playing it on the rise as well as on the decline, so pinkland is extra volatile and harder to predict. Good news here is this company will probably surprise a hell of a lot of people with how fast it climbs up and out from here.
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