By Gule Rukhsar
11:32 PM UTC
On January 18, DatChat Inc. (DATS) stock fell under corrections in the after-hours following its huge gains. The stock gained a huge 38.75% in regular trading on news of its Web 3.0 platform development initiation. Consequently, the stock closed the session at $3.33 with 28.05 million shares exchanged. Hence, DATS entered corrections in the after-hours, losing 8.11% at $3.06.
The communication software company, DatChat Inc. has a market capitalization of $47.03 million. Currently, the company has 19.6 million shares outstanding in the market.
On January 18, the company announced the commencement of the Web 3.0 platform for the protection of NFTs and encrypted messaging. This news caused investors to flock towards the stock, making it trade at a huge volume of 28.05 million. Thus, the stock gained huge on the news to reach a high of $3.82 after forty days. Therefore, the stock was bound to fall under corrections soon to shed its gains. As a result, DATS succumbed to corrections in the after-hours session on Tuesday.
Looking at the overall stock movement, DATS has added 29.57% in the past five days and 11.37% last month. Further, the stock stands at a year-to-date gain of 9.90%.
As per the announcement, the company has started developing a new platform. This platform will enable the sharing and protection of NFTs, documents, audio & video files, and messages through DatChat technology. Moreover, this platform will use the company’s technology for Web 3.0 and Metaverse applications. The Chief Blockchain Architect, Mark Mathis will lead the development of the platform.
The company recently appointed Mr. Mathis as its first Chief Blockchain Architect. Mr. Mathis has extensive experience of over two decades in the industry. Furthermore, he has served at various software and technology development positions that include leadership roles at IBM. Ally Bank and Bank of America.
In addition, DATS has also hired Senior Developers with iOS, Android, Blockchain, Messaging, and Metaverse development experience. Given the recent hires, the company has expanded its development capabilities.
On November 30, the company announced the launch of its Nirad Points Rewards Program. Through this program, users can earn NRD points by active participation on the DatChat Social Network+ platform. As per the announcement, the first 1 million users will receive 10,000 NRD points.