Price pump: company grows plus 300% after adding ‘blockchain’ to the title

Long Island Tea decided to play on the current hype around blockchain and renamed itself into Long Blockchain. Quite strangely, the simple plan worked and the shares of this company jumped up by 300 percent.

The news was amusing both for the cryptocurrency community members and for traditional market players. The first ones found confirmation of how little the common traders know about blockchain, and the second group cemented their belief that the current situation around cryptocurrencies and blockchain strikingly resembles the Dotcom Bubble which happened in 1990s. Bloomberg editor John Fraher even renamed his Twitter name into John Fraher Blockchain and after this, published a tweet with a question on when he is going to get his 300 new followers.

News like these already happened, and every time the market is seemingly not stopped by the fact that the change of the name doesn’t mean, for example, the change of the company’s assets portfolio. In this case, the representatives of Long Blockchain stated that they would continue to produce beverages, while they actually became interested in blockchain tech, Reuters reports.