Stock Track | XUNCE Plummets 8.02% Intraday as Profit-Taking Continues After 10x Rally and TokenONE Launch
Stock Track
Jun 01
XUNCE (03317.HK) plummeted 8.02% during intraday trading on Monday, extending recent losses for the cryptocurrency-related stock.
The sharp decline follows a massive rally that saw the stock surge approximately 10-fold from HKD 38 to HKD 380 over roughly 120 trading days, earning it the market title of "Token First Stock." After the company launched TokenONE, the world's first TokenOS operating system, on May 25, short-term profit-taking has driven sustained selling pressure, with the stock pulling back sharply from its highs.
Analysts have noted that the current valuation lacks a margin of safety given the stock's elevated price-to-earnings multiples relative to near-term profitability, contributing to the ongoing correction.
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