Unfortunately for some investors, there was Tron (TRX) ticker confusion on Friday that resulted in them taking out shares of Tanzanian Gold (NYSEAMERICAN:TRX) stock.
Tron is a cryptocurrency available on multiple platforms that investors were looking to pick up on today. However, they instead started buying up shares of Tanzanian Gold, which also uses the TRX ticker.
This Tron ticker confusion has resulted in heavy trading for shares of TRX stock. As of this writing, more than 49 million shares of the stock have changed hands. That’s a massive spike next to Tanzanian Gold’s daily average trading volume of roughly 584,000 shares.
Justin Sun, the founder of the Tron cryptocurrency, pointed out the ticker confusion going on today via a Tweet.
— Justin Sun🌞 (@justinsuntron) January 29, 2021
Tron is far from the first time that confusion between two tickers has resulted in investors picking up the wrong shares. Earlier this month we saw investors accidentally invest in Signal Advance (OTCMKTS:SIGL) stock thinking it was the social media platform that Tesla (NASDAQ:TSLA) CEO Elon Musk was Tweeting about.
Another prime example of ticker confusion comes from Zoom Video Communications (NASDAQ:ZM) and Zoom Technologies (OTCMKTS:ZOOM). Roughly one year ago investors mixed these stocks up when trying to prepare for the novel coronavirus with. Funnily enough, a similar problem happened when Zoom Video Communications held its IPO.
TRX stock was up 31.2% as of noon Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
View more information: https://investorplace.com/2021/01/tron-ticker-confusion-would-be-trx-crypto-investors-mistakenly-buy-tanzanian-gold-trx-stock/