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March 28, 2022, 9:28 a.m. EDT

5 Penny Stocks That Slap Harder Than Will Smith At The Oscars

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Mar 28, 2022 (Penny Stocks via COMTEX) -- You might've heard something about this year's Academy Awards, and it had little to do with the awards. In tense moments following a Chris Rock joke about Jada Pinkett Smith, husband Will Smith walked up on the Oscars stage and slapped Rock across the face. While Rock didn't move forward with charges, the Will Smith slap at the Oscars is captivating headlines.

So, why not find some stocks that are "slapping" traders in the face (in a good way)?

Today we're taking the topic of popular penny stocks on Reddit and turning it into a new category: Penny Stocks That Slap. The focus will be on social sentiment and market momentum heavily fueled by retail speculation.

Reddit Penny Stocks To Watch

  1. Mullen Automotive Inc. ( NASDAQ: MULN )

  2. DatChat Inc. ( NASDAQ: DATS )

  3. WiMi Hologram Cloud Inc. ( NASDAQ: WIMI )

  4. Bitfarms Ltd. ( NASDAQ: BITF )

  5. Hycroft Mining Holding Corporation ( NASDAQ: HYMC )

Penny Stocks to Buy Now

Penny stocks are some of the most volatile, and as a result, they can return some of the most significant gains in short periods. It's important to understand that when you're discussing any stock fueled by retail speculation, the big market swings can happen within moments. If you're looking for the best penny stocks to buy now and using social sentiment as a guide, keep that in mind. Here are a handful of penny stocks growing in popularity among retail traders this week. (note:none of them slapped Chris Rock at the Oscars).

One of the most popular meme stocks of the month has been Mullen Automotive. Thanks to upbeat sentiment in the EV space, in addition to the excitement for things like short squeeze penny stocks and stocks with unusual options activity , MULN shares are benefiting from multiple trends. However, the latest saw shares pulling back for the better part of the last week thanks to a mix of profit-taking and market uncertainty.

This week, however, bullishness on EV stocks, thanks to a proposed Tesla ( NASDAQ: TSLA ) stock split, Mullen, and other industry names are rising. What's more, the company has also released another update that has stuck with traders. It's expecting to report in excess of $65 million in cash and cash equivalents when it files its quarterly update. Commenting on the milestone, David Michery, CEO and chairman of Mullen Automotive, explained, "With the financing we received, we now have more than enough capital to execute on our commitments for 2022, including the start of the Mullen FIVE EV Crossover program and continued development on the Mullen ONE EV Cargo Van program. The Company's balance sheet is the strongest it has ever been in our history."

With its Mullen ONE coming to market next quarter, MULN stock could remain a focus of traders during the first half of the year.

This week, the popular social media and encrypted messaging app company, DatChat is back in the spotlight. The company gained meme stock status during the second half of 2021, shortly after making its public debut. Via deals with notable names, including BarStool, DatChat's platform has been introduced to the masses, but for 2022, that hasn't necessarily resonated with the market (so far).

This week, however, things a more upbeat. DatChat reported that it's launching metaverse advertising and an NFT monetization platform. Its VenVūū brand will become the lead on this initiative. DatChat CEO Darin Myman explained, "Each VenVūū Dynamic NFT is a unique NFT like owning your own multi-media outlet that you own and control in 'Your World'. Not only will this create unique opportunities for supporters of DatChat, but will also be a significant contributor to our Company's ability to grow our top-line."

Since minting on the platform begins next month, anticipation has already started building. In addition, you've also got prospects of expanding into other media formats for advertising, including 3D images, virtual product placements, and wearables that DatChat says could come later this year.

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