J-Long, Infobird (IFBD) stocks jump as FOMO intensifies

J-Long Group (JL) and Infobird (IFBD) stock prices surged hard on Wednesday as their popularity among meme investors rose. JL jumped by more than 26% on Tuesday followed by 12% in the premarket session.

Similarly, IFBD stock jumped by almost 10% on Tuesday and then by 52% in the premarket period. These jumps have pushed the valuations to over $83 million and $7 million, respectively. 

This performance is happening in a high-volume environment. Data by BarChart shows that the volume of J-Long Group jumped to over 1 million in the pre-market. Infobird rose to 3.48 million.

J-Long’s volume was over 12 million on Tuesday, higher than the average daily volume of 1.8 million. Infobird’s volume was averaging less than 1 million shares per day. It also comes a day after the company made a 1:8 stock split in a bid to comply with NASDAQ listings.

These companies are soaring because of their popularity among stock traders. For example, the two are some of the most trending names in key social media platforms like StockTwits and Reddit. 

Their performance mirrors those of other popular meme stocks like Bit Brother, Phunware, and Mullen Automotive. The companies have a long track record of pumping and dumping as their popularity rises.

Notably, the two firms are Chinese companies, whose stock mirrors that of other firms like AMTD and Bit Brother.

Infobird provides cloud computing solutions to companies in the country while J-Long provides reflective and non-reflective garments.

For long-term investments, however, these are high-risk companies that are difficult to buy and hold in the long term.