Why Virgin Galactic Stock flew higher today

What happened

Actions of the space tourism company Galactic Virgo (NYSE: SPCE) suddenly pulled and pulled higher Monday morning, picking up speed as the day wore on, and ended the day up 4.7%.

In the absence of more substantial news, I am forced to conclude that Virgin Galactic received a publicity stunt on a cryptocurrency that I had never heard of before: LaikaCoin.

Image source: Getty Images.

So what

Named for the first dog to go into space (put into orbit by the Soviets in 1957), LaikaCoin presents itself as a “deflationary rocket”.

More aptly, over the weekend, LaikaCoin began announcing on Twitter that it will offer a Virgin Galactic space tourism ticket “to one lucky wallet holder” when LaikaCoin’s outstanding market cap hits $ 250 million.

Now what

I guess I kind of see the connection between a cryptocurrency named after a space puppy and a space tourism company. But is this ad campaign really relevant to Virgin Galactic’s chances of successfully resuming its test flight program next month? Is this a good reason why Virgin Galactic shares are increasing today?

I’m afraid the answers are ‘no’ and ‘probably not’. That being said, there is no bad publicity, right? And this week, in addition to offering a free ticket to one of its holders, LaikaCoin is offering free advertising to Virgin Galactic.

Enjoy as it lasts.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are motley! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

About Travis Durham

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