Digital asset financial services company Eqonex Limited’s (EQOS) shares have generated significant momentum over the past month on the back of the company’s recent listing of Polkadot (DOT) token on its crypto trading platform. But will the stock be able to maintain its price rally amid rising competition in this space? Read more to find out.Eqonex Limited (EQOS) is a Hong Kong-based financial services company that is focused on fairness, governance, and innovation in digital assets. In addition, it provides a front-to-back integrated trading platform called Access Trading, a securitization advice service called EQONEX Capital, market-leading hot and cold custodian Digivault, and an asset management service under the name Bletchley Park.
Closing yesterday’s trading session at $5.89, EQOS shares have gained 85.8% in price over the past month, driven by its recent Polkadot (DOT) token listing on its platform. However, the stock has declined 63.5% in price so far this year.
Several well-known players, including the likes of Robinhood Markets , Inc. (NASDAQ:HOOD) and Coinbase Global , Inc. (NASDAQ:COIN), dominate the digital assets trading market. In contrast, EQOS is still in its early stages of development and faces stiff competition in the competitive cryptocurrency trading industry. In addition, given the company’s poor profitability and bloated valuation, its near-term prospects look uncertain.