IDGlobal Corp. (OTC Pink: IDGC) is a holding company that incubates and accelerates startup and early-stage businesses’ growth through different development stages. IDGC has recently become a blockchain penny stock thanks to its subsidiary, Azure Blockchain, which it plans to incubate and develop. After dropping its Attorney letter on October 26th, IDGC has seen an uptick in interest as investors anticipate that the stock will become current in a week or more.     

Catalysts

IDGC’s active Twitter account has shared bullish sentiments in recent weeks saying, there are “very strong times ahead” before following with, “Hegde Fund on the bid imo.” Not long ago, the company announced plans to cancel billions of shares which the company again reiterated assuring investors of their “absolute commitment to shareholders to decrease the number of shares outstanding anywhere it is feasible”.

Now the company has followed through on its plans for share cancellation. Having retired 1.2 billion shares in September and another 200 million on October 22nd. While there are still more shares to be canceled, its unclear what the company’s timeline will be. However, the company’s CFO – Sebastien C. DuFort – shared that “the company is focused on retiring at least 6 Billion common shares in Q4 2021 and have retired 1.2 Billion common shares thus far.” According to its OTC Markets profile, IDGC currently has 25 billion Authorized shares of which 22.7 billion are outstanding.

IDGC has recently decided to venture into the crypto space announcing the launch of its Azure blockchain in May. Since then it has clarified this subsidiary’s role, announcing that Azure has launched a procurement segment which will place crypto mining equipment and hosting services with its partners, from which the company will accumulate participation fees. IDGC management sounded particularly bullish as it explained its business model which will combine public and private blockchain technologies to generate “fast-growing cash flow”. 

The company has also noted that blockchain can be used to monitor energy consumption to “measure energy usage and collect payments” as well as identify whether energy is coming from a renewable source. This ties into IDGC’s other subsidiary – Noveda – because blockchain can be used to monitor energy consumption.

Noveda uses its patented technology to help reduce energy and water usage, optimize performance of renewable energy systems, and reduce its customer’s carbon footprint. In October, the company reported a 383% increase in year over year revenue. Novida’s platform has revamped the company as a pure SaaS provider and it currently has plans to expand into Asian and European markets thanks to a new partnership which will allow the patented Noveda platform to be licensed globally. Given the pressure from the Biden administration and the UN to meet energy efficiency and sustainability goals by 2030, Noveda’s work could prove valuable in this energy conscious environment. 

Media Sentiment

@WhalePenny – also known as the OTC Oracle – has kept faith in IDGC throughout the disclosure process and its looks like it may finally pay off

Technical Analysis

blockchain penny stocks IDGC chart

Despite dropping its latest filing, IDGC has been trending down. The stock has a strong resistance at .0015 and a primary support at .001. Currently IDGC is trading at .0011 and could rebound off of its support. However, the MACD had a bearish crossover and the RSI is at 47 after overbuying earlier in the month. Meanwhile accumulation dipped significantly midway through the month but is slowly rebuilding.

Should you Buy?

The company has been following through on its share cancellation albeit slowly. With its attorney letter dropped, its very likely IDGC will become current in a week’s time. The company has been communicative throughout the process and will likely give more updates as it continues to cancel shares and becomes an active blockchain penny stock. Given IDGC’s hints at hedge fund interest and the stock’s overall volatility, this blockchain penny stock could reach April’s highs of .00018 or .0002 once it breaks its strong resistance at .00015.

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