A major player in the OTC market, Majic Wheels Corp. (OTC:MJWL) has been working to become one of the major disruptors in the FinTech and software development industry. Originally a development stage company operating in the waste management business, MJWL made the move to FinTech back in June and has since become the world’s first insured crypto platform. Not long after this pivot, MJWL stock started its first run and reached a 52 week high of $.265 in July. Now the company is moving forward with its business plan and has seen a 109% increase since October 5TH.
MJWL’s major asset is the cryptocurrency exchange Calfin Global Crypto Exchange (CGCX) which provides four services under a single platform. These services include: crypto exchange, smart contracts, merchant solutions, and an ICO platform. But CGCX set itself apart from other exchanges early on by insuring all tokens stored on the exchange wallets against cyber-attacks and hacking. CGCX currently offers not just the hybrid crypto exchange, but custody solutions and mining as well.
According to the company’s roadmap, Ethereum mining operations will start in Q4 and develop into a full scale operation by Q2 of 2022. MJWL projects making $12.4 million in revenue annually at ETH current price, however Ethereum’s London update set for December could jeopardize this plan. As is, MJWL’s hashrate is expected to reach approximately 402,000 MH/s for less than 1 MWh.
MJWL has already signed a MOU for a 100 hectare land lease in Malaysia to build its clean coin mining facility on. Using AI, MJWL believes it can mine 576 BTC per year at peak capacity. The facility will include a solar power plant to reduce environmental impacts of mining as it creates a “premium clean coin” with hardware that is capable of mining other coins as well.
Currently MJWL is actively pursuing multiple opportunities having launched its iChain decentralized blockchain platform which offers low or no gas fees and its own crypto token – CGCX Token. This token facilitates trading transaction fees and gas fees within the iChain ecosystem. Additionally, MJWL recently signed a LOI to acquire majority interest in Bamboo Wellness which uses artificial intelligence and machine learning to analyze data in order to create a holistic healthcare ecosystem.
In a new agreement with Investment Bank Donald Capital, LLC, the investment bank will be providing merger and acquisition advice to MJWL and assist in raising capital through a private offering of up to $50,000,000. The company believes this agreement will create leverage for growing shareholder value. After the agreement, MJWL’s CEO David Chong shared his hopes for the future saying that, “Institutional backing is essential to a successful up list and we feel this step represents another milestone in the NASDAQ direction”.
MJWL stock has been pursuing uplisting plans and given the $5.1 million earned from trading fees as of June 30, 2021 the company is well on its way to establishing itself as a DeFi disruptor. As is, MJWL is projecting $142.7 million in revenue for 2022 and $446 million for 2023.
With this in mind, MJWL signed an agreement with the NASDAQ company Sequire (NASDAQ:SRAX) which tracks investors’ behaviors and trends and uses these insights to engage current and potential investors across different marketing channels. This partnership appears to be a good match for MJWL’s goals but the company has been hinting at its next acquisition for the quarter for some time. According to MJWL it will be acquiring a second crypto currency exchange and will announce the details sometime this week.
@MattRiv2 has been a long time believer in MJWL stock and among the first FinTwit influencers to catch on to the stock
Currently trading at $.14, MJWL stock has a resistance at .1666 and a primary support at .1196 with a secondary support at .1023. The MACD had a bullish crossover on October 8th and shot to the upside with no sign of a second crossover. Investor excitement drove the RSI to 75 so a dip is to be expected after recent overbuying. Accumulation mirrors the stock’s recent spike, showing bullish sentiments for MJWL among investors.
Should You Buy?
MJWL stock has established itself as an OTC favorite and given its expected revenue growth, NASDAQ goals, and acquisition of a second crypto exchange – MJWL holds a lot of promise as a long term and short term investment. With news of its acquisition the PPS could spike and surpass its resistance at $.16 but in the long-term MJWL could prove itself as a serious contender in the DeFi space and even uplist to the NASDAQ.
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