Reddit-fueled penny stock's 6 400% rally reversing in Sydney

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IOUpay had drawn comparisons to US videogame retailer GameStop Corp. after surging 6 400% in the past year as it has been the subject of several discussion threads on Reddit. The Reddit-fueled day-trading crowd turned the first quarter of 2021 into one of the wildest periods of stock market frenzy in modern history. Despite a more than 40% slump since mid-February, IOUpay remains Asia’s top-performing interactive media and services stock over the past year.

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