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Why Xunlei Ltd. Stock Tumbled Today

TheMotleyFool

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Shares of Chinese internet company Xunlei Ltd. (NASDAQ: XNET) continued to crumble on Tuesday. The stock had gained about 475% since Oct. 12, when the company announced a cryptocurrency project. Those gains have been unraveling as the euphoria fades. The stock was down about 15.4% at market close on Tuesday.

Xunlei announced its "Wanke coin mining" project on Oct. 12. The stock rocketed higher on pure speculation. That rally ended in late November.