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MEME MEME tokens have seen astonishing gains in a single day
The token named MEME has become the latest focus on the Pumpfun memecoin issuance platform. It has soared by more than 500,000% in a single trading day, and its market value once exceeded US$250 million. This trend follows a broad recovery in speculation on Solana platforms, where tokens can be launched in seconds, attract huge amounts of attention in hours, and then collapse quickly.
On-chain data tracked by Lookonchain highlighted two outstanding traders. According to reports, Frank DeGods converted his $1,491 position into gains of more than $1.2 million after purchasing 11 million MEME tokens. Another trader allegedly converted an investment of $2,972 into more than $2.1 million in 12 hours. Although these returns are eye-catching, such results account for only a very small number of transactions on memin issuance platforms, and the vast majority of tokens lose most of their value shortly after they go online.
Robinhood's tokenization of AMC shares triggers a strong corporate backlash
While MEME craze, another controversy surrounding tokenization of shares has also escalated simultaneously. AMC CEO Adam Aron criticized Robinhood's issuance of tokenized AMC shares, noting that the company did not authorize the product. Robinhood's stock tokens claim to provide investors with stock-related economic exposure, but do not give investors ownership of the underlying stocks.
Aaron attacked Robinhood's stock tokens for not being registered under U.S. securities laws, calling the practice "shameful, outrageous and disgusting" and saying AMC had instructed outside securities counsel to review the matter. As of now, AMC has not announced legal action against Robinhood. Aaron said the company will first ask outside securities counsel to review tokenized AMC products and their use of the company name.
Such disputes are not isolated. OpenAI has previously rejected Robinhood tokens related to the company, stating that they are not equity in OpenAI and have not been endorsed by the company. The incident highlights the tensions that exist between different tokenized stock models as financial institutions push stocks into chains.
