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MEME Using Robinhood and AMC controversy, cryptocurrency traders float profits of more than $2 million in 12 hours
A cryptocurrency trader seized on the hot spot of the controversy between Robinhood Markets (NASDAQ: HOOD) and AMC Entertainment Holdings (NYSE: AMC) and achieved unrealized gains of more than $2 million in less than 12 hours. The following is the beginning and end of the incident.
The battle between Robinhood and AMC gave rise to memin
It has been previously reported that the two companies have recently been involved in a major controversy. Robinhood is an electronic brokerage platform that provides stock, cryptocurrency and tokenized stock services. The so-called Stock Token refers to a digital token created on the blockchain to track the stock price of a listed company. It is just a composite version of the stock and has no official connection with the company that is publicly listed on the stock exchange.
On September 3, AMC CEO Adam Aron criticized Robinhood for providing tokenized versions of AMC shares without registering under U.S. securities laws, and threatened legal action if trading in AMC tokens was not stopped. However, Robinhood did not back down. Dan Gallagher, its chief legal officer, said the company was aware of U.S. securities law that it would not stop providing AMC tokens and "provoked" Aaron to send lawyers.
The controversy spawned a meme coin called "A Meme Coin (AMC)" that day. Memecoin is a cryptocurrency inspired by Internet memes, viral trends or popular culture. Unlike Bitcoin (BTC) or Ethereum (ETH), memecoins usually have no practical utility, and their value depends entirely on online hype, social media popularity, and community sentiment. AMC, the abbreviation for "A Meme Coin", is a parody of the viral controversy between the entertainment giant and Robinhood. The token soared from US$0.00008571 to US$0.1509 within hours, an increase of approximately 176,000%.
Traders made more than US$2 million in paper profits on the rise in MEME
According to data from the online data analysis platform Lookonchain, a cryptocurrency trader purchased 6.11 million MEME tokens for US$2,972 when memin was first launched.
This trader is very lucky! He created the wallet address 0 21 days ago... Only 8 types of tokens had been traded before, but we accurately captured the opportunity of $MEME early today and made a profit of more than US$2.1 million in less than 12 hours, with a return rate of 713 times! He spent US$2,972 to buy 16.11 million $MEMEs, then sold 750,000 $MEMEs for US$85,300, and still holds 15.36 million $MEMEs (worth approximately US$2.03 million).
As the price of MEME tokens rose, the trader sold 750,000 tokens for a profit of US$85,300. However, Lookonchain pointed out at 3:20 a.m. EST on September 4 that they still held 15.36 million MEMEs, with unrealized gains of US$2.03 million.
Since then, the price of the memo coin has fallen back, and the trading price is US$0.03136 as of press time.
