Robinhood Chain Meme Coin MEME Jumps 3,100-Fold in a Day, Tops $60 Million Market Value
Summary
- The Robinhood Chain-based meme coin MEME surged more than 3,100-fold in a single day, pushing its market capitalization above $60 million.
- The move was sparked by Robinhood's stock-token DEX volume surpassing $3 billion and controversy surrounding AMC.
- Volatility may persist because event-driven meme coins can post sharp price swings over a short period.
Forecast Trend Report by Period
A meme coin called MEME on Robinhood Chain surged more than 3,100-fold in a single day, lifting its market value above $60 million.
Odaily reported on Sept. 4, citing GMGN data, that MEME's market capitalization topped $60 million intraday and was recently about $59.79 million.
The surge was triggered by controversy over Robinhood's tokenized stock service and AMC. Robinhood previously said trading volume on its chain's stock-token DEX had exceeded $3 billion in 63 days and that it supports more than 190 companies, including AMC.
AMC Chief Executive Officer Adam Aron strongly objected, saying AMC has no connection to the tokenized stock. He added that he had asked outside securities counsel to review the legality of the service.
The token then soared after a meme spread through the community interpreting AMC as "A Meme Coin."
Robinhood has not issued a separate response to Aron's criticism. As an event-driven meme coin with large short-term price swings, MEME could remain highly volatile.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.