Robinhood Chain Meme Coin MEME Falls by Half After Hitting $151 Million Market Cap
Summary
- The market capitalization of Robinhood Chain-based meme coin MEME fell about 48%, dropping from $151 million to $78 million.
- MEME drew attention after trading volume for tokenized stocks on the Robinhood Chain decentralized exchange (DEX) topped $3 billion.
- AMC Chief Executive Officer Adam Aron later pushed back, saying the company was not involved in the related tokenized stock and that he was considering possible legal action.
Forecast Trend Report by Period
MEME, a meme coin on Robinhood Chain, tumbled after a sharp surge, with its market capitalization shrinking to nearly half its peak.
Crypto media outlet Odaily reported on September 4 that MEME's market capitalization briefly climbed to $151 million before sliding to about $78 million. That represents a drop of roughly 48% from its high, while the token has fallen more than 30% over the past six hours.
MEME drew attention after Robinhood said trading volume for tokenized stocks on the decentralized exchange, or DEX, on its chain had surpassed $3 billion in 63 days. At the time, Robinhood said it supported tokenized shares of about 190 companies, including AMC.
AMC Chief Executive Officer Adam Aron later objected, saying the company had not been involved in the related tokenized stock. He then engaged in a public back-and-forth with Robinhood Chief Executive Officer Vlad Tenev. Through a securities lawyer, Aron also said he was considering possible legal action.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.