MEME tops $57 million on a pool AMC's CEO calls offensive
MEME passed $57 million in a day, up more than 40%, trading against a tokenized AMC stock that AMC's own boss calls offensive.
Robinhood Chain stock meme MEME passed $57 million in market cap, per GMGN data.[1] It gained more than 40% in 24 hours.[1]
MEME trades against tokenized AMC stock in the MEME/AMC pair. The AMC side is the base pool. A seller’s bid comes from that side, not from a share.[2]
He wrote that it goes against what owning a stock means.[3]
He asked whether buyers of stock tokens get fewer rights than people who own the stock itself. He asked whether the real shares behind the tokens can be lent to short sellers. If they are lent, he asked, are the tokens still backed one for one?[4]
He called them “unregulated, derivative, synthetic, or debt-backed securities” that only act like real stocks.[5]
Who gains, who loses
Receipts
According to GMGN data, the market capitalization of Robinhood Chain stock meme project MEME surpassed $57 million with a 24-hour increase of over 40%.
“BlockBeats news, September 13th, according to GMGN data, the market capitalization of Robinhood Chain stock meme project MEME has surpassed $57 million, with a 24-hour increase of over 40%.”
MEME on Robinhood Chain is paired with tokenized US stock AMC Entertainment using the MEME/AMC trading pair to provide liquidity.
“MEME utilizes the stock trading platform Robinhood, pairing with tokenized US stock AMC Entertainment (an American cinema company, ticker symbol AMC) as the base pool, using the MEME/AMC trading pair to provide liquidity.”
AMC CEO Adam Aron published a post criticizing Robinhood's stock token business, calling the practice "offensive" and contrary to the fundamental concept of stock ownership.
“In response to Robinhood CEO Vlad Tenev and Dan Gallagher publicly defending stock tokens over the past week, Aron called the practice "offensive" and contrary to the fundamental concept of stock ownership.”
Adam Aron questioned whether purchasers of stock tokens receive fewer rights than actual shareholders and whether lending out the underlying real shares to short sellers affects the 1:1 backing of the related tokens.
“He also questioned whether purchasers of stock tokens receive fewer rights than actual shareholders, potentially causing investor confusion; and if the underlying real shares supporting the tokens are lent out to short sellers, whether…”
Adam Aron described stock tokens as "unregulated, derivative, synthetic, or debt-backed securities" that merely simulate real stocks.
“Aron described stock tokens as "unregulated, derivative, synthetic, or debt-backed securities," saying they merely simulate real stocks.”
CABAL DESK is reporting, written with AI under human oversight. Every bracketed number opens its receipt: the source, the quoted span, the hash. Headlines and characterisations are commentary; the sourced facts are the receipts. Not investment advice. Corrections log. Editorial & legal.