BlockBeats report, September 4: Today, the CEO of AMC, a U.S. publicly traded company, and the founder of Robinhood debated the legality and rationale of stock tokenization. Seizing this opportunity, the meme coin 'MEME', backed by AMC shares, achieved a mythical one-day market cap exceeding $100 million. Meanwhile, AMC’s after-hours price surged by more than 20%.
As of this afternoon, the latest development is that AMC CEO Adam Aron has demanded that Vlad Tenev and Robinhood voluntarily cease trading of AMC stock tokens; otherwise, AMC has engaged external securities counsel to explore potential measures to compel them to stop. He also stated that he will raise inquiries with the U.S. Securities and Exchange Commission regarding Robinhood’s practices.
BlockBeats' article today, "150 Million Dollar Emotional Rollercoaster: AMC’s Short Squeeze Cycles Every Five Years," provides a quantitative analysis of the realistic possibility of shorting AMC stock amid the MEME craze. The article notes that, given the current volume of AMC shares in MEME liquidity pools, achieving a short squeeze on the underlying stock remains "several orders of magnitude away."
Due to time zone factors, as of press time, the related events have temporarily cooled down; AMC's pre-market gain in the U.S. has retreated to 6%, and MEME's market cap has fallen below $100 million.
However, BlockBeats believes that if the situation continues to escalate, Robinhood’s founders firmly maintain their meme-driven approach to stock and crypto, and the debate expands more broadly, the hype around MEME tokens could keep rising, their market cap continuing to grow, and the crypto community might still forcibly seize pricing power over AMC’s common stock.