MEME's market cap fell to $49.66 million after hitting a high of $151 million, dropping 56.31% in six hours. The decline follows Robinhood's announcement of its on-chain stock token DEX reaching $3 billion in trading volume over 63 days, covering 190+ companies including AMC. AMC CEO Adam Aron criticized Robinhood CEO Vlad Tenev, threatening legal action. Investors are warned about high volatility in meme coins.
GMGN data shows Robinhood's meme coin MEME has fallen under a $50 million market cap. It now sits at $49.66 million, down 56.31% in six hours. Earlier, the token had climbed as high as $151 million.
Robinhood recently said trading volume for its on-chain stock token DEX topped $3 billion in 63 days, spanning more than 190 companies, including AMC. That sparked backlash from AMC CEO Adam Aron. He traded public remarks with Robinhood CEO Vlad Tenev and said he might consult legal counsel over possible enforcement measures. Odaily warns users that meme coins can swing hard and urges caution.
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