Memecoin MEME Surges 500,000% as Robinhood-AMC Controversy Grows

MEME Token Posts Extraordinary Single-Day Gains

A token called MEME has become the latest standout from the Pumpfun memecoin launchpad, surging more than 500,000% in a single trading day and briefly pushing its market cap above $250 million. The move follows a broader revival of speculative activity on Solana-based platforms, where tokens can launch in seconds, attract outsized attention within hours, and collapse just as quickly.

On-chain data tracked by Lookonchain highlighted two standout traders. FrankDeGods reportedly converted a $1,491 position into more than $1.2 million after purchasing 11 million MEME tokens. A second trader is said to have turned $2,972 into more than $2.1 million within 12 hours. While these returns are eye-catching, such outcomes represent a small minority of trades on memecoin launchpads, where the vast majority of tokens lose most of their value shortly after launch.

Robinhood's Tokenized AMC Shares Spark Corporate Backlash

The MEME frenzy came on the same day that a separate controversy over tokenized equities escalated. AMC CEO Adam Aron criticized Robinhood's tokenized AMC shares, saying the company did not authorize the product. Robinhood's stock tokens claim to provide economic exposure to shares without giving investors ownership of the underlying stock.

Aron took aim at the fact that Robinhood's stock tokens are not registered under US securities laws, calling the practice "contemptible, outrageous, disgusting," and said AMC instructed outside securities counsel to review the matter. AMC has not announced legal action against Robinhood. Aron said the company will first ask outside securities counsel to review the tokenized AMC product and the circumstances surrounding its use of the company's name.

The dispute is not isolated. OpenAI previously rejected Robinhood tokens linked to the private company, saying they were not OpenAI equity and had not been endorsed by the firm. The episode highlights the tension between competing models for tokenizing equities as financial firms push stocks onto blockchain rails.

Sources:
CoinDesk: AMC CEO blasts Robinhood stock tokens
Crypto.news: AMC CEO Adam Aron hits out at Robinhood over tokenized AMC shares