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ETH $2,476.96 -0.61%
BNB $756.66 +1.63%
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SOL $102.98 -1.67%
TRX $0.3381 +0.43%
DOGE $0.0893 -0.14%
ADA $0.2174 -0.43%
BCH $256.67 +0.45%
LINK $12.67 -5.11%
HYPE $84.29 -2.82%
AAVE $130.62 -2.36%
SUI $0.8192 +0.80%
XLM $0.1898 -0.01%
ZEC $1,130.77 -4.41%

memecoin

MemeCoin is a cryptocurrency created based on internet culture and popular trends on social media, often themed around humor or satire. Unlike traditional cryptocurrencies, the value of MemeCoin relies more on community enthusiasm and market sentiment rather than technological innovation or practicality. Typical MemeCoins like Dogecoin and Shiba Inu often exhibit high price volatility, attracting speculators and short-term investors. Although its technological foundation is similar to other cryptocurrencies, its main characteristic is driving value growth through social media and community activities.
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first_img Farmmi tokenized stock is actually a Memecoin, with the total supply minted by a single wallet

On Wednesday, the stock price of Nasdaq-listed company Farmmi surged from Tuesday's closing price of $0.1187 to a high of $0.5, with an intraday increase of about 321%. The trigger was a Memecoin named after the mushroom varieties in the company's annual report (Money Mushroom, code JINQIAN) starting to trade against its so-called "tokenized stock" FAMI on the Robinhood Chain.However, on-chain data shows that FAMI is not an official stock token from Robinhood: its total supply of 37,430,000 tokens (close to the total number of Farmmi's circulating shares) was generated in a one-time minting during the creation of the trade, with the deploying wallet retaining 38% and deploying a contract named PoolRepricer to manage the price itself, with no further changes to the supply thereafter. This token has no issuer, no redemption mechanism, and is completely unrelated to real Farmmi stock. In contrast, the official stock tokens from Robinhood are issued by Robinhood Assets (Jersey) Limited, and only authorized participants can subscribe and redeem.In terms of market performance, FAMI reached a high of $1.83 in the USDG pool, and as of 2:28 p.m., it was priced at $0.2135, a 45% premium over the stock price, with a total trading volume in the related pool reaching $131.4 million; the trading volume of JINQIAN against the FAMI pool was about $92 million, and at least 10 more Memecoins were launched within the following 30 minutes.

first_img Fomo and Robinhood Wallet credit card purchases of Memecoin suspected of circumventing card organization crypto regulations

The Block's investigation shows that on the social trading app Fomo and Robinhood's self-custody wallet Robinhood Wallet, users can directly purchase Memecoin using credit cards via Apple Pay or Google Pay without completing a separate KYC identity verification. Transactions can also accumulate points or cash back rewards as normal credit card rewards. The media tested the purchase of WIF, and transactions on the Visa and Mastercard networks were classified under merchant category code MCC 5815 (digital goods media), rather than the cryptocurrency asset categories MCC 6012 or 6051 as stipulated by card organization rules, which typically come with crypto tags and do not earn rewards.These transactions are supported by the Token Checkout product from the crypto infrastructure company Crossmint. Crossmint insists that this classification is appropriate, citing the joint guidance released by the SEC and CFTC in March of this year, which views certain Memecoins like WIF as "digital collectibles." However, Chase stated that the Visa transaction was not marked as a cryptocurrency purchase and that the classification was incorrect, and they have initiated a case review with Visa; the New York Attorney General's office also stated that it is reviewing the matter. Vanderbilt University law professor Yesha Yadav and other payment experts believe that the SEC's position and card organization rules represent "two completely different systems."

first_img Robinhood Chain's single-day DEX trading volume reached a record of 989 million USD

Robinhood Chain recorded a single-day DEX trading volume of $989 million on Friday, setting a historical high. The total value locked (TVL) on the chain reached $708 million, with a nearly 100% month-over-month increase; the supply of stablecoins was approximately $770 million, with a month-over-month increase of 47%.In July, the chain was dominated by the memecoin market after the launch of CASHCAT's spot trading, while in August it shifted towards utility and infrastructure tokens. PONS is one of the leading launchpads on the chain, with its market capitalization increasing from $20 million to over $200 million. Another leading launchpad, LONG (long.xyz), supports tokens paired with tokenized stocks (mainly memecoins), which is a core differentiating advantage of Robinhood Chain.The largest stock-paired memecoin is "AI" (Artificial Inu), paired with tokenized NVDA, with its market capitalization rising from $1.5 million on August 1 to a peak of $135 million on August 30, and its NVDA pool liquidity exceeding $3.3 million. Memecoins paired with tokenized stocks account for about a quarter of the stock-related trading volume on the chain. Other projects include the liquidity layer protocol Delta, the ve(3,3) emission project UP similar to Aerodrome, and the OHM-style bond project NetNet, all of which saw their valuations increase tenfold in August.
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