Robinhood Meme coin MEME market cap drops below $40 million, falling over 70% in 6 hours

According to Odaily, data from GMGN shows that after peaking at a market cap of $151 million, the Robinhood Meme coin MEME has continued to decline, now dropping below $40 million and temporarily reported at $36.71 million, a drop of over 70% in 6 hours.

Robinhood previously announced that its on-chain stock token DEX trading volume surpassed $3 billion within 63 days, specifically mentioning coverage of more than 190 companies including AMC. However, this subsequently drew dissatisfaction from AMC CEO Adam Aron, who engaged in a war of words with Robinhood CEO Vlad Tenev, even threatening to request that his securities legal counsel study the possibility of taking legal enforcement measures.

Odaily reminds users that Meme coin prices are highly volatile, and investors should participate with caution.