These guys who make money by pumping US stock memes have found a way to get rich on Robinhood: all you need to do is set up a low-on-chain-issuance US stock in advance, then release a meme pairing, and finally trade it up and dump.
This meme, DJT, specifically selected an on-chain tokenized stock on Robinhood with an on-chain circulating supply of only 6,555 shares—$DJT.US , i.e., the Trump Media & Technology Group—forming the trading pair with .
The big players buy the same-name meme, and DJT equals a passive pump of US stock $DJT.US .
Now the after-hours price of US stock DJT is $8.3; the on-chain price was pushed as high as $160, a maximum premium of 20x. And there’s still an 11x price gap now!
But if you calculate the on-chain circulating market cap of US $DJT.US , it’s only grown from $50,000 to $1,000,000—so for people who trade rug-pull “shitcoins,” that’s really nothing.