📰 In 2021, Robinhood disabled the AMC buy button, pausing the tug-of-war between retail investors and short sellers. Five years later, the AMC tokens on the same company’s chain have been pushed to seven times the real stock price—only the handling has changed: go buy the real shares, then issue more tokens.
🔥 This time, on-chain capital really did collide with the U.S. stock market. That weekend, the issuing agent purchased and custodied about $7.6 million worth of AMC shares, peaking at 7.6% of pre-market trading volume. So it’s not entirely just on-chain self-entertainment.
But honestly, the key prerequisite for a squeeze is gone. Within three days, the tokenized AMC supply jumped from 152,106 shares to 2,895,758 shares—an immediate 19-fold increase. Hims’ round went from 468 shares to 130,876 shares. Just when you think you’re about to lock up the book, the issuer keeps restocking from the sidelines.
💡 AMC surged as much as 22% pre-market, then slid back. The issue isn’t whether buy orders got through. The real problem is that the subscription/redemption mechanism naturally closes the price gap. In 2021, short sellers couldn’t conjure shares out of thin air; in 2026, issuers can keep creating tokens based on demand anchored to needs. It’s simply not the same game.
🤔 What’s more realistic is that, based on the calculations in the text, even if you pick the cheapest target, to drive a truly legitimate squeeze you’d still need a Meme Coin sized at $3.4 billion—thirteen times larger than this chain’s biggest historical project. People may not be buying into a squeeze at all, but rather whether the company will come out to respond. How long can this “force the CEO to post” tactic stay hot?
#代币化股票 #AMC #Meme币 #On-chain Observations