Binance's Tokenized GameStop Shares Fuel Meme Coin Frenzy

Crypto traders are seeking tokens that can move real stock prices, and Binance's tokenized GameStop shares have become the focus of their attention.

At least 10 meme coins now trade against GMEB, Binance's tokenized GameStop shares. These pools hold over $200,000 and have traded around $543,000 in a single day. The largest pool is memestock, which trades directly against GMEB in a PancakeSwap pool created on August 12.

Binance assures that every tokenized share it issues is backed by a real one held at a custodian. BTech Holdings Limited issues them, and Nest Trading Limited arranges conversions at one token per share.

Crypto trader Schoen expressed the sentiment of many traders: 'the real question is, when are we going to get a memecoin paired to a penny stock and then onchain activity leads to that stock going up 100-200%?'