BNB Chain Traders Find Way to Move Real Stock Prices with Meme Coins
Crypto traders are looking for tokens that can influence real stock prices, and some have found a way to do so on BNB Chain. One token, memestock, trades directly against GMEB, Binance's tokenized GameStop.
The pool where memestock is traded has over $200,000 in assets and turned over $543,000 in one day, according to GeckoTerminal. At least 10 meme coins are now using GMEB as their quote asset, with those pools moving about $2.2 million in 24 hours.
Binance's tokenized stock lineup, bStocks, allows users to gain exposure to stocks anytime and anywhere. Each bStock is fully backed by a real US share held at a regulated custodian, BTech Holdings Limited issues them, and Nest Trading Limited arranges conversions at one token per share.
However, the on-chain version of GameStop shares is only 0.07% of the company's total value, while the meme coin attached to it is worth about $3.7 million. Traders are calling for a company valued between $50 million and $250 million to be tokenized and paired with a memecoin.