Crypto Trader Bets $1.8M on Meme Coins to Trigger Short Squeeze

A cryptocurrency trader has claimed to have spent $1.8 million to acquire a 37.4% stake in a Nasdaq-listed company through an over-the-counter deal. The company, with a market cap of $4.8 million and annual recurring revenue of just $380,000, has been struggling financially.

The trader, known as Rune on X, plans to tokenize the company's shares, deploy them on Robinhood Chain, and issue a Meme coin paired with the stock token.

Rune believes that this will create a flywheel effect, where the increased demand for the Meme coin will drive up the share price of the underlying stock, creating buying pressure and potentially triggering a short squeeze. He claims that this is not market manipulation, but rather an acquisition strategy.