The GME market cap on the Robinhood Chain has surpassed $20 million, with the stock token experiencing a premium that briefly amplified the meme coin rally.

BlockBeats News, July 23rd, according to GMGN monitoring, the Meme coin on Robinhood Chain, GME, briefly surpassed a $20 million market cap, currently trading at around $17.1 million, with a 24-hour trading volume of approximately $23.9 million.

Reportedly, the token was launched today via Bankr and is a Meme coin created around the GameStop and GME retail investor culture, not related to GameStop stock or the official Robinhood GME stock token. Its main narrative is to bring traditional meme stock culture to the Robinhood Chain and directly pair it with the official GME Stock Token, forming a "Meme coin + stock token" gameplay.

The Robinhood GME Stock Token is a tokenized debt security tracking the price of the US stock GME, not representing ownership of actual shares. Due to its thin on-chain liquidity, some Meme GME buyers needed to first exchange into the stock token, temporarily driving up its on-chain price; the premium on the stock token would then simultaneously raise the USD price and market cap of Meme GME, creating a "buy Meme - stock token price increases - Meme market cap continues to rise" feedback loop.

In the morning, the GME Stock Token briefly traded at $31.81, a premium of about 46.7% over the concurrent US stock GME price of around $21.7. As market makers replenished token supply and arbitrage funds entered, the related premium later narrowed.

BlockBeats reminds users that this Meme coin is not the same asset as GameStop or the official Robinhood GME stock token, carries a high price volatility risk, and investors should be cautious.