Meme coin JINQIAN briefly plunged over 70% from its recent high but has now recovered to $42 million in market capitalization.

BlockBeats News, September 2nd, according to GMGN data, Robinhood Chain meme coin JINQIAN briefly dropped to $20.5 million, down over 70% from its high point, and has now rebounded to $42 million.

The surge in JINQIAN may be related to a tweet from crypto KOL Rune (@RuneCrypto_) on September 1st. He announced, "I have acquired a majority stake in a Nasdaq-listed company. The short interest is as high as 92.3%. With a debt of $6.2 million, I am tokenizing equity on the Robinhood Chain – then I will pair a meme coin with the tokenized stock." Rune has not yet claimed any tokens, and this event carries regulatory risks.

BlockBeats reminds users that the prices of related tokens are highly volatile, and users should invest with caution.