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On the first day of Binance stock trading, a $400 million trading volume could not move a company with a $200,000 market value.

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meme players do not understand the Nasdaq's rug pull strategy.

Original Title: "Binance Stock Trading Goes Live, Many Long-time HODLers Got Rekt by This Nasdaq-listed Company on the First Day..."
Original Author: Demir, C Labs Crypto Watch

The stock trading feature on Binance went live on June 1st (BNB Mooning! Check Out Binance's Upcoming US Stock Trading Feature, Is It Worth the Coin's Price?), opening US stock trading to global non-US users, covering a total of over 8000 US-listed stocks and ETFs. The trading rules have many highlights:

Zero Commission (platform fees and spreads apply), Starting from $5, Tradable 24/7 from Monday to Friday, Buy directly with USDC, settle on sell in USDC too, manage your BTC and your Apple stock in one account.

During the crackdown on crypto in China in 2017, while other exchanges were rectifying, Binance decisively went overseas to secure its leading position in the exchange arena.

Now with China prohibiting overseas investments, they swiftly launched US stock trading.

Truly unexpected.

With Binance listing so many US stocks, the crypto community is bound to stir up some action.

Now many meme coin enthusiasts have set their sights on the lowest market cap coin, $Wok, which had a market cap of less than $200,000 at the time of writing.

You read that right, as the Nasdaq-listed company with the smallest market cap, its market cap is less than $200,000!

Many crypto whales made a move with $20,000 and instantly became a 10% shareholder of this Nasdaq-listed company.

This company completed its IPO in August 24 years ago, going public less than two years ago. The initial offering price was $4 per share, raising $8 million.

Overall, this is an extremely small-scale Chinese medical device company with weak fundamentals, its stock price almost at zero, falling under the typical Nasdaq "shell stock" category.

The company underwent a 1:100 reverse stock split in October 2025 to meet Nasdaq's minimum bid price requirement. A reverse stock split is usually a signal that the company's stock price is facing delisting pressure.

In theory, these crypto whales could easily push a meme token to a market cap of millions with a simple meme, but the price of this stock just couldn't seem to go up.

As the whales continued to buy in, someone noticed a problem:

Based on the incomplete statistics of several meme whales, some friends around should have already purchased nearly 80% of $WOK stock, but the price remained stagnant...

This is where meme investors don't understand Nasdaq's rug pull tactics.

Wok is currently using shelf registration, and the SEC has approved it to issue additional shares at any time, with a cap of $200 million—more than 1000 times its market cap of $160,000.

The actual operation is through At-The-Market (ATM) offerings, meaning the company's majority shareholder can continuously sell shares into the market, essentially enabling unlimited dilution.

Many of our industry's reapers have been harvesting us in the crypto space, only to stumble upon this small company with a market cap of less than $200,000...

Since the headquarters of Wok are actually located in Hangzhou, considering the hype generated by the meme investors, it is suggested that the whales could actually go to Hangzhou to contact the company's majority shareholder.

During this period, they may consider holding off on further dilution and wait for the market frenzy to peak before harvesting. Why settle for less when they could earn more?