Trader turns $1,491 into $1.2M with new AMC memecoin

Rohun Vora, the creator behind the DeGods and y00ts NFT collections, turned a modest $1,491 investment into a $1.2 million windfall in less than half a day. On September 4, he purchased 11 million tokens of a new memecoin named AMC when its market capitalization sat at just $135,300.

By midday, the token had surged by over 561,000 percent, pushing its market valuation near $110 million. The sudden interest in the asset stems from a heated public argument between AMC Entertainment CEO Adam Aron and Robinhood CEO Vlad Tenev regarding the unauthorized tokenization of AMC stock. As the two executives traded barbs, traders flocked to the memecoin inspired by the controversy.

While the token reached an all time high of $180 million in market cap, it has since seen a pullback. Vora’s holdings are now valued at approximately $980,527. Investors are watching closely to see if the ongoing legal threats and public debate will sustain trading volume for the token or if the initial hype will continue to fade.