Wednesday, April 13, 2022 6:17:23 PM
4:52 pm ET April 13, 2022 (Benzinga)
A new cryptocurrency nearing an April 30 launch is gaining stream and mentions on social media thanks to its name being close to that of publicly traded AMC Entertainment Holdings (NYSE: AMC).
What Happened: A new cryptocurrency called The AMC Token (CRYPTO: TAMC) is planning a launch on April 30 and is using the AMC movie theater chain name to likely entice people to buy the coin.
AMC has not announced the coin and has not indicated any connection to the Ethereum-based (CRYPTO: ETH) token. AMC CEO Adam Aron, who is pretty transparent with investors, has also not mentioned the token on his Twitter or follow the official account of The AMC Token.
Instead, developers of the coin say it is “inspired by GME and AMC movement,” and using the name of the movie theater chain.
The AMC Token is offering a fair launch, with price discovery set by demand and supply. The token will have no pre-sale or whitelist before the fair launch is completed.
The token is also called The Apes Movement Community Token in the press release that went out across several major financial media sites as a Globe Newswire release.
“TAMC is proud to be the first token created to generate wealth for the holders by the social/meme coin status and expose the malpractices done in the financial systems nowadays for the benefit of a few,” the release reads.
TAMC will have a max supply of 513,960,784 tokens.
Related Link: Phony Press Release About Tesla M&A Causes Penny Stock To Surge 200%
Why It’s Important: AMC Entertainment was one of the most popular stocks of 2021 and attracted a wide base of followers and community members who often referred to themselves as apes.
The AMC Token is attempting to capitalize on the community by misleading that it is associated with the movie theater giant.
The coin makes promises of going to the moon and has sponsored posts on other websites promising 10x, 100x and 1000x returns from the coin.
The official Twitter account of The AMC Token dates back to November 2021 and previously shared and retweeted on other tokens before switching gears to The AMC Token posts in February 2022.
Many tokens and coins have tried to piggyback off of other's success by launching tokens that often end up being rugpulls where the founders of the token make the money and the rug is pulled out on the new owners. Some tokens allow users to buy and then never to sell their coins.
Over the last year, the cryptocurrency market has seen a Squid Game coin based on the popular Netflix Inc (NASDAQ: NFLX) series and a Will Smith slap inspired coin Will Smith Inu. These tokens often shoot up in value only to fall back down.
Another token called Accept Crypto, launched by Dogecoin (CRYPTO: DOGE) influencer Matt Wallace, attempted to capitalize on the strong Dogecoin community and the rallying cry for retailers to accept Dogecoin as payment. The token shot up in value only to come crashing down.
Investors should be cautious about getting into new tokens that do not have a proven track record, and risk only what they are willing to lose.
Benzinga reached out to AMC for comment on the token.
Recent AMC News
- Alphabet CEO’s Billion-Dollar Wealth, Microsoft’s $1.7B Indonesia Investment, and More News • IH Market News • 04/30/2024 11:58:40 AM
- AMC Entertainment Holdings, Inc. Previews First Quarter 2024 Preliminary Results and Announces First Quarter 2024 Earnings Webcast • Business Wire • 04/26/2024 08:15:00 PM
- United Shares Surge 5.3% in Q1 2024 Earnings Beat; Take-Two Cuts 5% of Workforce, and More News • IH Market News • 04/17/2024 10:57:39 AM
- Walgreens Slashes Annual Profit Forecast; MillerKnoll Nosedives 17% on Bleak 4Q Outlook, and Latest News • IH Market News • 03/28/2024 01:48:04 PM
- Amcor announces CEO transition and reaffirms fiscal 2024 outlook • PR Newswire (US) • 03/19/2024 08:15:00 PM
- Zoom Rooms at AMC Is Now Live at Several AMC Locations Across the Country as AMC Theatres® and Zoom Redefine Interactive Business Meetings and Hybrid Events • Business Wire • 03/14/2024 10:45:00 AM
- AMC Entertainment Holdings, Inc. Provides Settlement Notice • Business Wire • 03/12/2024 08:30:00 PM
- AMC Significantly Expands the Availability of its Popular Grocery Store Popcorn Through the Addition of Publix and Kroger Stores, and Amazon.com • Business Wire • 03/11/2024 05:09:00 PM
- AMC Entertainment Holdings, Inc. Board of Directors Elects Sonia Jain to Serve as a Director of the Company, Effective March 1, 2024 • Business Wire • 03/01/2024 11:45:00 AM
- Snowflake Stock Plummets 20.3% After CEO Transition; C3.ai, Okta, and Duolingo Surge Post-Strong Quarterly Reports, and More • IH Market News • 02/29/2024 11:09:45 AM
- AMC Entertainment Holdings, Inc. Reports Fourth Quarter and Full Year 2023 Results • Business Wire • 02/28/2024 09:15:00 PM
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- KISS THE FUTURE – The Critically Acclaimed Documentary About a Creative Community Amid the Siege of Sarajevo, the Resilience of Its People Through Art and Music and the Tale of a Post-war Concert by U2 – to Receive a Theatrical Run Exclusively at AMC • Business Wire • 01/31/2024 07:00:00 PM
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- Meta CEO Sells $428 Million in Shares Since November, AMC Hits New Record Low, and More • IH Market News • 01/04/2024 09:51:01 AM
- Going to the Movies Just Got Sweeter – AMC Theatres® Launches Its Own Line of Premium Gourmet Candies: AMC Cinema SweetsTM • Business Wire • 12/20/2023 01:00:00 PM
- The Met: Live in HD 2023-24 season continues with live transmission of Verdi's Nabucco on Saturday, January 6, presented by Fathom Events • PR Newswire (US) • 12/13/2023 05:40:00 PM
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- AMC Entertainment Holdings, Inc. Successfully Completes $350 Million At-The-Market Equity Offering and Reduces Debt by $62 Million, Bolstering Liquidity and Strengthening the Balance Sheet • Business Wire • 12/11/2023 10:34:00 PM
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