The stock trading feature on Binance went live on June 1st (BNB Surges! Take a Look at Binance's Upcoming US Stock Feature, Is it Worth the Coin's Price?), opening US stock trading to global non-US users, with a total of over 8000 US-listed stocks and ETFs. The trading rules have several highlights:
Zero Commission (platform fee and spread not included), Starting from $5, 24/5 Trading (Monday to Friday), buy directly with USDC, settle in USDC after selling, manage your BTC and your Apple stocks in the same account.
During the crackdown on crypto in 2017 in China, while other trading platforms were rectifying, Binance decisively went international and secured its position as the leading exchange.
Now, with China prohibiting overseas investments, they promptly launched US stock trading.
It was truly unexpected.
With Binance listing so many US stocks, the crypto community is definitely up to something.
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 smallest market cap company among Nasdaq-listed companies, its market cap is less than $200,000!
Many big players in the crypto community have invested $20,000 in one go, instantly becoming a major shareholder with a 10% stake in a Nasdaq-listed company.
This company completed its IPO in August 2024, less than two years after going public. The initial offering price was $4 per share, raising $8 million.
In short, this is an extremely small-scale Chinese medical device company with weak fundamentals, a stock price that has almost hit zero, belonging to 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. Reverse stock splits are usually a sign that a company's stock price is facing delisting pressure.
In theory, these crypto whales could easily pump a meme coin to a market cap of tens of millions with little effort, but the price of this stock just couldn't seem to take off.
As market makers continued to buy in, someone noticed a problem:
Based on incomplete data from several meme market makers, it appears that a few friends around them have already purchased nearly 80% of the $WOK stock, yet the price remains stagnant...
This is where meme players fail to understand the Nasdaq rug pull strategy.
Wok is currently using shelf registration, with the SEC approving it for potential future offerings of up to $200 million—more than 1000 times its current market value of $160,000.
The actual practice is At-The-Market (ATM) offerings, meaning the company's majority shareholder can continuously sell shares into the market, effectively enabling unlimited dilution.
Many of us are used to the scythes that harvest our crypto industry, but surprisingly, we ended up in the hands of this company with a market cap of less than $200,000...
Since Wok's headquarters are actually located in Hangzhou, and considering the hype generated by the meme players, it is suggested that market makers could actually reach out to the company's majority shareholder in Hangzhou.
During this period, perhaps they should hold off on further offerings, wait for the market heat to rise, and then execute the rug pull. Why settle for less?
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