Thin liquidity of about $200,000 left the on-chain tokenized stock far above the real share price on July 23, while the official mint address issued tokens nearly every minute to add supply.
Trading in GME Meme Token and tokenized GME stock on Robinhood Crypto pushed the on-chain tokenized stock to about a 10x premium to the real stock price on July 23. The imbalance appeared to be driven by a shallow pool with only about $200,000 of liquidity, limiting arbitrage and allowing the tokenized version to decouple sharply from the underlying stock. Mint and burn access was restricted to KYB-completed Authorized Participants and market makers, a structure that can slow the creation of new supply when demand spikes. On-chain data showed the official mint address was issuing tokens nearly every minute in an apparent effort to add liquidity and reduce the premium.