Meme Coins Meet Stocks: Robinhood Traders Unleash Trading Frenzy
Crypto traders are using Robinhood's new layer-2 chain to pair meme coins with tokenized stocks, and it's generating significant trading volume. The trend was sparked by a stunt in which the BONER meme coin cornered over half of the tokenized Hims & Hers Health shares on the platform.
The move briefly sent the wrapped version of the stock to $132.64, more than four times Friday's real close of $28.84. However, the actual HIMS shares barely moved, trading near $29 on Monday.
Despite its limited success in manipulating the price of the underlying stock, the meme coin pairs are bringing attention and liquidity to Robinhood Chain. The platform has seen over $217 million in trading volume from these pairs alone, with Artificial Inu leading the way at a $203 million market cap.