Memecoin Meets Tokenized Stock: Unconventional Trading Spikes in DeFi

The DeFi market is seeing a new trend in trading stocks against memecoins. The HIMS token, which tracks shares of telehealth company Hims & Hers on the NYSE, was paired with the deliberately ridiculous memecoin BONER in a liquidity pool.

Traders could swap between the two tokens, leading to an imbalance where the pool contained 31,198 HIMS tokens, more than half of the circulating tokenized shares. This sent the price of HIMS on Robinhood to $132.64, over four times its closing price on the NYSE.

Thomas Probst, a research analyst at Kaiko, notes that this phenomenon shows how real-world assets can become composable DeFi assets at an unprecedented scale.