Memecoin-Stock Pairings Send Tokenized Stocks into Stratosphere
The trend of trading stocks against memecoins is gaining traction on Robinhood Chain. One notable example is the pairing of BONER, a deliberately ridiculous memecoin, with HIMS, a tokenized stock that tracks shares of the telehealth company Hims & Hers.
On Robinhood Chain, traders can buy and sell HIMS tokens alongside other crypto assets like memecoins. The liquidity pool containing BONER and HIMS reached an imbalance, with 31,198 HIMS tokens, which is more than half of the circulating tokenized shares. This briefly sent the price of the HIMS token on Robinhood to $132.64, four times the closing price of the real HIMS shares on the NYSE.
Thomas Probst, a research analyst at Kaiko, notes that this trend is creating new opportunities for DeFi markets. 'A listed stock effectively becomes a composable DeFi asset at an unprecedented scale,' he says.