Robinhood Chain Hijacked by Memecoin Frenzy

The Robinhood Chain, launched on July 1, 2026, was meant to facilitate tokenization of real-world assets (RWAs). However, the platform's early users had other ideas.

Instead of trading tokenized stocks against stablecoins, traders paired memecoins with tokenized stocks in liquidity pools. This created a frenzy of memecoin trading worth $440 million, according to a Bloomberg report dated October 2, 2026.

The most notable example is the memecoin BONER, which briefly accumulated 53% of the tokenized HIMS float. This caused the tokenized HIMS price to surge far above the closing price of the underlying stock.

The HIMS episode raises concerns about the stability of tokenized stocks and their relationship to the underlying assets. If a single memecoin pool absorbs a majority of a stock token's float, the token can detach from the price of the actual share.