Crypto Traders Are Pairing Meme Coins With Stocks on Robinhood—And It's Working (Sort Of)

In brief

• A meme coin called BONER cornered 53% of the tokenized Hims & Hers Health shares on Robinhood Chain over the August 30 weekend.
• The move briefly sent the wrapped stock to $132.64 against a real Friday HIMS close of $28.84.
• The real HIMS stock barely moved, trading near $29 on Monday, but the pattern has spread across Robinhood Chain, where meme coin-stock pairs generated $217 million in trading volume on September 2.

A meme coin called BONER locked up more than half the tokenized shares of Hims & Hers Health on Robinhood's blockchain over the weekend of August 30. The stunt briefly pushed the wrapped version of the stock to $132.64, more than four times Friday's real close of HIMS stock at $28.84.

The actual HIMS shares barely budged, but that’s not gonna stop the meme coin traders from trying again.

Robinhood Chain, the company's network that went live in July, is a permissionless layer-2 chain that lets developers build just about anything they want, including meme coins that trade directly against tokenized stocks instead of stablecoins.

Tokenized stocks are digital tokens meant to track a real share's price one-to-one. Buy the meme coin, and the stock tokens you pay with get locked inside its liquidity pool, the crypto reserve that sets the trading price.