The Robinhood Chain, a permissionless layer-2 network launched in July, allows developers to create meme coins that trade against tokenized stocks. This mechanism locks tokenized shares into liquidity pools, which determines the trading price of the paired meme coin.
A meme coin called BONER attempted a short squeeze on tokenized Hims & Hers Health (HIMS) shares. Over the August 30 weekend, it locked 31,198 of the 58,714 available tokenized shares, briefly pushing the wrapped stock price to $132.64, compared to the real stock's Friday close of $28.84.
Other pairs include Artificial Inu (AI) with a $203 million market cap and $16.3 million in 24-hour volume, and MEME, paired with AMC stock, which has a $56 million market cap and $73.5 million in 24-hour volume. On September 2, meme coin-stock pairs generated $217 million in trading volume on the network.
