On the Robinhood Chain blockchain launched by Robinhood, a new type of trading strategy has recently emerged: developers issue meme tokens and pair them directly with tokenized U.S. stocks for trading, rather than the common stablecoin pairs. This activity has rapidly increased the trading volume on the new chain, but its impact on the real stock market remains limited.
HIMS Token price deviated for a while
Among them, a set of tokens surrounding Hims and Hers Health once attracted attention. Reports mentioned that the price of the related packaged stock tokens briefly rose to $132.64, while HIMS closed at only $28.84 on last Friday in the US stock market. By Monday this week, the actual price of HIMS was still around $29, with almost no significant fluctuations.
On September 2, on-chain transactions increased significantly.
Robinhood Chain was launched in July and is a Layer network that does not require permission, allowing developers to deploy various applications. Now, more trading pools have appeared on this chain that directly pair meme coins with tokenized stocks, driving a rapid increase in related transaction volumes.
It is reported that on September 2, such meme coin-stock pairs generated a total trading volume of approximately 217 million US dollars. The article states that this design partially borrows from the "short squeeze" narrative, which is an attempt to attract traders to engage in a game around stocks with a high short selling ratio.
However, such on-chain transactions occur more frequently in the less liquid tokenized securities markets and do not directly lead to a significant short squeeze of real stocks on exchanges, as was the case with the GameStop incident in 2021.
Multiple tokens have spread around popular U.S. stocks.
- Artificial Inu corresponds to tokenized Nvidia stocks
- Saylormoon corresponds to Strategy stock code MSTR
- Clippy XP corresponds to tokenized Microsoft stocks
In terms of scale, Artificial Inu is currently one of the most active projects. Reports indicate that the token has a market value of approximately $203 million, with a 24-hour trading volume of around $16.3 million, and the liquidity in its main AI / NVDA pools is about $5.2 million.
Saylormoon has a market value of approximately $1.75 million and a daily trading volume of about $2 million. The core MSTR pool has a liquidity of around $450,000. Clippy XP has a market value of about $1.69 million and a trading volume of approximately $641,000. The main MSFT pool has a liquidity of about $395,000.
More like attracting attention to the new chain.
The article shows that the greater role of such trading pairs at present is to attract attention and liquidity to Robinhood Chain, which has only been launched recently, rather than to change the price discovery process of real stocks.
Robinhood The CEO, Vlad Tenev, has also publicly responded to this trend before. He stated that the company's blockchain “is also very suitable for meme”, although its initial goal was to move real-world assets onto the blockchain.
From the current performance, the trading popularity of meme has surpassed that of tokenized stocks in some scenarios. For Robinhood Chain, this indicates that early user activity is forming on the new chain; however, for the real U.S. stock market, such price fluctuations on these chains still remain mainly at the token level.
