Tokenized Robinhood Shares Fueled $440M in Memecoin Speculation

Published: October 2, 2026 – 15:01 UTC

Tokenized stocks on Robinhood Chain became liquidity for memecoins, and daily trading volume in such pairs reached $440 million in early September.
At the peak, the combined market cap of popular tokenized stocks was about $69 million.
However, their price in pools could deviate significantly from the value of the underlying shares.
In particular, a memecoin linked to the Hims & Hers Health token showcased a new format of speculation around traditional stocks.

Tokenized stocks on the Robinhood Chain blockchain have become part of speculative memecoin trading, and trading volume in “memecoin–stock token” pairs reached about $440 million a day in early September, Bloomberg reports.

The trend emerged in the U.S. and other markets amid the development of tokenization of traditional assets and the shift of retail trading to 24/7 onchain venues. This has allowed traders to use stock-linked tokens as liquidity for memecoins and create new speculative instruments around public companies.

Low Che Sheng, a 27-year-old trader from Singapore who has been trading memecoins for about two years, typically bought them with cryptocurrencies like Ethereum or Solana. Now he can swap tokens linked to Snap or Nvidia shares directly for memecoins via liquidity pools.

“It feels like I’m in the Snapchat trade since I need to have it to buy the memecoin in the liquidity pool. And it doesn’t feel like gambling. It’s on Robinhood which is trustable,” Low said.

Tokenized Stocks Became Part of the Memecoin Market

Robinhood says that each Stock Token is backed 1:1 by the corresponding shares held with a custodian. Each token also has an onchain price feed linked to the underlying asset.

At the same time, a token’s price in a decentralized liquidity pool can deviate from the value of the underlying share. It depends on available liquidity and the token ratio in the pool.

According to Dune, daily trading volume in memecoin pairs with tokenized stocks reached about $440 million in early September, after which it quickly declined.

The combined market capitalization of these tokens at their peak was about $69 million, according to RWA.xyz.

At the same time, Stock Tokens are not the shares themselves and do not grant holders voting rights in the companies.

Crypto investor Eric Conner called the situation a natural outcome of the evolution of tokenization:

“We tokenize stocks, and the first thing people do with it is meme it. I think that’s just a sign of the times and a sign of the future.“

A telling example was a token tied to Hims & Hers Health. Conner bought a memecoin with a market cap of about $600,000. About a week later, he said, the figure had climbed to $80 million.

Memecoins Started Shaping Perceptions of the Underlying Stocks

New markets can decouple from the value of the underlying shares. In late August, one liquidity pool accumulated a significant share of the Hims token supply, pushing its price to more than four times that of the underlying stock. When the U.S. stock market opened on Monday, Hims shares barely moved.

An even larger effect was seen with Farmmi — a small company whose shares on Nasdaq on September 2 rose by as much as 321%. Before that, traders on Robinhood Chain were actively buying a memecoin named after one of Farmmi’s mushrooms. It was linked to an unofficial Farmmi token that had no connection to the company’s real shares. At its peak, the memecoin’s market cap was roughly ten times the company’s own value.

Talos analyst Tanay Ved called Farmmi an example of what happens when “retail speculation and memecoin virality collide with 24/7 onchain markets.”

At the same time, a key feature of the model is its open nature: Robinhood does not necessarily have to create a memecoin, and the company itself does not have to participate in building a market around its shares.

After Robinhood’s conflict with AMC Entertainment CEO Adam Aron, who demanded an end to trading the AMC token without the company’s involvement, traders created the memecoin A Meme Coin (MEME) tied to AMC tokenized shares. At its peak, its market cap reached nearly $150 million.

“I think it is interesting because it shows that in the on-chain environment, like things you can permissionlessly build. Who knows what else we might find out with tokenized stocks one day?” said Alex Thorn, head of research at Galaxy Digital.

As a reminder, Robinhood will add redemption of Stock Tokens for real shares and voting rights.

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Source: Incrypted