“I think that’s just a sign of the times and a sign of the future.” Robinhood says each Stock Token is backed 1:1 by the corresponding shares held by a custodian, and each has a live onchain price feed tied to the underlying stock.

But that reference price doesn’t dictate the price inside a decentralized liquidity pool, where trading depends on the tokens available and prices can diverge when liquidity gets stretched. Under Robinhood’s existing structure, Stock Tokens aren’t shares themselves and don’t give holders voting rights in the underlying companies.

A Robinhood representative declined to comment. Daily trading volume in memecoin-stock-token pairs peaked at around $440 million in early September before falling fast, according to Dune data compiled by X user @adam_tehc.

Some of the Stock Tokens that became popular pairings were tied to an exchange-traded fund tracking the S&P 500, Nvidia, SpaceX and Meta. xyz.

Conner is betting the trend has further to run. He bought a memecoin paired with Hims & Hers Health Inc.

when its market value was about $600,000. “That obviously made me a little bit more interested in the whole thing,” Conner said.

BloombergThe pairing also gave the memecoin’s holders a reason to root for Hims. “Pretty much everyone holding one of these meme stocks is interested in the underlying stock going up, and I think that’s why the general stock communities will probably embrace this,” he said.

“It’s my theory that each major stock will have a meme stock kind of winner and community behind it.” Read more: Bleak Winter!

Why analysts are hinting at painful October even after 8 weeks of Nifty correction? The Hims trade exposed another ripple effect: the new markets can become detached from the stocks beneath them.

During a weekend in late August, one liquidity pool came to hold an outsized share of the tokenized Hims supply as the token rose to more than four times the price of the underlying stock. Hims shares themselves barely moved when US markets reopened Monday.

Mostly, those distortions have stayed onchain. Then there was Farmmi.

Shares of the tiny Nasdaq-listed mushroom seller surged as much as 321% on Sept. 2 before falling from their peak.

Before the move, traders on Robinhood Chain had piled into a memecoin named after one of Farmmi’s mushrooms. It was paired with an unofficial Farmmi token that had no link to the actual shares.

At its peak, the memecoin was valued at roughly 10 times the company itself. Tanay Ved, an analyst at Talos, said Farmmi showed what can happen when “memecoin retail speculation and virality collide with 24/7 markets onchain.”

Market Plumbing‘Permissionlessness’ trading is a crucial break with earlier retail manias. “I think it is interesting because it shows that in the on-chain environment, like things you can permissionlessly build,” said Alex Thorn, head of firmwide research at Galaxy Digital.

“Who knows what else we might find out with tokenized stocks one day?” In AMC’s case, even the chief executive’s attempt to stop it became part of the speculation.

After Aron took aim at the AMC token, traders rallied around a coin called A Meme Coin, or MEME, paired with tokenized AMC shares. At its peak, MEME was valued at nearly $150 million.

Traders “think it’s more bullish that the CEO doesn’t like it and he can’t stop it, at least not immediately,” said Rahul Patel, a crypto founder and longtime memecoin trader. “My friend who will not buy memecoins will at least be motivated to try this because it does look like the stock market with the boring part gone,” said Low.

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