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Meme coins traded against stock tokens on Robinhood Chain posted $217 million in volume on Sept. 2, exceeding the stock tokens’ own $127 million turnover, CryptoSlate reported, citing data from on-chain analyst Adam Tehc.
According to the outlet, the use of stock tokens in meme coin trading has also led to sharp price distortions. HIMS, the stock token tied to U.S. telehealth company Hims & Hers, previously saw about 53% of its circulating supply placed into a liquidity pool for BONER trading, sharply reducing the amount available for regular trading. With U.S. stock markets closed over the weekend, new HIMS token supply was also limited, sending the price as high as $132.64, about 4.6 times Friday’s closing price of $28.84. After stock trading resumed and additional HIMS tokens were issued, the price fell back toward the stock’s level.