Memecoin trading is roaring back—but on a new blockchain with a different twist. In September, Robinhood Chain, launched by the fintech giant this summer, saw a surge in trading activity that involved not only tokens inspired by cats and other internet memes, but also stock tokens: digital assets designed to track individual companies’ share prices and backed by the underlying stock. The burst of trading, however, was short-lived.
Daily trading volume in memecoin-stock-token pairs jumped from virtually zero in July, when Robinhood Chain launched, to $443 million in early September, according to CryptoQuant. Since then, though, trading activity has fallen 96%.
