In yesterday's article, I mentioned a type of trading: trading meme coins linked to small-cap U.S. stocks.

In the article, I shared a current sentiment about this type of trading—treating small-cap stocks as meme coins for speculation.

However, this sentiment gradually began to ferment, extending to another equally grassroots sentiment: becoming an entertainment space where overseas retail investors gather to attempt to beat Wall Street shorts.

Speaking of the event of "beating Wall Street shorts," we must mention Robinhood again—it was the main battleground where retail investors gathered to launch the "campaign" back then.

In January 2021, Wall Street short seller Citron tweeted: “Retail investors buying GME are fools at the poker table; this stock will soon fall back to $20.”

This statement completely ignited the anger of retail investors on Reddit, who were strongly dissatisfied with Wall Street's dominance. Retail investors in the community began to call for a collective "diamond hand" effort to force a short squeeze. Subsequently, retail investors started buying call options like crazy. This forced market makers to buy GME shares in the spot market for hedging, causing its stock price to surge from $17 to a peak of $483 within days, an increase of nearly 30 times.

The hedge fund Melvin Capital, which shorted GME, suffered losses of billions of dollars, and Citron was forced to cut losses and announced it would no longer publish short reports.

However, during this process, Robinhood was exposed for “pulling the plug,” preventing retail investors from continuing to buy shares. In the aftermath, Robinhood explained that this was due to the DTCC temporarily raising margin requirements by several times, resulting in insufficient liquidity for the company, which became a scar in this incident.

Now, there is coin-stock trading on the Robinhood chain, and retail investors have started to engage in similar operations.

A user publicly shared his recent operations on Twitter two days ago:

He targeted a Nasdaq-listed company with a market value of only $4.8 million, with a stock price around $0.12. Its financial situation was dire—$6.2 million in liabilities, in essence, it was a dead stock.

The most important thing is: this stock has a 92.3% short interest.

He quietly bought 37.4% of the total shares in batches from two brokers with $1.8 million over three weeks.

Now he is tokenizing this stock on the Robinhood chain and preparing to launch a meme coin to pair with it.

He calculated: as long as the buying volume of this stock token reaches $500,000, it would create a $2 million buying pressure on the real stock, causing the shorts to be liquidated.

At this point, some readers might have questions:

If the goal is simply to create "buy pressure" and "squeeze" the shorts, wouldn't it be sufficient to just buy the stock in the market?

This is where the uniqueness of coin/stock trading comes into play.

With the coin/stock trading pair, users need to first buy the stock token to purchase the meme coin. This passive buying action naturally pushes the stock price up.

Thus, coin/stock trading has effectively become another derivative of stock trading. But unlike the past, this derivative does not exist in traditional centralized stock markets but in decentralized on-chain markets.

Next, this user will gradually disclose more details.

He said this could either be the craziest thing in crypto history or the craziest thing in TradFi history.

Regardless of whether this user's statements and descriptions are true or false, this situation is completely possible.

In fact, there is already a real case:

Small-cap stock HIMS paired with meme coins saw its market value rise from a few million to $15 million in just a few days, becoming a typical case of beating the shorts.

According to existing data, after pairing with meme coins on the Robinhood chain, NVIDIA's stock token was locked at 20%.

In the entire Robinhood chain's stock tokens, 10% are locked on the long.xyz platform.

So, if the volume of coin/stock trading continues to expand and persist, more real-world U.S. stocks will be locked into the crypto ecosystem.

And this kind of play will certainly become a method for more players to attack real-world shorts in U.S. stocks (especially small caps).

If the scale of this game further expands, real-world shorts will certainly not sit idly by, waiting for crypto ecosystem players to execute this operation. They will also bring funds and play styles into the crypto ecosystem to carve out a new battleground here.

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