BONER memecoin corners 81% of tokenized HIMS supply on Robinhood Chain

A joke token paired with tokenized Hims & Hers shares has locked up most of the available supply, distorting price discovery on Robinhood's new blockchain.

A memecoin called BONER has locked up 81% of the tokenized HIMS stock supply on Robinhood Chain, squeezing the float of a real-world equity token. Data from GeckoTerminal shows 24-hour trading volumes between $900,000 and $1 million as of late August, with BONER's market capitalization briefly exceeding $5.6 million. The BONER/HIMS pair has generated $5.9 million in tokenized stock volume, or 67% of the $8.7 million in total real-world asset volume on Robinhood Chain as of late July. If BONER's price collapses, liquidity pool positions unwind and flood HIMS tokens back onto the market — a reverse squeeze that could push the tokenized stock below its real-world equivalent.

Robinhood Chain launched its mainnet on July 1, built on Arbitrum technology to enable around-the-clock trading of tokenized US stocks and other real-world assets. HIMS was added in a July 28 expansion, giving traders access to tokenized shares of the telehealth company. BONER launched as a trading pair directly against the HIMS token, marketing itself with the tagline "Paired with HIMS. Hard money." When someone buys BONER, they deposit HIMS into a liquidity pool. When enough buyers hold, the HIMS tokens sit locked in those pools instead of trading normally.

The result is what onchain observers call a "float squeeze," where available HIMS supply shrinks so dramatically that normal price discovery distorts. Traders looking to buy or sell HIMS on Robinhood Chain face thinner order books and potentially wider spreads.

The numbers behind the squeeze

The BONER/HIMS pair accounts for more than two-thirds of real-world asset activity on Robinhood Chain. The remaining $2.8 million in RWA volume is spread across every other tokenized asset on the chain combined. Hims & Hers Health is a publicly traded telehealth company. Its tokenized version on Robinhood Chain is meant to function as a 24/7 tradable representation of real equity. Instead, most of that tokenized supply now serves as the other half of a memecoin liquidity pair.

What this means for tokenized stocks

As BONER attracts more buyers, more HIMS gets pulled into liquidity pools. As open-market HIMS supply shrinks, remaining trades happen against a thinner float, amplifying price moves in both directions. Traders who want HIMS as a straightforward tokenized equity now have to account for memecoin-driven supply dynamics.

The dynamic echoes a similar experiment on BNB Chain, where meme coins trade directly against GMEB, Binance's tokenized GameStop. At least 10 meme coins use GMEB as their quote asset, with those pools moving about $2.2 million in 24 hours. Binance says every tokenized share it issues is backed by a real one held at a custodian.

There's also a revenue dimension. All that trading volume generates fees for liquidity providers and the chain itself. The memecoin is effectively subsidizing activity in the tokenized stock market, even if the mechanism is unconventional.

For traders watching the space, the key variable is what happens if BONER's price crashes. A rapid sell-off would flood HIMS tokens back onto the market as liquidity pool positions unwind, potentially creating the reverse of a squeeze: a sudden supply glut that could push the tokenized stock's price below its real-world equivalent.

This article is for informational purposes only and does not constitute investment advice.