A meme coin called BONER locked up half the tokenized float of Hims & Hers Health (NYSE:HIMS) on Robinhood Chain over the weekend, sending its tokenized stock to $132 while the real share sat at $28.84.

What Actually Happened?

The Defiant reported Monday that Robinhood (NASDAQ:HOOD) only allows one authorized partner to create new tokenized HIMS shares, and only while the NYSE is open, leaving just 58,714 tokenized shares in existence against 233 million real shares outstanding.

Crypto analyst Ash broke down the mechanics on X: tokenized stock tokens are legally debt securities rather than actual shares, meaning buyers get economic exposure to HIMS but no voting rights and no ability to redeem for the real stock.

BONER pairs with tokenized HIMS instead of a stablecoin, so every BONER purchase pulls tokenized HIMS into a liquidity pool and locks it there.

Ten days of buying locked more than half of the tokenized HIMS supply inside the BONER pool, leaving almost no tokens available for normal trading.

That set up the weekend spike: with the NYSE closed and no one creating new tokens, even modest buying faced almost no sellers, pushing the price to $132.64.

When the NYSE opened Monday, the authorized partner simply bought real HIMS shares, created new tokens, and sold them into the market, bringing the price straight back to $30.

Why the Squeeze Thesis Does Not Work

BONER’s own website admits the pool is too small to actually squeeze the short sellers, and the numbers make that clear. 

Hims & Hers has roughly 58.7 million shares sold short according to FINRA, and all the tokenized HIMS shares that exist add up to just 0.1% of that. 

The real stock barely reacted, trading at $29.41 Monday with a $6.9 billion market cap, while BONER’s entire market cap was less than 1% of the company’s value.

Why This Matters for Robinhood Chain

BONER is just the biggest example of a pattern spreading across Robinhood Chain, with nine memecoins now trading in HIMS-quoted pools and similar dynamics playing out in other stocks. 

SAYLORMOON holds 26% of the tokenized Strategy supply on-chain, while memecoin pools have absorbed about 11% of tokenized Tesla.

Robinhood (NASDAQ:HOOD) launched its Layer-2 chain on July 1, billing it as a home for real-world assets. 

CEO Vlad Tenev acknowledged at launch that while the chain is built for real-world assets, “it works great for memes too.” This weekend, the memes ended up setting the price of the real-world assets.

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