Memecoin Pool Pushes Tokenized HIMS Token 112% Above NYSE Close
RWA & Tokenization ·
A BONER/HIMS liquidity pool on Robinhood Chain briefly detached the tokenized Hims & Hers security from its underlying share price before mint activity forced it back down.
Tokenized Hims & Hers stock on Robinhood Chain printed $61.15 in its main dollar pool at 23:36:14 UTC on Sunday, August 30, 112% above the $28.84 close the real shares had posted on the NYSE the prior Friday, according to an on-chain reconstruction published by Defiprime. No news had moved Hims & Hers itself; the gap was produced entirely by trading structure on the Robinhood Chain layer-2, where the HIMS token functions as a redeemable, elastically supplied debt instrument rather than an actual equity claim.
The distortion traced back to a memecoin called BONER, deployed August 20 with a supply of one billion tokens, whose primary liquidity venue was not paired against a stablecoin but directly against the HIMS token, in a pool holding roughly $1.2 million versus about $160,000 in its next-largest pairing. Because that pool carried most of the depth, any sizeable purchase of BONER effectively routed buyers through HIMS first, pulling the stock token's freely transferable, unrestricted supply into the memecoin pool and stripping available float from the broader market. A separate account tracking the episode, cited in the Defiprime writeup, flagged an earlier stage of the squeeze in which the memecoin had already absorbed 80% of on-chain float and pushed the premium to 37% over the NYSE close, a threshold that had already triggered authorized-participant minting before the larger Sunday-night spike occurred.
The premium held because Robinhood's issuer, the only entity able to mint new HIMS tokens to rebalance the peg, was not minting on a Sunday. That changed at 00:43:30 UTC Monday, in block 50,444,949, when a round 1,000-token mint arrived five seconds after the pool had printed $54.50. The added supply worked quickly: the premium fell from 93% to 12% within 12 minutes and was fully closed within two hours, with the entire squeeze-and-unwind cycle completing inside Robinhood's overnight session before the NYSE opened for the day.
The episode tests a structural question raised when Robinhood Chain launched in July as an Arbitrum Orbit network settling to Ethereum with Uniswap v4 as its default AMM: whether tokenized equities can trade reliably on an automated market maker referencing a price that only updates during traditional market hours. The trigger for the wider scrutiny was a thread from @0xSammy, whose snapshot data fed into the Defiprime account of the mint timing and pool figures.
What remains unclear is