Traders are pairing meme coins with tokenized stocks on Robinhood's blockchain, with BONER acquiring significant positions in Hims & Hers shares.
RWA & Tokenization ·
A meme coin called BONER secured roughly half of the tokenized Hims & Hers Health shares trading on Robinhood's blockchain over the August 30 weekend, briefly driving the wrapped stock price to $132.64—more than four times the real HIMS close of $28.84 that Friday. The accumulation of over 31,000 tokenized shares into BONER's liquidity pool was facilitated by fixed supply constraints: Robinhood Chain restricts minting of these tokens to a single licensed partner, creating a ratio of roughly one tokenized share per 4,000 real ones. With equity markets closed over the weekend, limited trading volume was sufficient to move the price dramatically.
The strategy mirrored a short squeeze playbook, though with critical limitations. HIMS is a popular short target with approximately one-quarter of real shares sold short on the NYSE; however, BONER's own documentation acknowledged that tokenized HIMS shares combined represent just 0.1% of that short position. The actual stock barely moved, trading near $29 on Monday as fresh token minting reset the artificial price lift once markets reopened.
The pattern has proliferated across Robinhood Chain since July's launch. Other meme coins including Artificial Inu (pegged to Nvidia), Saylormoon (Strategy), and Clippy XP (Microsoft) employ similar pairings, collectively generating $217 million in trading volume on September 2. The mechanics remain unproven at moving real markets, but the strategy has channeled significant liquidity to the nascent blockchain network itself.