BONER memecoin corners 53% of tokenized HIMS supply on Robinhood Chain

  • BONER-linked traders accumulated roughly half of Robinhood Chain's tokenized HIMS supply.
  • Tokenized HIMS reached $132.64 on Sunday against HIMS's $28.84 Friday close.
  • BBVI issued about 4,000 HIMS tokens after markets reopened, narrowing the price gap.

A group tied to the BONER memecoin accumulated roughly half of the tokenized HIMS shares issued on Robinhood Chain and sought to spark a short squeeze by pushing up the onchain stock. The tokenized HIMS share briefly traded at $132.64 on Sunday while the NYSE was closed, compared with HIMS's Friday equity close of $28.84, on about $39,000 in volume. The dislocation faded when traditional markets reopened and arbitrage pulled the tokenized price back toward the underlying stock. The concentration was previously measured at 31,198 of 58,714 tokens, or 53%, with much of the remaining liquidity in pools used for conventional price discovery. BBVI, Robinhood Assets (Jersey) Limited's authorized participant, later issued about 4,000 additional HIMS tokens into stablecoin pools. Ondo Finance's HIMS wrapper, with about 18 times the Robinhood Chain float, remained near $29 throughout the move. The episode shows how thin tokenized-equity liquidity and memecoin trading pairs can create sharp onchain distortions without producing a short squeeze in the underlying shares.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.