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BONER memecoin corners over half of tokenized Hims & Hers float
With the NYSE closed over the weekend, tokenized Hims & Hers shares on Robinhood Chain reportedly jumped to $132.64 versus a $28.84 Friday close, as BONER paired against the tokenized equity absorbed more of the float.
The BONER memecoin has absorbed more than half of the tokenized shares of Hims & Hers Health on Robinhood Chain, leaving the onchain float concentrated in BONER’s main trading pool, The Defiant reports. The outlet says the BONER/HIMS pool holds 31,198 of the 58,714 tokenized Hims & Hers shares that existed as of Monday. Over the weekend, after the NYSE closed Sunday night, the tokenized stock printed $132.64, compared with an equity close of $28.84 on Friday, according to The Defiant. The move is described as roughly four and a half times the price of the underlying equity for the tokenized wrapper. The Defiant attributes the ability of a single memecoin to “corner” the float to Robinhood’s tokenized-equities design. Robinhood Assets (Jersey) Limited buys the real shares, parks them with a US custody partner, and issues one token per underlying share, while only authorized participants such as a named entity in the documentation can create or destroy Stock Tokens, keeping the circulating float small. The outlet also says that any additional tokenized HIMS is not something ordinary holders can mint, and that memecoin launchpads such as Bankr and long.xyz can mint tokens whose trading pairs are stock tokens rather than stablecoins. In the automated market maker setup described, each BONER purchase moves tokenized HIMS from circulation into the BONER/HIMS pool, with The Defiant citing that about 10 days of buying placed about half the float into BONER’s pool.