Meme Coins Corner Hims & Hers Health Shares on Robinhood Chain

A meme coin called BONER cornered over half of the tokenized shares of Hims & Hers Health on Robinhood Chain, briefly pushing the wrapped version of the stock to $132.64. This is more than four times Friday's real close of $28.84 for the actual HIMS shares.

The stunt was part of a pattern that has spread across Robinhood Chain, where meme coin-stock pairs generated $217 million in trading volume on September 2. The goal was to create a short squeeze, where traders who bet against the stock would be forced to buy it back at a rising price, pushing that price even higher.

However, the math doesn't work out: every tokenized HIMS share combined equals just 0.1% of the short position. BONER isn't the only meme coin running this playbook on Robinhood Chain, with Artificial Inu pegged to Nvidia stock and Saylormoon holding tokenized Strategy stocks among others.