Memecoin BONER Cornered Half of Hims & Hers Tokenized Shares on Robinhood Chain
A memecoin called BONER has cornered nearly half of the tokenized Hims & Hers shares on Robinhood Chain, causing the price of the token to surge four and a half times the actual equity over the weekend.
The tokenized stock printed $132.64 against an equity that had closed Friday at $28.84, with 31,198 of the 58,714 tokenized Hims & Hers shares held in the BONER/HIMS pool on Robinhood Chain.
According to DEX Screener, BONER traded at $0.04125 at 17:06 UTC on Monday, up 1,054% over 24 hours, with a market capitalization of $41.3 million and $19.8 million of volume across its pools.
The mechanics behind this phenomenon involve seven key steps, including the fact that Robinhood does not issue tokenized stock itself, but rather a Jersey subsidiary purchases real shares and issues tokens against them, which can only be created or destroyed by authorized participants.
This has resulted in a tiny onchain float of 58,714 tokenized Hims & Hers shares, worth around $1.73 million at the current equity price, compared to BONER's market capitalization of $41.3 million.