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A memecoin called BONER has accumulated 81% of the tokenized HIMS stock supply on Robinhood Chain, effectively creating a float squeeze for a real-world equity token using the oldest trick in the memecoin playbook: being absurd enough to attract capital.
The pairing, which pits a joke token directly against tokenized shares of Hims & Hers Health, has generated $5.9 million in tokenized stock volume. That figure represents 67% of the entire $8.7 million in real-world asset volume on Robinhood Chain as of late July 2026.
How a memecoin ate a stock token’s float
Robinhood Chain launched its mainnet on July 1, 2026, built on Arbitrum technology to enable around-the-clock trading of tokenized US stocks and other real-world assets. HIMS was added to the chain in a July 28 expansion, giving traders access to tokenized shares of the telehealth company.
BONER launched as a trading pair directly against the HIMS token, marketing itself with the tagline “Paired with HIMS. Hard money.” The mechanics are straightforward: when someone buys BONER, they’re depositing HIMS into a liquidity pool. When enough people buy BONER and hold, the HIMS tokens sit locked in those pools instead of being available for normal trading.
The result is what onchain observers are calling a “float squeeze,” a situation where the available supply of HIMS tokens shrinks so dramatically that normal price discovery gets distorted. With most of the tokenized HIMS supply locked in liquidity pools paired with a memecoin, traders looking to buy or sell HIMS on Robinhood Chain face thinner order books and potentially wider spreads.
The numbers behind the squeeze
BONER’s trading activity has been substantial for a memecoin on a chain that’s barely two months old. Data from GeckoTerminal shows 24-hour trading volumes ranging between $900K and $1M as of late August 2026, with the token’s market capitalization briefly exceeding $5.6 million.
The BONER/HIMS trading pair alone has driven the majority of real-world asset activity on Robinhood Chain. At $5.9 million in volume, the pair accounts for more than two-thirds of total RWA trading on the platform. The remaining $2.8 million in RWA volume is spread across every other tokenized asset on the chain combined.
It’s worth noting what HIMS represents in traditional markets. Hims & Hers Health is a publicly traded telehealth company. Its tokenized version on Robinhood Chain is supposed to function as a 24/7 tradable representation of real equity. Instead, the majority of that tokenized supply is now serving as the other half of a memecoin liquidity pair.
What this means for tokenized stocks
As BONER attracts more buyers, more HIMS gets pulled into liquidity pools. As HIMS supply on the open market shrinks, any remaining HIMS trades happen against a thinner float, which can amplify price movements in both directions. Traders who want to interact with HIMS as a straightforward tokenized equity now have to account for memecoin-driven supply dynamics.
There’s also a revenue dimension. All that trading volume generates fees for liquidity providers and the chain itself. The memecoin is effectively subsidizing activity in the tokenized stock market, even if the mechanism for doing so is, to put it gently, unconventional.
For traders watching the space, the key variable is what happens if BONER’s price crashes. A rapid sell-off would flood HIMS tokens back onto the market as liquidity pool positions unwind, potentially creating the reverse of a squeeze: a sudden supply glut that could push the tokenized stock’s price below its real-world equivalent.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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