BONER Absorbs Over Half of Tokenized HIMS Supply on Robinhood Chain

A meme coin called BONER, built around a short position in Hims & Hers on Robinhood Chain, has absorbed more than half of the tokenized HIMS supply, according to The Defiant. According to ChainCatcher, 31,198 of the 58,714 tokenized HIMS shares issued on-chain were locked in the BONER/HIMS liquidity pool as of Monday at 17:12 UTC, while 1,424 were spread across eight other meme coin pools and 20,303 remained in HIMS/stablecoin and HIMS/ETH pools for price discovery. The thin liquidity led to sharp price swings over the weekend, when the New York Stock Exchange was closed and no real-time arbitrage was available. The token briefly rose to $132.64 on Sunday at 10:00 PM, compared with Hims & Hers' closing price of $28.84 last Friday. After the NYSE reopened on Monday, BBVI minted about 4,000 new tokens in less than an hour to supply the premium, and the price quickly fell back to around $29. By comparison, Ondo Finance's similar HIMS wrapped token has about 10.4 million tokens outstanding and a market value of $30.8 million, roughly 18 times Robinhood Chain's circulating supply, and has tracked the underlying stock closely throughout. Robinhood Chain, Robinhood's Ethereum Layer 2 built on Arbitrum technology, launched on July 1 and reached $727.4 million in total value locked on Monday.