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🐳 Daily Edition: Memecoin Traders Inadvertently Corner Stock Supply

🐳 Daily Edition: Memecoin Traders Inadvertently Corner Stock Supply

A coin called BONER (yeah now you have to read this) caused the price of HIMS to shoot up to over 4x the actual market value over the weekend while market makers were unable to mint new supply

Beluga & Will McKinnon
August 31, 2026

Majors were relatively quiet today as another week of $1.75 billion in net flows to the BTC and ETH ETFs contends with Fed Chair Kevin Warsh’s Jackson Hole comments, which the market perceived to be hawkish.

The most interesting chart in crypto this week by a significant margin really isn’t a price chart at all, but rather a supply table… As most of us probably have heard at this point, the big new trend onchain is pairing memecoins or other tokens with tokenized stocks. As the memecoin attracts volume, it generates significant buying pressure on the underlying tokenized equity.

Tokenized HIMS Price Chart, Source: DexScreener

During stock market trading hours, if demand outpaces the existing supply of a given tokenized equity, new supply can be minted in order to arbitrage it back to market price. When markets are closed, however, the onchain price can rise to multiples of the actual value with no mechanism to bring them back down, which is exactly what we saw with none other than (yes this is a true story) BONER coin over the weekend.

Massive speculative volume drove the BONER memecoin to slurp up roughly 81% of the entire tokenized supply of Hims & Hers Health (HIMS) on Robinhood Chain, wicking the price of HIMS to over $120; for reference, HIMS closed today trading at about $30.

Aside from being the hilarious situation that it is, it does highlight an important problem with the current implementation of onchain equities: the infrastructure has been built, the demand is there, but liquidity mechanisms are far from sufficient. In other words, we have a long way to go before we’re looking at replacing traditional stock exchange rails!