Coined in /tttt/, it’s a compound of twink and hon. A hon is a transwoman that does not pass or that looks like a man… and usually an unattractive one at that matter.
Jamie: “How are you, Larry?”
Larry: “Doing great. How about you, James?”
Jaime: “James?! I’m Jamie now!”
Larry: “That’s a nice name for a cute twink, James.”
Jaime: “Oh… I thought I look like a real girl.”
Larry: “Don’t worry, I have a thing for twinkhons.”