This article examines the semiotically mediatized formation of Guoyu, a newly emergent Chinese internet phonolexical style. Originating in grassroots livestreaming, Guoyu underwent the process of enregisterment, through which it gained metapragmatically formulated indexical meanings. Analyzing social media posts, I show how, based on Guoyu’s stereotypically labeled vulgarity, young users further reflexively construct its laminated orders of indexicality, such as gayness, humor, and authenticity, and deploy its tokens to manipulate their identity projections and interactive agendas. Analyzing how a group of young friends employed fragments of Guoyu style in offline interactions through stance-taking, I show how they dynamically mediate their social relations based on the tokens’ interior and exterior indexical meanings. Despite the inevitable indexical bleaching during the circulation of this style, especially after the style’s iconic speaker was banned by the Chinese government, Guoyu’s internet-charged indexical lifespan has extended along the mediatized speech chain at different social locales.