StonkFun [$STONK] is fast-tracking Pump.fun [PUMP] to becoming a dominant launchpad in the Solana [SOL] ecosystem. In the past 24 hours, the price of $STONK rallied over 48%, pushing its weekly gains past 73%.
This rally resulted in $STONK making a new all-time ($ATH) of $0.36 at the time of press. High activity on the StonkFun launchpad drove the token’s strength. Here are the details of how it unfolded.
Why is $STONK up today?
StonkFun rallied to a new high due to increasing integration of major altcoins. Recently, the launchpad integrated Aave Protocol [$AAVE], Avalanche [$AVAX], and Near Protocol [$NEAR] token launches.
Developers can now launch tokens paired with $AAVE, $AVAX, and $NEAR, among other altcoins.
This move expands the platform’s revenue generation. In that case, its cumulative revenue generation reached an $ATH of $19.10 million, after the platform collected $1.10 million in the past 24 hours.
The revenue is feeding into the buyback and burn program. Of this over $19 million in revenue, the program has used $11.38 million to buy back the tokens.
Recently, the program has burned more than 10.95 million $STONK tokens, worth $2.968 million, in the past 5 days. In total, buybacks and fees paid in $STONK worth over $60 million have destroyed more than 169 million tokens.
This activity reduces the circulating supply, spiking the coin’s valuation, as supply is indirectly related to the price movement.
Moreover, the total volume traded on the launchpad has hit a new peak of $2.672 billion across all avenues. Raydium [RAY] accounted for more than 64% of it, equivalent to $1.713 billion.
Additionally, the real-world assets (RWAs) volume is nearing a billion mark, currently at $766 million.
$STONK breaks previous $ATH
On the charts, $STONK broke from a descending trend channel, which marked its correction phase. After the breakout, $STONK has equalled and surpassed its previous peak as the price nears $0.37.
The MACD indicates bulls are in control, reinforced by the Stochastic RSI at 95, which is overbought.
Since the Stochastic RSI is nearing a crossover, the uptrend may enter another correction after sweeping liquidity above the previous high. Moreover, the MACD bars have shown a reduction in bullish strength.
If StonkFun’s network activity stays high, the token could reach half a billion in valuation. But in case of correction, $STONK may trade toward $0.35 or lower.
Final Summary
- StonkFun rallied over 48% in the past 24 hours, due to high revenue, new coin launches, buybacks, and token burns.
- $STONK’s price swept liquidity above $0.35 and made a new peak, but bullish momentum started to fade.
thecryptobasic.com
