STONK, the token associated with Solana launchpad StonkFun, surged over 16% in the past 24 hours to reach a $200 million market capitalization, according to latest reports. The token's performance significantly outpaced competitor Pump.fun [PUMP], which fell 11% as the broader market retraced. StonkFun has flipped Robinhood's largest launchpad PONS in daily revenue for two consecutive days, recording fees of $1.355 million while PONS generated $1.21 million. This revenue surge demonstrates the platform's accelerating growth despite Solana's cheap fees, with the protocol accumulating revenue at an increasingly rapid pace.
Raydium has upgraded LaunchLab to support trading between any token pair, with StonkFun becoming the first platform to integrate the new pairing model. According to Raydium's September 7 announcement, the platform can now pair a newly launched token with any quote token supported through Raydium, removing the fixed pairing structure used by many token launch platforms. The upgrade brings more flexible token pairing, deeper liquidity and lower fees for memecoin trading. Under the new system, creators can select the quote token used for a LaunchLab deployment, allowing communities to build markets around assets other than the standard quote tokens commonly used for new Solana launches.
The integration covers permissionless deployments, bonding curves and constant product market maker pools. According to LaunchOnSF, deployment costs through StonkFun have been reduced to 0.03 SOL from 0.29 SOL, while liquidity provider fees can be directed back into liquidity. Developers do not have to use the StonkFun API to deploy tokens and can construct transactions themselves, with the system built to reduce problems encountered with snipers and launches concentrated in a single wallet. The platform drew attention from Solana's official X account on Friday, which replied: "We stand behind Stonk Tokens."
More than 138 million STONK, worth approximately $30 million, have been permanently burned through the platform's buyback program, representing a 13.7% supply reduction with a reported burn rate of 0.55% daily. The token supply has fallen to approximately 862.77 million as STONK's price climbed. StonkFun manages a token buyback program funded by trading fees, with a share of trading fees from v3 pools going toward buying and burning the platform's 10 largest tokens by market capitalization. Currently, tokens paired with ZCash (ZEC), Hyperliquid (HYPE), and Bittensor (TAO) occupy the top three slots, with 78 different tokens having been bought and burned through the program.
STONK is trading in a rising trend channel with a three-day streak of double-digit gains, indicating strong buying pressure according to technical analysis. The Cumulative Volume Delta (CVD) shows more than 255K STONK were bought at the time of reporting, increasing the odds of breaking through $0.26, the channel's resistance. If the pattern holds, STONK could revisit the mid-level of the channel or the lower support around $0.14. However, STONK remains far from challenging PUMP at its market cap of $1.63 billion, with the price decoupling from PUMP reinforcing differences in their market direction. The surge could be short-lived if the new narrative in memecoins paired with tokenized stocks does not sustain market interest.
