A crypto wallet withdrew 16,976 SOL from Binance, valued at approximately $1.76 million, and used the funds to purchase 9.32 million STONK tokens at an average price of $0.19. The trade occurred during a decline after STONK surrendered roughly a third of its value over a 24-hour period.
Following the purchase, STONK reached a record price of $0.2234 on Sept. 9, marking a 49.4% increase over 24 hours and a gain of more than 1,100% over seven days. The token's market capitalization rose to approximately $191 million, elevating the value of the wallet's holdings to about $2.07 million against its initial cost of roughly $1.77 million.
Stonkfun operates as a Solana token launchpad where creators launch tokens paired against tokenized equities, known as xStocks, rather than SOL or stablecoins. STONK launched in a pool paired with SPYx, a tokenized claim on the S&P 500, while other assets on the platform trade against equivalents tracking Nvidia shares.
Unlike platforms utilizing bonding curves, Stonkfun's liquidity is maintained in Raydium concentrated-liquidity pools. The protocol allocates 60% of its trading revenue to open-market buybacks and token burns, with approximately 13% of the initial 1 billion token supply burned to date.
On Sept. 6, Stonkfun generated approximately $1.5 million in daily protocol revenue, temporarily out-earning Pump.fun in daily protocol revenue. The platform's revenue model directs substantial capital back into token buybacks, supporting market activity as speculative capital rotates amid range-bound major cryptocurrencies.
