Solana Launchpad StonkFun Integrates With Raydium LaunchLab, Sending STONK Up 250% in a Day
Summary
- Solana-based StonkFun (STONK) said its token surged more than 250% in a day after announcing an integration with Raydium’s LaunchLab.
- STONK reached a market capitalization of about $140 million and daily trading volume of about $135 million, while climbing as high as a record $0.212, according to the report.
- StonkFun said its Raydium integration would lower token distribution costs and expand liquidity, while the platform also operates a trading fee-based token buyback-and-burn program.
Forecast Trend Report by Period
STONK, the native token of Solana-based token launchpad StonkFun, surged more than 250% in a day after the platform announced an integration with Raydium’s LaunchLab.
The token was trading around $0.16 as of 4:30 p.m. on September 6, up more than 250% from 24 hours earlier, according to The Block. Its market capitalization was about $140 million, while daily trading volume reached about $135 million. STONK climbed as high as a record $0.212 during the session before paring some of its gains.
StonkFun is a platform that allows users to issue tokens paired with tokenized stocks and exchange-traded funds, as well as cryptocurrencies, currencies and commodities. STONK is paired with SPYx, Backed’s tokenized ETF product designed to track the S&P 500 Index. That pairing, however, does not give STONK holders actual ETF ownership or shareholder rights.
The rally followed StonkFun’s announcement that new token issuance would be integrated with Raydium’s LaunchLab. The platform said the integration would lower token distribution costs, reduce the risk of early sniping and expand liquidity after the bonding process. Tokens issued through LaunchLab initially trade on a bonding curve, with liquidity shifting to Raydium pools once certain thresholds are met.
Tokens in the Raydium ecosystem also advanced. Raydium’s native token RAY rose about 46% over 24 hours to $1.27, while JUP, the token of Solana-based decentralized exchange aggregator Jupiter, climbed about 21% to $0.27.
StonkFun also operates a token buyback-and-burn program funded by trading fees. Under the program, the platform uses part of those fees to buy and burn tokens among the top 10 by market capitalization on the platform. According to StonkFun, a total of 78 tokens have been bought back and burned through the program so far.
