STONK, the platform token of Solana-based issuance platform StonkFun, reached a record high on Sept. 11. According to CoinGecko pricing cited in the report, STONK touched $0.3278 at 6:48 p.m. Taiwan time, giving it a market capitalization of about $280 million based on a circulating supply of roughly 855 million tokens.
By 7:20 p.m. Taiwan time, the token had eased to $0.294, putting its market cap at about $250 million while still holding a 52% gain over the past 24 hours. On the evening of Sept. 4, STONK was still trading at $0.02 with a market value of about $17.7 million. In roughly one week, its market cap had expanded by about 14 times. The report noted that when BlockTempo covered the project on Sept. 7, its market cap had only just crossed $100 million. Over the past 24 hours, trading volume was about $128 million, equal to roughly half of its market capitalization at the time.
StonkFun lets issuers choose the pool asset
StonkFun says on its website that the platform allows users to issue tokens paired with meme coins, stocks, currencies, commodities and other assets. Token issuers can choose the pool asset themselves, meaning the other token used for swaps when traders buy or sell that issued token.
The available options include tokenized U.S. equities from xStocks, such as SPYx, which tracks the S&P 500. PreStocks tokens tied to private companies are also listed as supported assets. Major tokens such as SOL, along with other StonkFun tokens, can also be used as pair assets. The report added that KNOTS, which had a market cap of about $41.5 million, uses STONK as its pool pair.
About 60% of platform revenue goes to STONK buybacks and burns
According to the platform’s revenue page, StonkFun charges a 1% fee on trades and directs about 60% of that revenue to buying STONK on the open market and burning it. Under that setup, demand generated by buybacks is directly tied to trading activity on the platform: more token trading means more funds available for repurchases.
Public data on the website shows cumulative platform revenue of about $9.17 million, with about $5.46 million already used for buybacks. Total STONK burned has reached about 145 million tokens, equal to 14.5% of the token’s 1 billion maximum supply. As a result, on-chain total supply has fallen to about 855 million, including roughly 27.9 million tokens burned over the past six days.
Most of the revenue arrived in the past six days
Daily revenue records on the website show cumulative revenue was only $1.75 million as of Sept. 5. On Sept. 6 alone, the platform brought in $1.51 million. After that, daily revenue ranged between $870,000 and $1.36 million.
Of the reported $9.17 million in cumulative revenue, about 80% came in the most recent six-day stretch. That period coincided with the same window as STONK’s latest price surge.
Liquidity remains small relative to market value
The report also pointed to relatively thin liquidity compared with STONK’s market cap. The main trading pools listed by DexScreener totaled about $10.55 million, or about 4% of the token’s market capitalization. That means larger buy or sell orders can move the price sharply.
The buyback pool is funded by trading fees. If trading volume cools, the amount available for repurchases would also shrink.
Platform and token figures cited in the report
In the FAQ section referenced by the report, StonkFun said it has issued 38,581 tokens so far. On the question of where STONK’s value comes from, the website ties it to the same mechanism: about 60% of the 1% trading fee is used for open-market buybacks and burns. At the time of publication, the public figures cited in the report showed around $5.46 million spent on buybacks and about 145 million STONK burned.