Launching coins paired with tokenized stocks, majors, or other assets is the new narrative in the memecoin sector.
StonkFun [STONK] brought this model to Solana [SOL] users. STONK surged more than 16% over the past 24 hours, reaching a $200 million Market Capitalization.
Meanwhile, Pump.fun [PUMP] fell 11% as the broader market retraced. This split raised one question: Why was StonkFun outperforming Pump.fun?
Why is STONK outperforming PUMP?
StonkFun is the launchpad behind the viral cat-themed memecoin, Anonymous Cat [ZCAT], which is paying Zcash [ZEC] rewards. Thus, its rally is partly mindshare-driven, which has increased by more than 25%.
Even though the protocol is barely a month in existence, it was accumulating revenue at an accelerating speed despite Solana’s cheap fees.
In fact, it flipped Robinhood’s largest launchpad, PONS, in daily revenue in the last two consecutive days.
StonkFun recorded fees of $1.355 million, while PONS generated $1.21 million. These figures indicated that the Solana network was slowly recovering its dominance in the memecoin sector from Robinhood Chain.
Consequently, these fees were used to buy back the tokens and burn them, thus reducing the circulating supply.
More than 138 million STONK, worth approximately $30 million, had been permanently burned. This represented a 13.7% supply reduction, with the reported Burn Rate reaching 0.55% daily. The chart showed Token Supply falling to approximately 862.77 million as STONK’s price climbed.
StonkFun vs. Pumpfun—who wins?
However, Pumpfun’s introduction of Custom Pairs failed to capture attention. Still, the contest is not over yet.
Price action under strong buying pressure
On the charts, STONK is trading in a rising trend channel, indicating strong buying pressure. A three-day streak of double-digit gains reinforces the buying pressure.
Moreover, the Cumulative Volume Delta (CVD) showed that more than 255K STONK were bought at the time of the press.
This activity increased 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. But if broken, STONK could expose higher caps.
However, STONK is still far from challenging PUMP at the market cap of $1.63 billion.
Meanwhile, the price of STONK was decoupling from PUMP, reinforcing the differences in their market direction. Still, this surge could be short-lived if this new narrative in memecoins does not hold.
Final Summary
- STONK surged by more than 16% as the launchpad token hit a market cap of $200 million.
- STONK’s market structure showed intense buying pressure, but the token’s pattern could cap its trend if maintained.
