The short version
- STONK price: the StonkFun token fell nearly 30% in 24 hours to about $0.07, a $55 million market cap, its lowest daily close since early September.
- One early wallet sold 13.3 million STONK on Saturday, 10.8 million of it in 90 seconds, for about $749,000 in USDC plus FLOAT, the token of rival launchpad Float.
- StonkFun’s weekly volume is down 89% since late September to $182 million (tehcscreener), and its revenue fell to $39,553 on November 7, so fewer STONK get bought back and burned.
- Next: whether STONK wins back the $0.10 floor it lost, or Saturday’s $0.0602 low gives way.
Stock markets were shut on Saturday afternoon. The tokenized-stock trenches on Solana were not, and that is where the STONK price took its worst hit in two months. The token behind the StonkFun launchpad fell nearly 30% in 24 hours and trades at $0.0716 at the time of writing, a market cap of about $55 million. At its peak in September it was worth $330 million.
One wallet did most of the damage. Between 19:21 and 20:40 UTC on Saturday (2:21 to 3:40 p.m. in New York), it sold 13.3 million STONK, about 1.7% of the supply in circulation. STONK touched $0.0602 within the hour.
StonkFun’s own numbers for the day came out a few hours later, and they were thin too:
StonkFun Update
(November 7th)
Daily:
Revenue: $39,553
Burned: 275.57K $STONK
Cumulative:
Revenue: $39.68M
Holder Rewards: $100.86M
Who Sold 13.3 Million STONK?
An early buyer. The wallet picked up about 15.5 million STONK on August 4, less than two weeks after launch, when the token traded under a third of a cent. It sold or moved about 2.2 million in the weeks after and sat on the rest through the run up and the slide since. At STONK’s record high of $0.401 on September 21, the 13.3 million it dumped on Saturday would have been worth $5.3 million.
The second wave did the damage. The wallet now holds no STONK. It took in about $749,000 in USDC plus 17.4 million of a newer token, FLOAT, worth about $187,000 at the time of writing. It bought its STONK on the open market, not from the team.
Put the size in context: StonkFun burned 275,570 STONK on Saturday. At that pace, the platform needs about seven weeks to remove what this wallet sold in 90 minutes.
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What Is FLOAT, and Why Are STONK Holders Buying It?
FLOAT is the token of Float, a launchpad that opened in late October with the same pitch as StonkFun: coins paired with tokenized stocks on Solana. Its X account dates from October 27, and FLOAT started trading on Raydium the next day.
It is running hot. FLOAT is up 83% in 24 hours and about ninefold from its first day’s close, at a fully diluted value (FDV) of about $9.7 million.
The whale wasn’t alone. A second wallet swapped 1.85 million STONK into 15.8 million FLOAT in the same hour. Two wallets aren’t a trend, but they show where part of the trench money went on Saturday: to the newer copy of the same idea.
Is StonkFun Losing the Launchpad Race?
It is losing ground fast. tehcscreener.com, which tracks memecoin launchpads, puts StonkFun’s trading volume at $182 million over the past week. In the week to September 26 it was $1.63 billion, so that is a drop of 89%. Pump.fun fell too, but only 35% over the same stretch.
That shrank StonkFun’s slice of all launchpad trading from 22.5% to 6.2%. It is still the second-biggest launchpad by volume, just ahead of Robinhood Chain’s ponsfamily at $168 million. Float is too new to show up in the data yet.
Launches dried up with it: 169 new StonkFun coins on Saturday, against 11,977 on September 21, the day STONK peaked. Fewer launches mean less fee money. StonkFun reported $39,553 in revenue for November 7, down from $159,364 on November 3. About 60% of revenue buys back and burns STONK, so a slower platform means less steady buying of STONK crypto. Still, 222 million STONK have been burned since July, about 22% of the starting supply.
SIDE TRAIL: STONK Crypto Jumps 20% as a STONKS Coin Lights Up Its Launchpad
STONK Price Analysis: Can $0.06 Hold?
The STONK price closed Saturday at $0.0698, its lowest daily close since early September, before the breakout that took it to the record. The sale broke a floor that had held for three weeks: daily lows between $0.089 and $0.10 since October 18.
That $0.10 area is now the level to win back. Below the price sits Saturday’s low at $0.0602. The 50-day moving average is far away at $0.1717.
The whale is out, so its 13.3 million STONK won’t hit the pool again. What decides the next move is whether StonkFun’s daily revenue climbs back above $100,000, or Float keeps pulling the launches.
TRAIL MAP: Market Cap, Supply and Why “Cheap” Coins Aren’t Cheap
VikingXBT has been trading crypto since 2017. The focus is futures, onchain data and automation. Onchain flows get checked before a chart is trusted, and anything repetitive gets automated. VikingXBT built Base Camp's own onchain scanner, which flags bundlers, snipers, dev holdings and wallet clusters in one view, and backtests strategies before trading them.
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