STONK surges 250% to $140 million cap as StonkFun adds Raydium

STONK, the token associated with Solana launchpad StonkFun, surged more than 250% over 24 hours on Sunday. Its market capitalization stood at roughly $140 million. STONK traded near $0.16 around 4:30 p.m. ET. STONK reached an all-time high of $0.212 earlier on Sunday. The token recorded about $135 million in daily trading volume according to CoinGecko data. StonkFun integrated with Raydium's LaunchLab on Saturday. The launchpad pulled volume to Raydium and Jupiter. StonkFun allows users to create tokens paired with tokenized stocks and exchange-traded funds. STONK is paired with SPYx, a token from Backed that tracks the S&P 500 through the SPDR S&P 500 ETF. The platform also lists pairs involving cryptocurrencies, currencies and commodities. A token paired with SPYx trades against the tokenized ETF in that pool. The pairing does not give token holders a claim on the underlying shares. The token's dollar price reflects SPYx's value and its exchange rate against SPYx. StonkFun said new deployments would launch through Raydium's LaunchLab with cheaper deployment costs. StonkFun said the integration would reduce sniper risk. LaunchLab initially lets buyers and sellers trade against a bonding curve. Liquidity moves to a Raydium pool after a token reaches a graduation threshold. RAY traded around $1.27 and gained roughly 46% over 24 hours. JUP gained about 21% to $0.27. StonkFun funds a token buyback program with trading fees. A share of fees from v3 pools goes toward buying and burning the platform's 10 largest tokens by market capitalization. Purchases run every few minutes and are weighted by market capitalization. ZEC, HYPE and TAO currently occupy the top three slots. The program has bought and burned 78 different tokens. StonkFun said on Sept. 2 that an update would address sniping, single-wallet launches and deployment costs. StonkFun also said it had temporarily increased maximum developer buys to discourage snipers. Solana's official X account replied to a StonkFun post on Friday, saying, "We stand behind Stonk Tokens."