Point Farm Capital Nets $10M from STONK Float Profit
Point Farm Capital made a remarkable $10 million profit by floating its investment in STONK. The company started with a $1 million allocation of USDC and accumulated 37.21 million tokens at an average market cap of $21 million, resulting in a valuation of $240 million.
The price action on the 4-hour chart shows STONK trading at $0.27 within the Bollinger Bands, with upper resistance at $0.35 and lower support at $0.16. The EMA50 is at $0.19, while the EMA200 is at $0.08, creating a bullish structure.
However, the Relative Strength Index (RSI) remains neutral at 54.84, despite the Moving Average Convergence Divergence (MACD) printing a death cross at 0.03. This suggests that any near-term pullback may find support at the 50-EMA before the next leg higher.