STONK Crypto Surges 18% After Netflix Partnership

STONK's price surged by over 18% in the past 24 hours as the broader crypto market extended its uptrend. The token's rally was driven by a new feature that allows users to launch tokens paired with Netflix, increasing interactions on the platform and fueling revenue generation.

The trading volume of both derivative and spot markets hit $229 million, up about 185% from the previous day, with derivatives accounting for the biggest spike in volume at 113%. Open Interest (OI) also rose with it. STONK generated $1.163 million in daily revenue, with over $703K spent on buying back 2.75 million tokens and burning them, representing 0.275% of the total supply.

The token has bought back a total of $17.37 million while burning 189.92 million STONK, equivalent to $50.996 million. The trendline support, around which STONK was trading, respected an ascending trendline that it had touched five times since mid-August. However, its reaction at this level is unclear, with some altcoins like Zcash [ZEC] having broken a similar trendline support despite whale accumulation.