StonkFun Price Plunges into Correction Phase After Reaching $0.35 All-Time High

StonkFun's price has taken a hit in recent days, entering a correction phase after reaching an all-time high of $0.35. The token's weekly gains have been cut to just 12% following a sharp decline of over 16% in the past 24 hours.

The daily trading volume for StonkFun has decreased significantly, falling from approximately $140 million to around $50 million. This drop in activity has contributed to a reduction in revenue and a supply crunch, which has had a negative impact on the token's price.

Despite this downturn, analysts point out that StonkFun is still generating more revenue than PUMP, with 21% more over the past seven days. Additionally, the token's circulating supply remains low due to network activity and token burns from revenue generated.

The current price of StonkFun sits at around $0.23, which is above the 100 EMA support level of $0.15. However, if the price fails to break above the trendline resistance, it may expose lower levels such as $0.10 or even the initial demand zone at $0.02.