StonkFun Soars on Raydium Partnership

Solana-based token launchpad StonkFun has partnered with Raydium's LaunchLab, sending its native token STONK soaring over 250% in a day.

The integration will allow StonkFun to reduce token distribution costs, cut early sniping risk, and expand liquidity after the bonding process. The platform said it would also continue running its trading fee-based token buyback-and-burn program.

STONK's market capitalization reached $140 million, with a 24-hour trading volume of around $135 million, according to reports. The token peaked at a record high of $0.212 before paring some gains.

The partnership also benefited other tokens in the Raydium ecosystem, with RAY and JUP seeing significant price increases of 46% and 21%, respectively.