StonkFun Surges Past PONS in Revenue on Solana Network

The Solana network is experiencing a resurgence in memecoin activity, with StonkFun [STONK] overtaking PONS in revenue. This comes as part of a new narrative in the sector, where launchpads are pairing coins with tokenized stocks and other assets.

StonkFun has seen its market capitalization reach $200 million, with a 16% surge over the past 24 hours. The platform's success is partly driven by mindshare, which has increased by more than 25%, following the launch of Anonymous Cat [ZCAT], a viral cat-themed memecoin that rewards Zcash [ZEC] holders.

The protocol has been accumulating revenue at an accelerating speed, despite Solana's cheap fees. In fact, StonkFun recorded $1.355 million in fees over two consecutive days, surpassing PONS' daily revenue of $1.21 million.

These fees are being used to buy back tokens and burn them, reducing the circulating supply by 13.7% with a reported Burn Rate of 0.55% daily. This has resulted in over 138 million STONK being permanently burned, worth approximately $30 million.