STONK, the token associated with Solana launchpad StonkFun, surged on Sunday after the platform announced an integration with Raydium's LaunchLab.
The token traded near $0.16 around 4:30 p.m. ET, up more than 250% over the last 24 hours, per CoinGecko data. Its market capitalization stood at roughly $140 million, with about $135 million in daily trading volume. STONK earlier on Sunday reached its all-time high price of $0.212 before giving back some of its gains.
StonkFun allows users to create tokens paired with other assets, including tokenized stocks and exchange-traded funds. Its own STONK token is paired with SPYx, a token from Backed designed to track the S&P 500 through the SPDR S&P 500 ETF. The platform also lists pairs involving other cryptocurrencies, currencies and commodities.
Pairing a token with SPYx would mean traders exchange it against the tokenized ETF in that pool. The token's dollar price reflects both SPYx's value, which itself tracks the S&P 500, and the token's own exchange rate against SPYx, which changes as traders buy and sell. The token's price can therefore fall even when the ETF rises, and the pairing gives holders no claim on the underlying shares.
While a memecoin paired with SPYx trades against a tokenized ETF product, the pairing does not itself give the memecoin holder a claim on shares of the fund. StonkFun's stock pairings use products with different rights from conventional shares, including xStocks, which are issued by Backed Finance and provide exposure to underlying equities without ownership or shareholder voting rights. Kraken announced an agreement to acquire Backed Finance in December 2025.
