Plumbing is the new narrative
There was no new mascot, no celebrity, no cabal. StonkFun simply moved its new launches onto Raydium's LaunchLab infrastructure over the weekend of September 5–6, and by Sunday its bonding curves were reportedly clearing more than half a million trades a day. Incrypted reports $STONK peaked near $0.212 before settling around $0.16, with a market cap of roughly $140 million and about $135 million in daily volume.
The pitch was mechanical: lower deployment costs, reduced sniping risk, and launches routed straight into Raydium's liquidity. Boring, and exactly the kind of boring that moves a chart. $RAY and $JUP rode along because both sit downstream of wherever Solana launches actually happen.
Meanwhile, BONK lost a venue
On the other side of the ledger, South Korea's largest exchange pulled the plug. Upbit halted BONK/KRW and BONK/USDT trading on September 7, citing unresolved security incidents and insufficient disclosure, with withdrawals open until October 7. The notice follows a reported $20 million governance attack on the BONK DAO treasury. Bithumb, notably, had cleared the same coin in August after judging the issues fixed — two of Korea's biggest venues reaching opposite conclusions on identical facts.
- A delisting notice citing disclosure problems is a governance flag, not a price flag
- Withdrawal windows close — October 7 for BONK on Upbit
- Exchange-specific liquidity loss hits Korean order books hardest, not global ones