$STONK is down ~75% from its highs. here's why i'm still watching it. last 30 days on defillama: stonkfun: $20M revenue, $12M spent buying back $STONK pons: $6M revenue, $5.4M in buybacks stonk made 3x more and bought back 2x more. yet pons trades at ~$190M and stonk at ~$75M. 21% of total $STONK supply is already burned. all paid for by revenue. and the launchpad isn't dead. si, mask, zcat, the biggest runners on solana lately all came from stonk. the risks: volume cooled hard. last week stonk made ~$1M vs $20M for the month. and point farm capital holds 40.9M $STONK (~5% of supply) on fomo. if he decides to sell, it's real pressure. but if volume comes back to tokenized stocks, one more runner shows up, or the current ones start moving again, stonk won't lag behind. the best narratives are the ones you can explain in one sentence. "launch a coin paired with a real stock" is exactly that. stonkfun built liquidity around tokenized equities, and i think that narrative can hit harder than the first wave did.