$STONK is down over 60% from ATH, but I still see several potential catalysts for its next leg up. Currently trading around ~$129M MC, $STONK remains one of my picks for the next onchain coins season. Here’s why I'm still bullish: [1] Real revenue + buyback & burn – StonkFun generated $28.69M in Q3 revenue, with $14.41M recorded in buybacks. – around 60% of platform revenue is targeted for buying back and burning $STONK. – over 20% of the original 1B supply has already been burned, leaving ~797M tokens. [2] A different launchpad model – @LaunchOnSF allows creators to launch tokens paired with xStocks, SPYx, altcoins and other supported assets instead of only SOL. – as tokenized equities and RWAs expand on Solana, more quote assets could bring more trading volume and fees. [3] Revenue continues after graduation – tokens graduate into Raydium pools, where StonkFun can continue earning creator and locked LP fees. – this gives the platform multiple revenue streams beyond initial launches. [4] Potential for another onchain season – over $840M in DEX volume during the last 30D shows there's still meaningful activity. – if Solana memecoins and RWA narratives heat up again, StonkFun could benefit from both. [5] More liquidity + potential CEX expansion – additional major listings, deeper liquidity and wallet integrations could improve access to $STONK. – a broader investor base could support demand alongside the existing buyback mechanism. Ofc, there are risks. Revenue has cooled from its peak, competition from is growing, and buybacks alone won't guarantee higher prices. Still, at ~$129M MC, I think $STONK deserves a spot on my watchlist. If StonkFun can maintain strong revenue while supply keeps shrinking, a return to ATH becomes a scenario worth considering. I'm still betting on another onchain coins season, with $STONK and $PONS among my preferred picks. NFA.