Source: Blockworks Research
Author: Sam Schubert
StonkFun has turned tokenized stocks into a meme coin currency on Solana.
From September 1 to October 11, meme tokens paired with tokenized stocks (coinstock memes) accounted for 31.5% of tokenized stock DEX trading volume on Solana—$1.76 billion out of the tracked $5.58 billion. We estimate that approximately four-fifths of this volume came from StonkFun’s tokens.
Among these trading pairs, Pump has surpassed StonkFun. Pump launched Custom Pairs on September 9 and captured approximately one-quarter of the trading volume in its first week.
By the week ending October 11, this share rose to 58%, or $125 million out of $216 million; its daily trading volume increased from approximately $10 million to $18 million, while StonkFun declined from approximately $42 million to $13 million.
The most recent prominent example is SpaceX.
Custom Pairs enable meme coins to trade with SPCX, the tokenized SpaceX issued by Sunrise. Pump’s share of trading volume in Sunrise’s token launch rose from approximately 5% to about 12% month-over-month, with SPCX accounting for over 80% of this increase. On October 10, Pump’s meme/SPCX pool traded approximately $20 million, representing about 38% of SPCX’s total DEX volume, with roughly half coming from two newly listed Super Intelligent Beauty tokens.
These trading pairs also directed trading volume to other DEXs.
On October 10, over $18 million in SPCX trades were bundled in the same transaction as a Pump memecoin trade on other platforms—but this reflects routing, not new demand for SpaceX. StonkFun’s SpaceX memecoin traded on Raydium alongside another independent token, with daily volume consistently hovering between $2 million and $3 million.
Every meme trade is counted toward the tokenized stock trading volume, as the stock token is its pricing asset; buyers coming from SOL or stablecoins must go through these pools to purchase the corresponding meme coins.
Reward tokens also brought stock tokens directly in front of meme coin traders. From August 3 to October 11, reward tokens distributed approximately $31 million in stock tokens to over 360,000 wallets, about four-fifths of which had never previously purchased stock tokens. As shown below, this initiative tripled the number of tokenized stock holders on Solana in September.
But most people who received stock rewards did not hold onto them. Among the 289,000 wallets that had never previously purchased stock tokens, 82% either sold them or transferred them elsewhere. The remaining 18% who chose to hold them typically held only small amounts.
Very few people actually went on to buy stocks. About one-sixth of people later purchased stock tokens, but only to buy meme coins priced in that stock, not to buy the actual stock itself. Only about 2% of these wallets later purchased tokenized stocks for the purpose of holding them.
More specifically, StonkFun and Pump.fun turned stock tokens into meme coin currency, boosting trading volume for tokenized stocks and dispersing small amounts of stock into hundreds of thousands of wallets. However, the audience remains primarily meme coin traders rather than a new wave of stock investors.
On the positive side, these products connect two key trading areas on Solana.
When a company gains significant real-world popularity, memes about it emerge—and today, these memes can be traded alongside tokenized stocks. Every meme trade flows through tokenized stocks, so the popularity of meme coins drives additional trading and liquidity for tokenized stocks, while reward tokens provide holders with a tangible asset—this synergistic cycle makes Solana a more stable foundation for both, all enabled by its composable trading environment.
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