According to @KookCapitalLLC, the Solana-based meme coin Bonk (BONK) surged 9.87% to $0.00001494 after Tuttle Capital filed an amendment for its proposed 2x Long BONK ETF, setting July 16 as the earliest possible effective date, although the product is not yet approved. The filing also covers leveraged ETFs for other cryptocurrencies like Solana (SOL), XRP, Cardano (ADA), and Litecoin (LTC). Technical analysis indicates BONK broke resistance at $0.0000144 but formed a head-and-shoulders pattern, signaling potential exhaustion with current support around $0.0000142. Concurrently, Circle (CRCL) stock has become a prime target for South Korean retail investors, who have invested nearly $450 million, driving the share price up over 500% since its debut. This buying frenzy, reminiscent of the 'Kimchi premium,' is reportedly fueled by South Korea's moves to legalize KRW-backed stablecoins, positioning Circle as a key global investment for stablecoin infrastructure exposure.

According to @nic__carter, stablecoin issuer Circle's stock (CRCL) has surged over 750% since its IPO, hitting a record high near $299. The rally pushed Circle's market capitalization to a peak of approximately $60 billion, nearly matching the $61.3 billion supply of its USDC stablecoin and approaching the $78 billion valuation of crypto exchange Coinbase (COIN). A key catalyst for this growth is cited as the U.S. Senate's advancement of the GENIUS Act, which provides a regulatory framework for stablecoins. However, some analysts, like Jon Ma, CEO of crypto analytics firm Artemis, warn the rally may be outpacing fundamentals. Ma highlighted Circle's extremely high valuation multiples, such as trading at 32 times its revenue and 285 times its earnings, suggesting limited upside. USDC remains a cornerstone of the crypto ecosystem, widely used in trading pairs like BTC/USDC and ETH/USDC and across decentralized finance (DeFi) protocols.

According to Aaron Brogan, recent crypto IPOs including Circle's $1.05 billion offering demonstrate strong market demand, with theories suggesting a public market premium benefiting assets like BTC and regulatory changes from the GENIUS Act potentially boosting stablecoins such as USDC. According to Jean-Marie Mognetti, survey data reveals nearly 90% of crypto holders plan to increase allocations, requiring advisors to provide risk management and regulatory guidance to support trading strategies.

According to financial reports, Ark Invest sold 415,855 shares of Circle, valued at $109.6 million, continuing its profit-taking after Circle's 7.5x surge from its IPO price of $31. Simultaneously, the firm bought 4,198 shares of Coinbase worth $1.3 million and 319,640 shares of Robinhood worth $24.4 million, indicating a strategic shift toward crypto-related exchanges. This move could signal reduced confidence in stablecoin operators like Circle (USDC) and bolster sentiment for platforms such as Coinbase, potentially affecting crypto stock valuations and trader strategies.