--- title: What's Driving Token Prices? July 8, 2026 description: This week on What's Driving Token Prices, Katie Talati breaks down Grove's token launch, Drift's rebrand, and the BonkDAO governance exploit. image: https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg --- [![email-sig-logowhite](https://www.ar.ca/hs-fs/hubfs/email-sig-logowhite.png?width=102&height=96&name=email-sig-logowhite.png "email-sig-logowhite")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** [![Arca](https://www.ar.ca/hs-fs/hubfs/arca_square_576x576.png?width=60&height=30&name=arca_square_576x576.png "Arca")](https://www.ar.ca/) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ** ** ** Search **Menu** ** ** [![Data Room](https://no-cache.hubspot.com/cta/default/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/72e2934a-0f70-4634-897e-b99fd4807a9b) [![Get in Touch](https://no-cache.hubspot.com/cta/default/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3.png)](https://cta-redirect.hubspot.com/cta/redirect/4536350/28ac2c2f-186c-436f-9682-1169cf946ad3) ![](https://www.ar.ca/hubfs/Whats-Driving-Token-Prices-Header.jpg) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) | # What's Driving Token Prices? July 8, 2026 [![Katie Talati](https://www.ar.ca/hubfs/Katie%20Talati.png)](https://www.ar.ca/blog/author/katie-talati) Written by [Katie Talati](https://www.ar.ca/blog/author/katie-talati) Jul 8, 2026 **Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.** - **GROVE (-15%)** - This week, Grove, the latest spinoff from the Sky ecosystem (fka MakerDAO), launched its GROVE token. Grove is a DeFi protocol focused on investing on-chain assets into off-chain credit-regulated opportunities. The assets that Grove manages come from Sky’s ecosystem. Grove joins Spark, Keel, and Obex as “stars” in the Sky ecosystem. The GROVE token serves as a governance and utility token; it was given to early ecosystem contributors and will be part of Sky’s ongoing rewards program for its stablecoin, USDS. As of today, only about 5% of the total supply is circulating. The token is down approximately -15% at launch with a $278M fully diluted valuation. - **DRIFT (-13%) **- This past week, Solana-based derivatives protocol Drift announced a branding change to Velocity. The branding change follows a $285M hack of the protocol in April by North Korean actors; it was a sophisticated social engineering attack that required months to set up. The protocol paused operations while the team developed a recovery plan. As the protocol prepares to relaunch, it announced a shift to a new brand and name: Velocity DEX. The project also opened up the claims process yesterday for eligible wallets to claim; however, the recovery fund has nowhere near enough assets to compensate victims. Based on Drift’s historical revenue of $19M-$35M per year, it may take up to 8 years for victims to recoup their funds. The DRIFT token is down -13% for the week and down -78% since the hack. - **BONK (-7%)** - Solana-based memecoin project BonkDAO suffered a governance attack this past week that saw $20M in BONK tokens leave its treasury. The attack was simple: the attacker purchased about $4.4M in BONK tokens on the open market to meet the minimum governance quorum threshold of 1%. The attacker then published a governance post on the forum requesting that $20M in treasury tokens be sent to the attacker’s address. The proposal sat on the forum for 7 days without being noticed and was voted on by 7 wallets, including the attacker’s. Although the attacker technically followed all the proper governance channels, the Bonk team is calling it a “hack” and is attempting to recover funds with law enforcement's help. * DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances.*  ### Subscribe For the Latest Blockchain News & Analysis     Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional. Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services. Previous Story [← Crypto Green Shoots Are Sprouting](https://www.ar.ca/blog/crypto-green-shoots-are-sprouting) [** ](https://www.ar.ca/blog) ## You May Also Like These Stories on Investing Themes [![](https://www.ar.ca/hubfs/Blog/WDTP/WDTP%20Thumbnail.jpg) ](https://www.ar.ca/blog/whats-driving-token-prices-july-1-2026) [Investing Themes](https://www.ar.ca/blog/tag/investing-themes) ### [What's Driving Token Prices? 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June 10, 2026](https://www.ar.ca/blog/whats-driving-token-prices-june-10-2026) Jun 11, 2026 | 1 min read ### Arca Los Angeles I New York (424) 400-7444 info@ar.ca [![LinkedIn](https://www.ar.ca/hubfs/LinkedIn.png "LinkedIn")](https://www.linkedin.com/company/arcafinance/mycompany/) [![Twitter](https://www.ar.ca/hubfs/Twitter.png "Twitter")](https://twitter.com/arca) [![Youtube](https://www.ar.ca/hubfs/Youtube.png "Youtube")](https://www.youtube.com/c/Arcafinance) ### Contact Us Copyright © 2025 Arca Holdings. All Rights Reserved.  |  [Important Disclosures](https://www.ar.ca/important-disclosures) ```json { "@context" : "http://schema.org", "@type" : "VideoObject", "contentUrl" : "https://youtu.be/hHdcrzD7_0w", "description" : "Meet the founders of Arca and learn about what inspired them to join the digital asset ecosystem. 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