#GateMeme #每周来晒 PONS has fallen 40%, but is it actually expensive? Over the past few days, PONS has dropped from nearly $1 to around $0.6. If you only look at the candlestick chart, it is hard to say that it is strong. But if you close the chart and look only at how much PONS is earning now: over the past 24 hours, the platform generated more than $6 million in fees, while actual protocol revenue still exceeded $1 million; over the past 7 days, protocol revenue approached $10 million. Across the entire Launchpad sector, PONS still ranks among the leaders. More importantly, PONS's revenue is not just on paper. Part of the protocol revenue is used to buy back and burn PONS. So far, the cumulative revenue generated for PONS holders has exceeded $10 million. This makes its logic different from many crypto projects—especially public chains that have only stories and no revenue, relying purely on token sales and extracting value. But recently, I have also been thinking about one question: Could PONS enter a negative spiral? Meme hype declines → trading volume declines → PONS revenue declines → buybacks decrease → PONS price falls → market interest declines further. This is PONS's biggest risk right now. PONS's revenue has indeed started to decline from its peak recently, so we cannot simply take $1 million in daily revenue and multiply it by 365, then claim that it must be worth several billion dollars. What really matters is how much revenue it can retain after the hype fades. If PONS can continue to stably earn $500,000–$1 million per day in the future, I do not think its current market cap of over $400 million is high; a $1 billion valuation would only be a matter of time. But if its future revenue falls all the way from $1 million to $300,000, $100,000, or even tens of thousands of dollars, then PONS, which looks cheap now, would no longer be cheap. So when I look at PONS now, I am no longer very concerned about whether it will be at $0.5 or $0.7 tomorrow. I am more focused on whether PONS can continue making money after this round of Meme mania ends. Robinhood Chain still has more than $2.6 billion in daily DEX trading volume, TVL of around $920 million, and a stablecoin supply exceeding $1 billion. This ecosystem has not disappeared just because PONS's price has fallen. What is truly worth looking forward to with PONS may not be making money from Memes forever. If it can gradually evolve from a Meme Launchpad into an asset issuance and trading infrastructure on Robinhood Chain, its ceiling could be far higher than what we see today. Conversely, if it ultimately turns out to be merely a money-printing machine during this round of Meme hype, its revenue will end when the hype ends. So, in my view, PONS is not a price question right now. It is a more interesting question: Is this $1 million in daily revenue merely a flash in the pan, or the starting point of a new “hype”? Let’s wait and see.$PONS

#GateMeme PONS dropped 40%—is it actually expensive?

Over the past few days, PONS has fallen from nearly $1 to around $0.6.
If you only look at the candlestick chart, it is hard to say that it is strong.
But if you turn off the chart and only look at how much PONS is currently earning: over the past 24 hours, the platform generated more than $6 million in fees, while actual protocol revenue still exceeded $1 million; over the past 7 days, protocol revenue approached $10 million.
Across the entire Launchpad sector, PONS remains in the top tier.
More importantly, PONS's revenue is not merely staying on paper.
Part of the protocol revenue is used to buy back and burn PONS. The cumulative revenue generated for PONS holders has now exceeded $10 million. So its underlying logic is actually different from that of many crypto public-chain projects that have only a story, no revenue, and rely purely on token sales and value extraction.

But recently, I have also been thinking about a question: Could PONS enter a negative spiral?
Meme hype declines → trading volume declines → PONS revenue declines → buybacks decrease → PONS price falls → market hype declines further.
This is PONS's biggest risk right now.
PONS's revenue has indeed started to decline from its peak recently, so we cannot simply take $1 million in daily revenue, multiply it by 365, and claim that it must be worth several billion dollars.
What really matters is how much revenue it can retain after the hype fades.
If PONS can continue to steadily earn $500,000–$1 million per day in the future, I believe its current market cap of more than $400 million is not high, and $1 billion will only be a matter of time.
But if its future revenue falls all the way from $1 million to $300,000, $100,000, or even tens of thousands of dollars, then PONS, which looks very cheap now, will not actually be cheap.
So when I look at PONS now, I am no longer too concerned about whether it will be at $0.5 or $0.7 tomorrow. I am more focused on whether PONS can continue making money after this Meme frenzy ends.
Robinhood Chain's daily DEX trading volume still exceeds $2.6 billion, its TVL is approximately $920 million, and its stablecoin supply exceeds $1 billion. This ecosystem has not disappeared because of PONS's price decline.
What PONS is truly worth looking forward to may not be making money from Memes forever.
If it can gradually evolve from a Meme Launchpad into an asset issuance and trading infrastructure on Robinhood Chain, its ceiling could be far higher than what we see today.
Conversely, if it ultimately turns out to be merely a money-printing machine in this Meme boom, its revenue will end when the boom ends.
So I don't think PONS is a price question right now.
Rather, it is a more interesting question: Is this $1 million in daily revenue merely a flash in the pan, or the starting point of a new “hype”?
Let's wait and see.$PONS {currencycard:spot}(PONS_USDT) ‌