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#GateMeme PONS fell 40%—is it actually expensive?
Over the past few days, PONS has fallen from nearly $1 all the way 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 candlestick chart and only look at how much PONS is making now: over the past 24 hours, the platform generated more than $6 million in fees, while protocol revenue still exceeded $1 million; over the past 7 days, protocol revenue was close to $10 million.
Within the entire Launchpad sector, PONS is still in the top tier.
More importantly, PONS's revenue is not just on paper.
Part of the protocol revenue is used to buy back and burn PONS. To date, it has generated more than $10 million in revenue for PONS holders. So its model is actually different from that of many crypto-native public-chain projects that have only a story and no revenue, relying solely on selling tokens and extracting value.
But recently, I have also been thinking about a question: Could PONS enter a negative spiral?
Falling Meme interest → falling trading volume → falling PONS revenue → fewer buybacks → falling PONS price → further decline in market interest.
This is PONS's biggest risk right now.
PONS's revenue has indeed begun declining from its peak recently, so we cannot simply multiply $1 million in daily revenue by 365 and say it is definitely worth several billion dollars.
What really matters is how much revenue it can retain after the hype dies down.
If PONS can still steadily earn $500,000–$1 million a day in the future, I do not think its current market cap of more than $400 million is high; $1 billion would only be a matter of time.
But if 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 right now, would no longer be cheap.
So when I look at PONS now, I no longer pay much attention to whether it will be $0.5 or $0.7 tomorrow. I care more about whether PONS can continue making money after this Meme frenzy ends.
Robinhood Chain's daily DEX trading volume is still more than $2.6 billion, TVL is around $920 million, and the stablecoin supply exceeds $1 billion. This ecosystem has not disappeared because of PONS's price decline.
What may really be worth looking forward to with PONS is perhaps not making money from Meme forever.
If it can gradually evolve from a Meme Launchpad into asset issuance and trading infrastructure on Robinhood Chain, its ceiling may be far higher than what we see today.
Conversely, if it ultimately turns out to be merely a money-printing machine in this Meme frenzy, its revenue will end when the frenzy ends.
So, as I see it, PONS today is not a price question.
It is a more interesting question: Is this $1 million a day in revenue merely a flash in the pan, or the starting point of a new “hype”?
Wait and see$PONS
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)