PONS is back on the gainers leaderboard again—around 0.67–0.70. It’s still about 30% short of the early-September peak of 0.97.

Trading volume is around one hundred million USD; market cap is 460 million, top 100.
I wrote about this before.
Back then, I said we should watch whether on-chain activity can hold up after the gas fee exemption expires.

Now it looks like, in mid-to-late September, on-chain fees really have been trending down. The hype around new token launches has clearly cooled off, but the trading activity is still there—it's not gone to zero directly.

Today the market is lifting it again. I don’t think this is a new narrative.

More like a second-round trade after the launchpad hype has cooled.

Funds are still using PONS as Robinhood Chain’s “platform beta” to buy.

Next, watch one thing: launchpad fee revenue. The buyback-and-burn depends on this. If fees keep sliding, the deflation story won’t hold.

Most new coins will go to zero. Bridging and pre-market/front-running carry extra risks—this isn’t a robust investment.

Data should be taken from official sources. DYOR.
$PONS