Burn through 30% of the supply on the launchpad, then pull back—only to confirm the market is consolidating for the second wave.
On September 9, I wrote about PONS. Back then I said it was "daily fees crushing Pump.fun." Today I’ll update the situation: after the price retreated from the ATH of $0.9683 by nearly 50% to the $0.50 area, it has already recovered to $0.62–0.63. The 30-day gain is still +400% or more. Market cap is $420 million, with about $60 million in 24h trading volume. Don’t focus too much on today’s -3% pullback—the on-chain data is the main character. Over the past 30 days, the Pons protocol fees were $119 million, protocol revenue $21 million, and DEX trading volume nearly $2 billion (DeFiLlama).
Since September, there have been three big developments—each one is a positive: First, Wintermute quietly built a position of over $3 million in PONS (Arkham on-chain disclosure). Top market makers are putting in real money. Second, Binance Alpha listed it on 9/2, and Bittime followed on 9/22—channels keep expanding. Third, of the 1% trading fee, 30% is used for buybacks and burns. Total supply already burned through 27–29%. The circulating cap has dropped from 1 billion tokens to 684 million. The more it’s used, the more it burns—what’s left becomes worth more.
This pullback isn’t an end to the trend; it’s the healthiest kind of rotation. When price drops, protocol fees and revenue are still expanding. A divergence between price and fundamentals is often the fuel for a second leg. Bonk Guy confirmed that the "breakout + retest" pattern is in place, and the prior high at $0.97 is the clear signpost. On September 29, Robinhood’s 90-day gas subsidy expires; ironically, that becomes a "de-bloating" test: if activity can remain even after subsidies end, that’s the real ability. And since Pons currently accounts for 80% of the chain’s activity, the answer is most likely not pessimistic.
On September 9, I wrote about PONS. Back then I said it was "daily fees crushing Pump.fun." Today I’ll update the situation: after the price retreated from the ATH of $0.9683 by nearly 50% to the $0.50 area, it has already recovered to $0.62–0.63. The 30-day gain is still +400% or more. Market cap is $420 million, with about $60 million in 24h trading volume. Don’t focus too much on today’s -3% pullback—the on-chain data is the main character. Over the past 30 days, the Pons protocol fees were $119 million, protocol revenue $21 million, and DEX trading volume nearly $2 billion (DeFiLlama).
Since September, there have been three big developments—each one is a positive: First, Wintermute quietly built a position of over $3 million in PONS (Arkham on-chain disclosure). Top market makers are putting in real money. Second, Binance Alpha listed it on 9/2, and Bittime followed on 9/22—channels keep expanding. Third, of the 1% trading fee, 30% is used for buybacks and burns. Total supply already burned through 27–29%. The circulating cap has dropped from 1 billion tokens to 684 million. The more it’s used, the more it burns—what’s left becomes worth more.
This pullback isn’t an end to the trend; it’s the healthiest kind of rotation. When price drops, protocol fees and revenue are still expanding. A divergence between price and fundamentals is often the fuel for a second leg. Bonk Guy confirmed that the "breakout + retest" pattern is in place, and the prior high at $0.97 is the clear signpost. On September 29, Robinhood’s 90-day gas subsidy expires; ironically, that becomes a "de-bloating" test: if activity can remain even after subsidies end, that’s the real ability. And since Pons currently accounts for 80% of the chain’s activity, the answer is most likely not pessimistic.
