All three points mentioned yesterday turned out to be right—$PONS was sold near the top. Setting aside the pressure on BTC and the fading buzz around RH, let’s look only at the fundamentals of $PONS :
1. Fees: Yesterday, fees for the PONS protocol were only 510K. For context, they peaked at 11M a month ago (September 5). In other words, PONS fees have fallen 95% from their peak.
2. Revenue: Yesterday, PONS protocol revenue was only 70K, compared with 2M on September 5. Revenue has fallen 97% from its peak.
3. Trading volume: PONS trading volume was 7.5M yesterday, compared with 143M on September 5. Trading volume has fallen 95% from its peak.
My conclusion: Compared with its fundamentals, the market cap has a long way further to fall. The FDV market cap of $PONS has gone from 650M to 240M, a drop of only 65%. Based on the current fundamentals, it is still overvalued.
All data is from DefiLlama.
1. Fees: Yesterday, fees for the PONS protocol were only 510K. For context, they peaked at 11M a month ago (September 5). In other words, PONS fees have fallen 95% from their peak.
2. Revenue: Yesterday, PONS protocol revenue was only 70K, compared with 2M on September 5. Revenue has fallen 97% from its peak.
3. Trading volume: PONS trading volume was 7.5M yesterday, compared with 143M on September 5. Trading volume has fallen 95% from its peak.
My conclusion: Compared with its fundamentals, the market cap has a long way further to fall. The FDV market cap of $PONS has gone from 650M to 240M, a drop of only 65%. Based on the current fundamentals, it is still overvalued.
All data is from DefiLlama.