$21.4M in 24H volume and a 9.37% rebound put momentum back on the radar.
Here’s what could drive the next leg:
• Buybacks: September saw ~$16.61M in reported buybacks, versus ~$3.34M through Oct 27. A sustained pickup in verified buybacks would strengthen the value-capture thesis.
• LP yields: Fees alone don’t tell the story. The key is net returns after impermanent loss. Better risk-adjusted yields could attract deeper, more persistent liquidity.
• Robinhood Chain: Growing activity matters if it translates into recurring protocol revenue and sustainable $PONS demand.
My November bull case: volume holds, buybacks accelerate, and LP economics improve — setting the stage for a meaningful repricing.
The catalyst is turning trading activity into lasting value capture. I’m bullish on November.