PONS [PONS] debuted on Robinhood Chain after a couple of launchpads had become operational on the chain. However, the platform is leading in terms of volume, revenue, and price surge among other launchpads.
The altcoin has been making new highs each day since the 23rd of August. PONS was up 49% in the past 24 hours and 425% in the past seven days. However, token trading volume remains moderately high, at around $116 million.
So why is the platform’s token surging so hard?
What are the key drivers of PONS’s 10-day rally?
First, the increasing market reach is a key driver. That is, PONS has been listed on several DEXs and CEXs.
Analyzing Robinhood’s activity, PONS is among the top trending products in terms of both activity and sentiment. It holds 7% of Robinhood’s mindshare, behind Ethereum [ETH], Bitcoin [BTC], and Solana [SOL].
In fact, two-thirds of every token launched on Robinhood Chain went through PONS. Over 517K tokens had been created, with their total trading volume surpassing $4 billion.
Source: KAITO AI
Additionally, PONS generated the highest fees of any launchpad on-chain with over $500 million in daily revenue. This strategy tightened the supply, as 80% of the fees went to buying the token back.
As burning continued, almost a third of the supply was permanently cleared.
Moreover, capital flow was still intact even for whales who had acquired massive gains. For instance, a whale who bought both CASHCAT and PONS was still sitting on the profits from the latter.
After cashing out all his CASHCAT position and locking his initial stake on PONS of $113K, he still holds 9.1 million PONS worth $4.20 million in unrealized profits.
Source: Lookonchain
Will the token close in on a $1 billion valuation?
As whales and KOLs remain deeply interested in the token, PONS could hit the $1 billion valuation. It has been consistently making new highs for the past 10 days, with Bollinger Bands indicating high volatility.
The CVD reinforces the buying activity from traders, with more than 2.18 million PONS bought at press time.
Source: PONS/USDT on TradingView
Still, the psychological level of $0.50 could be a challenge going forward, but once cleared, it could expose a path toward $1.
Final Summary
- PONS rallies 46% in 24 hours, making a new peak value of $0.49 while the platform’s trading volume hits $4 billion.
- PONS has been in a 10-day streak as bulls target a $1 billion valuation, but $0.50 could be a challenge if buyers’ momentum fades.
