Where's the ceiling for PONS? Why is it pumping? Latest data: As of now, the platform's total trading volume is 3B, protocol revenue is 4M, total launches are 320K+, and creator earnings are 17M. As the leading launchpad on the Robinhood chain, its main narrative focuses on the hottest trends like tokenized stocks, memes, etc. It's the 2.0 version of http://pump.fun. If we compare PONS to PUMP, the current market cap of PUMP is $4.8B, while PONS has a market cap of $130M—there's a difference of over 30x. The PONS flywheel works like this: - Trading fees are around 1%, with the current split being 70% to creators / 30% to the protocol. - About 80% of protocol revenue is used to buy back and burn PONS, while the remaining 20% goes into the Treasury. Current buyback and burn status for PONS: - According to the chart below, approximately 287.9M PONS have already been burned, accounting for 28.79% of the total supply. The remaining circulating supply is only 712M. - This means the actual circulating supply is now only about 70%. Buyback plan frequency: 20% of market cap annually. Based on the above analysis, the actual market cap of PONS is less than $100M. The higher the trading volume, the more buybacks, and the fewer tokens in circulation. If you don’t know what to buy, just buy PONS.