call me a mid-curved tradfi boomer but at a $25m mkt cap with 26.5% of the supply already burnt in less than a month, $PONS is incredibly mispriced. the reason for the “discount” is fears of longevity and competitive threat, but we’ve seen Pons maintain the highest mkt share of fees (60-70%) despite launchpads from uniswap, sushi swap, bonk etc and i have reason to think why that should change people were initially worried if robinhood chain would do well/survive but there are very clear growth trends and it’s evident that CT’s opinion on the ecosystem has drastically improved in the past couple of weeks 80% of the protocol revenue goes to buying and burning the token and u may say that “buybacks don’t work” but that seems to be the opinion of people who make a living out of trading memecoins and hence assessing things primarily on a qualitative and subjective basis…people ignore the fact that there is capital that exists (individual and institutional) where people want to see cash flows and calculate multiples…if you are a fund you have to explain your positions to your LPs (especially if they blow up) and this is why things like hyperliquid and pumpfun have a big institutional cohort of investors there are still threats to pons like if pumpfun enter rh, if rh dies etc…but if these revenues persist for another month (let alone the possibility of growing) i believe you will see a massive repricing higher in $PONS for me it’s as simple as keeping track of protocol revenue, and short-term narratives to me are less important. my style of trading has never been to join a crowd “just cos everyone is”, by definition to gain alpha you need to look at things that are mispriced that everyone else fades. invalidation for me would be a significant prolonged drop in protocol revenue, but while these numbers persist..and grow…i don’t think there’s anything else in the RH ecosystem that is close to matching how mispriced this is.