Is the $PONS bottom in? Our own screen says not yet: revenue runs $34.2K a day on the 7-day average, down 27.6% week on week, and the token trades at 10.3x annualized revenue. The flip signal is that decline slowing under 15% a week, with 32.9% of supply already burned on-chain. The August floor traded at 0.4x to 1.0x annualized revenue. The upside is scale: Pons did $2.06M in one day on Sep 5, above $PUMP's $1.48M daily run-rate, and $PUMP's $1.78B to $3.19B valuation sits 14x to 25x above $PONS at $129M. Desk is long $PONS, disclosed.
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