Robinhood ecosystem token PONS remained highly volatile on July 21 after the project said 20% of total supply had been burned since launch eight days earlier and that its treasury would continue using platform revenue to buy $PONS. GMGN data showed the token reached a $30 million market capitalization, later briefly exceeded $39 million for a record high, and then retreated to about $28 million. Earlier during the rally, PONS was reported up more than 74% and later more than 100% on the day, with trading volume cited at roughly $10 million to $13.6 million at different stages. Odaily cautioned that the move lacked strong fundamental support and reflected sharp volatility, underscoring the speculative backdrop.