Memecoins on the Robinhood chain are undergoing a broad correction, with flagship token PONS down 19.5% over 24 hours and its market capitalization at about $429 million, according to GMGN. PONS is down 57% from its peak market capitalization of $990 million. Other major tokens also extended losses, including INU at 30.9%, NOSH at 33.2%, PARE at 25.4%, MANY at 20.4% and microduck at 21.7%. Previously, a Hyperliquid trader using address 0x936c had about $2.12 million in unrealized profits from a PONS short as its perpetual futures price fell 21.3% over 24 hours; the position involved approximately 14.85 million. Earlier spot-market data placed PONS market capitalization near $427 million and trading volume around $23.9 million as of October 3.