Robinhood chain memecoins extend losses as PONS falls 57% from peak

Memecoins on the Robinhood chain are undergoing a broad correction and trending lower, according to GMGN. Flagship memecoin PONS has a market capitalization of about $429 million, down 57% from its peak of $990 million, while posting a 19.5% decline over the past 24 hours. Other major memecoins have also extended losses, including INU, down 30.9%, NOSH, down 33.2%, PARE, down 25.4%, MANY, down 20.4%, and microduck, down 21.7%.