Is This Brand New and Wildly Successful Cryptocurrency on Robinhood a Screaming Buy?
Seeing a cryptocurrency succeed immediately after its launch is a sign for caution, not enthusiasm.
Overview
Despite existing for less than a full quarter, the crypto launchpad Pons (CRYPTO: PONS) pulled in $11.4 million of fees on Sept. 5 alone. That made it the biggest launchpad by daily fees in all of crypto, a position it has held every day since Aug. 29. One big driver of its rapid success is that it operates on the new blockchain by Robinhood Markets, which also launched recently, in early July. Given that Pons is now the largest and busiest launchpad in Robinhood Chain's ecosystem, it now has a tremendous tailwind from the future growth of the network it runs on.
So does that make this coin a screaming buy, or is there a catch?
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.
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