PONS Trades Below $0.34 After an 8.52% 24-Hour Decline

Pons (PONS) traded at $0.3166 on Coinbase at 4:41 a.m. ET (08:41 UTC) Saturday, Oct. 17, down 8.52% over 24 hours. The price was below $0.34 two days after Coinbase’s PONS and CASHCAT perpetual launch.

Coinbase scheduled perpetual markets for PONS and Cash Cat (CASHCAT) to begin trading Thursday, Oct. 15, at or after 6 a.m. ET (10:00 UTC). The contracts later entered full-trading mode. Coinbase’s PONS and CASHCAT perpetual markets are available in select jurisdictions.

Deribit also lists perpetual contracts for both tokens, settled in USD Coin (USDC). Its margin schedule allows up to 25x leverage for PONS positions of up to 59,674 tokens, with lower maximum leverage for larger positions. Deribit is unavailable in the United States.

Coinbase’s PONS-USD spot pair had been trading since Oct. 7. Pons is a platform for launching and trading tokens on Robinhood Chain.