GM Everyone, just two of us. Today 22 lone Co hosts.
It feels like the The Smoking Jackets has come back two years.
Two years in Jackets. Our original podcast which
Faroque actually took over which was called The Smoking Jacket We
come again. Music is loud, isn't it?
Yeah, isn't, I think. Baroque is normally a different
decibel to me. So like the music's always needs
to, needs to match match that. We've had a lot of issues with
Twitter spaces over the last 24 hours.
I hope you guys can hear us in the space, but if not, I will be
very shortly tweeting out the broadcast link.
I think OSFL 2 and I think you can find us on YouTube still,
right. I think we live stream these on
YouTube as well. Yeah, we do.
So yeah, you should be able to find us, find us everywhere.
How you doing OSF? Yeah, I'm good.
I'm good. Busy with just a few different
things at the moment, so just the last few days have been like
balls. Balls to calls?
Really, so. Yeah, if you are watching on
video, you'll realize that OSF has managed to shave off about
15 years from his age after he shaved his beard.
I don't know, I think you think you're kind of looking like a
1819. You could, you could pass as
your brother, like your youngest brother, I think right now.
My my youngest brother's only three years younger than me, so
it's not like a crazy. Yeah.
So maybe not, maybe not. I reckon you could definitely be
mid 20s with that with that look.
I do still get IDD when I buy alcohol.
Wow. Markets.
I still get IDs, yeah. Actually, I.
Used to be shit when you were younger, but now it's like a
compliment. Yeah, ID.
When I clean shave, yeah, I can look very young.
I think in Austin. I got IDD when I I was clean
shaven in Austin and I was definitely younger.
I just don't know if I love that look yet.
Like you said, you you're getting so old that you need to
shave the ears off yourself. It's kind of like a like an
early midlife crisis when you start going clean shaven, I
think. I just, yeah, I don't know, I do
it like once or twice a year just for banter really.
And I instantly regret it when I do it.
So yeah, so I'd just like to shave it all off.
Should have kept shave shave my face as well.
Full body, please. Anyway, let's get into stuff.
It's like I said, Faroka's on a plane.
I think it's going to be actually be on the show
tomorrow. We are sponsored by Ledger, as
you all know, everyone's favorite hardware wallet
provider. They're in Davos.
They are, yeah, hopefully back. I know they had a big party a
couple of nights ago, but yeah, go check them out.
Obviously we use them for all of our hardware stuff and they've
been sponsoring the show for the last month.
But yeah, the market feels a little bit shaky out there, I
think, right? Like I woke up this morning last
night, I was feeling very bullish.
And then Bitcoin actually hasn't moved, but Bitcoin dominance has
risen. It feels like a lot of the old
coin moves that were feeling very, very strong yesterday kind
of got shaken out in this move. I look on, like I look on my
trading, trading view and pretty much every coin is lower over
the last since, you know, since midnight, my time.
But Bitcoin and ETH are slightly higher, it looks like.
So it feels like this was old coins really getting wrecked.
Bitcoin dominance has risen like very slightly, but it only needs
to rise very slightly for olds to fall.
So, yeah, what do you think of the market right now?
It's a weird one. Like I'm just looking at prices
now like yesterday it really felt like we were going to also
going to rally, right? Like Seoul was really strong,
everything was really big and we'd had, you know a few days of
Bitcoin feeling a bit shaky, but we saw it bounce to 43 K and the
ECF volumes were good, etcetera. And then I don't know what
happened today, like we woke up today and also back down again.
So it's a tough one to judge. I I think macro's been a little
bit weak. You know like stocks, I mean
stocks are actually up today, but they were down yesterday.
Interest rates are a decent amount higher, ten year is 20
basis points higher on the year. So that's a that's a decent move
on 10 year and you have the FMC at the end of the month.
So it's just like a few different bits and pieces going
on right now which means the market isn't trading as strong
as like maybe we feel like it should.
I know the ETS have created a lot of inflow, but obviously on
the other side of that there's been a ton of cell pressure from
probably Kryptonates people who are in it for the trade and
everyone there is monetizing. So it makes you makes you
realize like how bad price section could have been after
that had the inflows not been so strong into from the ETF.
So I don't know, I think I think we're just in this period of
consolidation. I don't, I know a lot of people
think oh we're either going to break lower or break higher.
I think we may not. I think we may just stay in this
range for a while and I think eventually we should come back
higher hopefully if the FOMC isn't just like a disaster at
the end of the month. But I kind of like Solana, like
alts here. I think they feel like they have
a good opportunity to go higher if Bitcoin just stays within its
range, in my opinion. Yeah, yeah, I I agree.
I I don't think we're in for a nuke to like 38 K like just
everyone is saying that at support level.
I think we'd have to obviously a really big nuke and macro, but
to me like it feels the ETFs and there was maybe some initial
disappointment. But what I've been impressed at
is like every single day seems to be pretty healthy volumes
going through those ETFs. Net inflows, obviously there's
some outflows from grayscale, but the inflows I think are up
to like 1.41 point, 4 billion so far.
And each day this is new. So it just feels like, and we
remember this from being traders, right?
Like when the ETF does every single day, it's coming in to
buy it. It doesn't feel like a lot on
the first day, but by like the 20th or 30th day or like the
50th day, no one has any inventory.
Yeah, you like, you know that we used to trade it.
Obviously different markets, but when when you stop the series
BlackRock or Fidelity or Franklin ETF tickets, they'd
come up being like, look, can I buy, you know, a million
Bitcoin, 100K Bitcoin eventually, yeah, it really does
start to start to rack up. So it'll be interesting to see
what how this feels after like 20 or 30 days if if volumes stay
so high. Yeah, I think so.
I think we sort of like we transition from the ETF
excitement now to like people have stopped focusing on it and
people just kind of like moving on to the next trade.
And if volumes stay this strong and the inflows stay this high,
then I think we may transition back to it and people might be
like, oh, wow, like actually these numbers are quite good.
So I think it's very much in the mix also, like, you know, it's
fucking, it's the 18th of January, right?
Like, we have the whole year ahead of us.
And it feels like so much has already happened in this year.
So I know it seems like a lot of people are like, oh, it's time
to throw in the towel and move on, time to take, like, take
money off the table, fully stable, whatever.
I just think we're still very early in this process.
It definitely makes sense to take profits.
Like if you're someone who bought a lot in 2022 or 2023 and
stuff's up, you know you're up between two to 10X and a few
different things. And yeah, I understand taking
profits and those always, always wise to do so.
But I think to just call the crypto top here or just to call
I think it's going to nuke from here, I think is just feels very
premature in the context of where we are in the year and
where we are in this process in my opinion.
Yeah, for sure. Does feel does feel premature to
me as well we are yeah. And what do you think like in
terms of what the market's going.
I think we can we can just go sideways for a little bit.
There's there's been ETH and Bitcoin are obviously
outperforming today. Did you see what was going on in
Franklin Templeton yesterday Like I know you you had a few
drinks last night and you came back had a few and just in this
context, I just don't know. I put out a tweet saying this
yesterday but like Franklin Templeton were one of the most
boring funds out there. Like they are pretty
run-of-the-mill asset manager, very big.
Been around I think 6070 years like maybe even longer.
I think they've been around like just post war period but very,
very long. Just like the sort of place that
that would never really do anything too nuts but they would
always, you know, they would always have quite big size.
And then to see them like their official Twitter account laser
eyed posting about a dog with hat.
It's just it's just so not like them.
Well at least that Franklin, that I knew that I'm just kind
of like this. This doesn't feel like we're
going lower Like when you have an 8 what is it $2 trillion
asset manager like laser eyes posting about dog with hat.
That to me feels like we're going higher.
Yeah I it's it is incredible to see that like even if you look
through the whole Twitter page it's like I think we had like a
a crypto takeover yesterday. But like the whole Twitter page
is just like all these talks about every like it's about 10
tweets of crypto stuff and talking about different L ones
and L twos and all that kind of stuff.
It is mental. Like you've had this meme of the
institutions are coming and we're sitting here now with like
van Eck troll like trolling like crypto stuff on on Twitter and
now Franklin doing the same thing.
Like it is really mental and it's it's a massive far cry from
what we saw in 2021 when all these guys were still hating on
it and then eventually it it it all sold off.
But now all these guys are on board obviously because they
were trying to make money out of it now from ETS.
But it's a huge shift in the dynamic I think.
And yeah, it's just tough to see like it's tough to see us can
like drop lower from here with with those guys involvement.
I don't know, like dropping into lower.
I was trying to work out if it was a top signal or a bottom
signal, but I feel it's a top signal because I'm what the
reason why I say that is because Franklin, it's such a, it's such
to me just describes such slow capsule to a certain extent or
like traditional capital in the space that it's going to
probably going to encourage more of the more of the fringe
capital to also be like I should be checking this out, right?
Like if I was sitting there and I saw Franklin doing that, I'd
be like, wow, Franklin's doing this, but maybe I should look at
it. BlackRock have always been a bit
more, you know, forward facing, like they're catching on to new
trends with the ETFs and whatever.
So I was just like when I saw that, I was like this is, this
is kind of wild. Although I didn't notice it got
picked up by any mainstream news outlook.
The only thing that they were talking about yesterday was, was
Satashi increasing the Bitcoin supply more than 21 million.
Did you see that? Satashi.
I don't know if he's he's like trolling or not like he he's a
smart guy. Like, what the fuck is he doing?
I don't know. Maybe he just doesn't.
Maybe he just really doesn't like it.
Like a lot of people just hate crypto.
Maybe he just doesn't really like it.
And but he's still like business minded enough to to do the right
thing. I think he just doesn't like, he
doesn't like. Obviously he doesn't like the
meme concept of things that in any inherent value.
And like Bitcoin is kind of like the original meme coin.
There's an argument to say like, oh, ETH does this and that and
that. And so I think that was the the
argument he's trying to make. But yeah, I don't know, like
he's, I don't. Know what we're talking about.
Maybe we should bring it up. I don't know if Sims, you've got
it on the background, but Jamie Dimon was in Davos yesterday and
he was basically saying not only did he call Satoshi, Satoshi,
but he basically said that Satoshi at the end of the 21
million Bitcoin could just switch it and and increase the
supply. Now there is a non zero chance
that Bitcoin does have to increase its supply after that
21 million. There's been talk about the idea
that that needs to continue with the security budget.
But the way that he described it just described it is if someone
had own like only just heard about Bitcoin last week and this
seemed really misinformed for for like JP Morgan which is like
the biggest the biggest firm in finance, I would say probably
other than BlackRock at the same time maybe doesn't need to care.
I think we have the like the the highest profits ever our causes.
So like maybe doesn't need to care.
But it does seem kind of this seems like such a boomer, boomer
take on on what's going on there then.
But yeah that that's kind of been what's holding up and then
in broader markets we obviously had for meme coins a few things
going on. The main one was that Whiff and
Solana you know meme coins, Chick coins they are just going
wild at the moment. I put up a tweet about that a
few days ago but there's a whiff hit 500 million I think on a
Binance futures listing. We we have a similar playbook
for this with with Bonk which got listed on on Binance futures
and then and then eventually got listed on spot the spot listing
was was the was the actual top and then but it's been bouncing
around I think before we show I saw it was under 400 million now
it's 420 it's like it's it's wild volumes going through
there. Myra, which is like the which is
the dog of the Solana founder who had on in December.
That coin has hit 250 million on some listings and it just feels
like, yeah, Solana Solana Meme Coins is where a lot of crazy
activity is going on in in terms of the individual coin space,
yeah. I think you have a lot of things
going for that ecosystem right now in terms of like the shit
coin stuff like every. There's always like I feel like
when you're on crypto too bit so there's always like one place at
any given moment in time which seems to be like the popular
casino and the casino was like NFTS.
You're in 2021-2022 you've had periods of like ETH shit coins
in in 2022-2023 and then towards the end of last year with that
with the big rise and bonk, we had this massive shit coin
season on Solana. And you know ultimately the the
big difference between that and Ethan.
There's just like a a over said thing now at this point in time
but like you know someone who wants to gamble with $1.00 they
can do it on Solana, you can't really do it on ETH because of
the difference in transaction fees.
So there's it's not surprising to see that finally take off and
I think you just needed to see one success, big success story
out of it to attract capital to it and that was Bonk.
Now you have the rise of dog with hat, which people have made
tons of money on and that's probably like in my opinion
given the volumes it's had in the past few days and it's
following the same path as Bonk. With the finance futures listing
like that, you would expect maybe a good shot of getting
tier one exchange listings and that's that success story.
The second success story is going to again attract people
back to their ecosystem to try and make money.
And you know on top of that you have the whole AirDrop thing.
Like you had the whole AirDrop thing for ETH two or three years
ago. You had the whole AirDrop thing
for Solana right now and people made money on Geeta, which then
feels like it went back into to Solana shit coins.
Then you have the Jupiter AirDrop which is confirmed for
the 31st of January and I'm sure some of those proceeds will go
back into the ecosystem as well. So it's just like there's just a
lot going on there and I think a lot going for it, which means
that casino I think can continue and we will see ups and downs
and we'll see different rises And you know there may be new
coins that rally with each mini season or season or whatever.
It's hard to always judge where to make money there.
But I just think that activity on Solana in terms of like it
being the casino and like the degen centre is going to
continue, I think. I think it's not going to slow
down. Yeah, it surprised me that
Solana isn't higher though in that world, right?
What surprised me is that it seems to still be dominating the
majority of activity, but then Solana still I got obviously
it's been on a huge run, but it kind of hit 104 maybe overnight
and then then went straight lower.
I I was convinced yesterday that after with was got listed or was
rooms of it get getting listed that we were going to see
someone this ghost like tap teleport up to like 1120 but
then still seems a little bit depressed.
I don't, I mean that's just one coin right now so I wouldn't
read too much into it but I do feel as though that one if this
continues, if this just day after day after day there's a
new there's a new coin, I think that's that's going to be
important for it. On the east side there are
there's a couple of very you've got the Manta AirDrop I think
happening today right, which is the the blast the you know it
has a native yield it's got a lot of similar tech at least to
BLAST, slightly different team I think it's Manta is backed by
power chain I think and Binance. So it's obviously going to get a
huge Binance listing and I think BLAST obviously is is all the
Blur guys plus plus Paradigm and and Standard slightly different
cruise, but that's a 2 1/2 billion dollar fully diluted
market value. Obviously it's dropping today.
I think it'll be interesting to see where that shakes out for
anyone who's got their money in BLAST.
We had a debate about this earlier.
So I think the main difference between Manta and BLAST, the
tech is, is not dissimilar in terms of some some of the stuff
they're asking. I think BLAST has 1.3 billion
TVL. Manta has something just shy of
900 million. So not huge differences in CVL
native yield. It's a different team, maybe
Manta has finance behind it. There's been quite a lot of FUD
seemingly about the AirDrop process at Manta.
They had a DDoS attack yesterday which made it more difficult for
people to potentially clean their AirDrop and it looks as
though maybe some of the some of the Locket, even though the
AirDrop only went up to maybe a few days ago, you if you put
your money on there, you're still locked for the next two
months. So it's like some people who put
their money on very recently have been annoyed that they they
missed out on the AirDrop. And I know I see CBCBB the the
famous blur farmer just like flooding them daily claiming
they don't even have ACTO right now.
Who knows, maybe true, but they've definitely had some FUD
along this process. The other big thing that I
noticed they which I mean I I put out my calculators for I
think for BLAST, but they're only doing 5% AirDrop, which I
thought was quite a big difference.
I think arbitrary optimism and most people expect BLAST to be a
10% AirDrop. So what do you think, do you
think, do you think this is a big deal for the for the market
here? Yeah, what for the Manta?
For the blast play for for all the like, I don't know
Ecosystem, yeah. I do think this idea of like
being on a chain that generates your is maybe like not focused
on enough at the moment. I think it's going, it's hitting
the headlines a bit more now with Blast offering the
developer incentives and obviously Mansa launching now
and people are becoming wise to it.
But it's it's pretty cool like for like for no one.
Like for people who haven't really experienced this yet and
you probably haven't. Like for example, I've I've
bridged my ETH to blast, I've just sent it to the multi stick.
But now my ETH on that chain just starts earning yield
because like they have the implied treasury yield backed
into it. So you know, just imagine like
you're holding ETH on ETH and you're able to actually just
earn yield on it without having to like stake it or put it into
any specific. Protocol or whatever.
Like you still have custody of your of your ETH but you're
actually earning yours on it. Like I think that's quite a
powerful thing, especially for people.
You know, if you have one or two weeks, you probably don't really
care. But if you're someone with like
thousands of ETH and you're, you know like a project with a big
treasury or whatever, the ability to earn 234 percent, I
think it's 4% right now on it without actually having to put
your ETH onto a protocol and still self custody it.
I think it's a pretty big thing. So Manta and Blast both offer
these things. I guess like Manta, it sounds
like Manta was maybe working on it before blasted and then Blast
got all the TVL and which is a bit more aggressive about taking
in the money upfront. And then Manta has sort of been
attacking Blast in in the in the in the advertising and stuff
they've put out. So it's kind of like a Manta
versus blasting right now but it it's looking at who's supporting
who. You know a lot of the crypto a
lot of critics Twitter, OG people seem to be on on the
blast train compared to Manta. And my guess is that blast will
come at a higher FTV than the Manta will when it eventually
launches just because I think they have the marketing stuff
down better and and it's weird like people a lot of NFT people
don't really like Blur but I think no one thinks Pac-Man
isn't an amazing builder in terms of what he's actually
created. Whether or not you like the
results or not is a separate question, but you know, and you
have the whole paradigm backing all that kind of stuff.
So yeah, I think that's going to be the one that's going to be
more eagerly anticipated and I'm fully talking my bags there.
No, I think you're right. I do think it comes higher.
It's obviously got more TBL over a short period.
So they've done better at the marketing side of stuff.
It's got different people involved.
I think people think, think, come, think, come higher.
I think there are still some assumptions about the AirDrop.
The only one that struck me with this one is it's 5%.
Like if they come with 5%, I think I would disappoint people
if they come with 10%, hopefully that's that's right on the
screws. And what I mean by that is like
normally with her an air drop for a lot, the vast majority of
air drops you'd normally seen about 10% go in the first in the
first air drop. So we'll wait to see, we'll wait
to see what happens there. But it does feel as though that
could be near term important for for what's going on in some of
these L twos arbitrary still you know crushing it near near its
near its high. But yeah this seems to have
taken the the short term short term focus and then in the NFT
space it's been really just one thing that everyone's talking
about right like every single day pudgy Penguin seems to be
higher pudgy Penguins is is. I'm just looking at it now on
degens, but we are looking at a 19th floor right now in Pudgy
Penguins. Yesterday it was at I think 16.
It's up nearly 90% on the week. I think it started started a
week ago was was just above 10 ETH.
What's driving this? It's a little bit confusing
because I think some people are trying to claim there is
something driving and some people are trying to claim that
you know, it's just it's just a market realizing again that this
this is going to, this is a much Better Business model than some
of the other ones out there and and it's being rewarded.
We even set at the start of the show for our predictions for
Pudgy Penguins that it could be, it could go to this level and
it's done it already within you know a week.
What do you think of them here? I saw someone just spent 50 ETH
on three different three different gold pudgies right as
this show went. Wow.
Yeah, I think NFTS can often very much be a sentiment thing
and we've seen, we saw what happened post blurb, but we've
also saw sentiment crush many projects like Moonbirds and you
know Yuga to to an extent. But on the flip side this has
been in in Pudgy Penguins bar has been incredible.
Like I think Luke has basically gone out there and delivered on
everything that he said he would and they've nailed the like
marketing and media coverage over it and both the web three
world and the traditional world. So it's just like if you own a
pudgy Penguin, like why would you really want to sell it?
Why would you really want to sell it at any point last year
and why would you really want to sell it now?
Because it just has always felt like the momentum on it is
upwards and higher and it feel always feels like there's more
coming. And Luke has now kind of proven
the track record of being able to deliver them as well.
So you know, where do they go and price like I don't know,
like if they go to 50th, 100 maybe like I think, I think for
it to get to you know the crazy yoga levels that we saw in 2021
and 2022, you would need to have a token probably come to just
like Turbocharge that and remember like everyone talks
about apes being 400K or 500K floor, but that was when you had
the Acorn AirDrop built in which everyone knew would be a
success. And I think for, I think for, I
think for party to get to like 1/2 a million dollar floor, you
would need to have some kind of like expectation of something
like that to boost its value baked into the price.
And if you can, like they build, it sounds like they're building
this whole pudgy world thing. There's a whole ecosystem now,
not just the original pudgy Penguin, the NFTS.
So everything like that is underpinned by in this world,
and crypto's underpinned by a token.
So I wouldn't be surprised if that's the direction they want
to take. But there's obviously a lot of
risks to assess and giving a token value is one of the
hardest things to do in the space, you know, like beyond
just like the initial value and how do you keep it going.
But yeah, we'll we'll we'll see. I think, I think they will flip
apes this year. I think they're on their way to
doing it now, just maybe at a lower price than people
originally expected. The way they can go beyond
there. It's going to be pretty
interesting to watch. Yeah, it does feel very highly
likely they're about to flip apes.
You obviously have again some of the big blur farmers moving
their liquidity to from apes to pudgies.
You have some big rare sales going through.
Obviously there's speculation around a token.
I know they're they they're like getting a random AirDrop as
well, the dime AirDrop dimension I think it is.
So people have been speculating that that could be involved here
because that could be worth quite a lot because it's like a
it's for all their zero users and and budget Penguins have
been involved with that project. So yeah it's there's a few
different things coming but it just, I don't know like if I
take a step back I feel like they have the best business
model in Web 3 right now right. Like if you'd everyone was to
start at zero I would I feel like they they have done it the
best. Maybe you could argue mad Lads
have have shipped a lot of shipping a lot of different
things from a utility standpoint.
But I would say that budget bangs have been the most
successful in terms of building a brand IP and well building
commercialized brand, whereas maybe everyone's heard of the
monkey Jpegs. But it hasn't necessarily
continued in terms of commercial success.
They've they've kind of stayed, stayed more gaming native and
people said big questions about like whether other side's going
to be successful. There's been quite a lot of fun
around that recently. So it just feels like a surefire
bet with pudgy Penguins that they're they're doing a, they're
doing a good job. I don't know if that lasts for
like 10 years or anything like that.
Like it's very, very difficult to judge.
These things can all change, but it does feel as though they've
been in a fairly obvious bet for a while.
I don't know, I was thinking about tweeting about this just
before the show, which was sometimes it's just so obvious,
these bets. Like, I remember we were talking
about ETH just before the ETF came and I even was like, you
know, it just seems too obvious. Pudgy Penguins have been so
obvious. It's something that I think I
that I need to appreciate a little bit more in crypto.
It's just that the obvious trades, often they just happen.
Like the market is so inefficient and obvious at times
because everyone's trying to degen on the next thing.
Like so often that actually just playing, playing the obvious
trade at the right time is just is the right way to go.
Pudgy Penguins They've been obvious since 5 E 4 E and yet
you know they take they take a year to get to to 28th and
they're probably going to keep on going now like and they'll
probably still be obvious and we'll look back and be like oh
why weren't why didn't you buy them then And it's the same with
a few few like the coin narratives they're just so
obvious and yet you don't pull the trigger you go after
something more D Gen. and you kind of look back and be like I
should just play it safe. But the obvious 4X where I've
been going for the on obvious 100 X you know what I mean.
Yeah, yeah, I understand. It's how it's things always feel
more obvious in hindsight, though, than they do at the
time. It's just like all of last year.
Are you? Yeah, this is obvious.
Yeah, yeah, I guess, but then like, yeah, I guess the, I guess
it's just like now we're in this paradigm, it's like which it's
not really like where can you make money.
It's like which thing is going to make me the most money?
That's the that's where in where we're at right now, so.
What do you in that vein? What do you think of the obvious
trades, the obvious trades that people are not looking at?
Interest in the whole space, Yeah.
I don't know if there's like obvious trades that people
aren't looking at because I don't know.
I I don't know like. I feel like Solano's one that.
Feels like I would say it's like but it.
Was not like it was obvious, like it showed it was going to
go to that level. It's obvious.
I was going to say Solano, but I think everyone's looking at it,
right? I don't think no one's not
looking at it. Yeah, if we aren't looking at it
like ETH Maxis, but or ethic when Maxis.
That's true. Like, I feel like budget
Penguins in NFT space is is probably one of the more obvious
ones like probably could go much higher now now.
But it gets that like, you know, dabbling good status to it and
golds are trading for, you know, 100 grand plus like suddenly
suddenly they can be they can be picked up.
Actually I had like a full on normie asked me about budget
Penguins the other day and I was like, that's weird.
That's the first time I've had somebody talk about an FT brand
that wasn't in the FT space. And and she had literally zero
clue about she was like, oh, I've I've been talking to
someone about like these Penguins.
I was like, Oh yeah, like, what do you mean?
She's like, Oh yeah, I really like that they're on like giffy
or whatever. So it just feels as though
they're going, they're going mainstream and you just can't
really, I don't know, you just can't really downplay that that
can that can keep going. I feel like for the L, for some
of the L ones, it's kind of a bit more obvious what the, what
the top ones might be we would program Solana, but it feels
like some of the other bigger ones recently say so we or I
guess say L2, maybe even Tia. But they seem like kind of
obvious trades now. But it's at that point in the
cycle where if we keep going, I think we've already almost
decided you're you're early enough to know which ones the
winners are probably going to be.
And now it's just to see how long they're going to run.
So I don't know if there's any. I think mean Coins is a little
bit difficult to talk about because it's so transient and
like once you get that final listing, it can kind of die or
take a long time to consolidate as we've seen with like Bonk or
Pepe or any of the others. But yeah, that's what I'm going
to be looking at. I'm going to write down my top
my top five trades for this cycle, which are just obvious
and we'll probably keep going if the cycle keeps going because if
that if that happens, then then these things can still do a
5X10X whatever. I think, I think you're right on
Solana. I think I think it's shown its
hand and of the other chains, it's the one with all the
activity right now and still has plenty of air drops coming and
the the like real, real TVL. And I think you're right.
I think we're going to look back in six months or a year or
whatever and just think wow Solana, that was just so
obvious. It reminds me of like when.
It reminds you of like March 2021 when we first started
collecting NFTS on ETH and we were just like doing all this
like stuff for like coins like ERC 20s and NFTS and all this
different stuff. And we were like man, like we're
just using ETH every day. Like how is ETH still at 1200 or
whatever it was or 1100 like ETH should be like way higher than
this. And then ETH went ahead and
tripled over the next few months.
I can see something like that happening on Salina I think.
And the and the market cap of ETH then was like much higher
than the market cap of Solana now like equals what 1100 or
1200. So it was at $150 billion market
cap and Solana right now is at 42, so.
Yeah, yeah. I guess ordinals might be
another one, though. It's still a little bit early to
work out what to buy and how to buy it.
I'm looking at these. I'm looking at these puppets,
man. I keep on looking at them.
They were up yesterday. There's a good dip in them
actually, and there's a good dip like a couple of they went to.
I just didn't have the balls. I didn't have the balls to sweep
them. So I'm I'm, I'm potentially in
the Publix market. Who knows?
All right, look, I think that's, that's it for the show.
Potentially, I think. I think, yeah, look out for the
different man to drop today. I think that's going to define
short term. Short term trading for a little
bit how people do it Looks like that crypto undead's mint hasn't
really gone as planned but they may be reveal.
I think they're trying to move stuff a little bit forward like
that Krypton, Deadsmint. Where are they trading now?
Jesus, let me even have a look. Yeah 1111 Soul.
So they kind of stuck where they were.
But yeah that that they're holding on.
It feels like their volumes have definitely gone down.
Open Soul Map is is the number one project at the moment.
But yeah it feels as though that's going to define short
term sentiment. Hopefully we see pudgy Penguins
continue going continue going. It feels like they're they're on
their way to have a have a fight with with apes at around 24 or
25, doesn't it? It doesn't feel like if you own
a pudgy right now you're not selling right, like you're just
a bad guy If you're selling them all bad, bad girl, you don't.
You don't sell. You don't sell at 19 when when
the difference is only four or five.
Eight to to put apes. So yeah, let's we'll book that
for next week. All right.
Look, that's it for for today. Thank you again Ledger for for
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