Yo-yo, yo, what up, what up, what up.
Good morning, good morning GMGM. It is another beautiful day to
have a beautiful day here today folks.
Welcome to episode 140 of FOMO Hour.
Today is Tuesday, June 18th, 2024.
All right, now for the Froak impressions.
As you can tell, Froak is out today.
Neither Froak or Mando are able to join us here on FOMO Hour.
They're out gallivanting around Europe as we speak, enjoying the
EUR. I'm getting Froak actually in
bad pain. He's got this too thick
situation and he's getting prepared for a huge week of
events out there. So we wish him a good recovery
here today. Rest up for you King.
But with with broke out the lucky trader boys are taken
over. I'm joined today by Logan
Hitchcock. He is our Editor in Chief over a
lucky trader. Folks.
If you're not familiar, I think I could count on one hand the
number of people who have been following the NFT market and
this brought our crypto markets as closely as this guy has over
the last three, 3 1/2 years. So excited to get into it with
them here today. Logan, Jim, how you doing?
Hey, good morning, Tyler. I'm doing well aside from
refreshing the prices, which doesn't make you feel too great.
I'm I'm happy to be here, excited to chat with you about
all the things that are going on.
Yeah, that was your first mistake.
Checking prices was the the wrong thing to do this morning.
But unfortunately some of us have had to check those prices.
We will go through that. It is a a bloody day to to say
the least. We will see if we can find some
optimism out there for you all folks.
So what are we talking about on deck for today?
We're still going to run through a quicker daily market report.
I'll, I'll do my Mando impression there.
We've got Biden. He's attending the Bitcoin round
conference round table here coming up in Washington, DC in
July, Coinbase debuted their pre launch markets starting with
that eigen token with some perps trading happening over there.
Tether, they dropped a new stable coin tied to gold.
That was an interesting one. We've got GameStop stock
plummeting yesterday as a shareholder meeting really had
no mentions of roaring Kitty. It feels like that saga is over
and it's it's rough for that. GME token on Solana down 30%,
which is basically how much all the tokens are down over on
Solana and broader meme markets. Then we had this Trump token.
Absolute chaos. We will go deep into the Trump
token situation. We've got a hot new dog coin in
the meme markets with Billy and then Theorem NFTS.
We will spend a few minutes talking about our good old
friends in the NFT market. It is a certainly a bloody
morning for NFT enthusiasts. Folks before we dive in, want to
give a shout out to our monthly partners.
So first show is powered by Moon Pay to buy and sell crypto with
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Also a reminder to listen for the Intercellar code.
We will be drawing a winner live at the end of the show.
You'll have to go sign up at points dot intercellar dot IO
and enter that code to be eligible.
So make sure to to jump through those hoops.
It'll be worth it. I think we've got some nice
prizes on deck here for today with that that that's my intro.
Logan, Are you ready for us to jump in here?
Yeah, let's jump right in. All right.
Well, I'll kick us off with the the market report here.
Let me see if I can get my my screen share going just for a
second. Let's see where are we here we
are all right, we got the the screen share going.
I'm going to walk us through some crypto prices, folks yeah a
a little bit rough. So we've got Bitcoin 64,560.
It's down 1% here on the day, E down 3 1/2 percent, 3380.
Solana down seven percent, 133 not looking so great.
And as we get down into the alts, a lot of the alts are down
1011%. So a VAX down 10 percent, 2566
unit swap down 14%, Polygon MATIC down 10%.
Let me see, I was looking at arbitrary optimism here this
morning. Yeah, so optimism down about 12%
here, $0.77 similar story with optimism down 12%.
And folks that the meme majors, it's a pretty similar story over
there for them. So Doge down 11% at 11 cents.
We've got Pepe down 11% now with down even more.
Oh shit, I didn't see this down below 2 bucks.
So let's see that dollar 95 down 17%.
That's as low as as I can remember seeing it in quite some
time. Bonk down 13%, the DOG token
over on Bitcoin down 13% as well.
So I think that the story is pretty much clear what's
happening in the markets today. I think partially part of the
driver ETF flows. We we talked on the show last
week. So what's going to happen when
the ETF flows flip negative? We were on an absolute heater
into what through June 7th, I think we had 18 days of positive
inflows in a row, even though at the end of that it became a
little bit more obvious these were delta neutral trades.
So we couldn't get too, you know, overconfident about it.
But then in the last six days things have flipped back red.
If you add this up, seeing what 260 nearly 500 nearly so about
700 million in outflows in the last six business days.
So that that's certainly not great to see.
And even Sailor with the $700 million bid at at the table on
Bitcoin doesn't seem to to be enough here to to be saving the,
the, the markets. So I mean, I'll, I'll tell you,
I mean, how are you feeling about all this?
Were you prepared? Are you surprised?
Still feel OK. You know, again, this is this is
painful price action the last few days, especially after what
was it? I think it maybe last Tuesday
where we had that brief spike, very, very brief spike of
excitement and and price action from the from the morning, which
was pretty quickly squashed later that afternoon.
And it's felt like a little bit of pain since that time.
One of the things that was really interesting is you had
pulled up though, you know, despite the pain I saw on the
coin market cap fear and greed index was neutral.
Surprising to me. It feels like we would be
approaching fear at this point. But maybe I'm misreading
sentiment from, from my own personal timeline.
But I'm still feeling OK. Like I said, I'm trying to zoom
out as as best as I possibly can and I feel like I'm doing an OK
job of that emotionally. I'm not, you know, I'm not over
trading, I'm not leveraged trading, doing anything crazy
like that. Still, you know, adhering to my
silly simple Coinbase dollar cost averages and sort of
letting myself zoom out yesterday's morning minute
newsletter that you you shared with some of the Coinbase
optimism, no pun intended there, not not mentioning the but some
of the Coinbase like the future optimism.
It's so difficult for us to zoom out, you know, in in thoughts of
years, but I'm trying my best to do so when the price goes down
like this. Yeah, and I want to come back to
that because I do want to give the some people the the optimism
and the hope out there today. And I don't think enough people
are talking about some of the takeaways from that Coinbase
Summit. It was a pretty big deal last
week. Shout out to Yano for all the
work he did kind of putting his notes out there.
But I guess the reading the timeline, Logan like this this
weekend, it was terrible. And then I yesterday and in
today, it feels even worse. Why does it feel so much worse
this time? Is it because everyone was in
the, the, the meme markets and we were touting the meme coin
super cycle for the last three months and now they're all down
50 percent, 60% from all time highs.
Is that why it's worse? Because Bitcoin is 10% of all
time highs here. Stocks are at all time highs.
So broader markets are doing just fine.
So why? I, I think that some of it is
that, you know, if you're a, a risk trader like, you know, many
of us are, you're seeing stocks go up.
There's typically been that correlation that, you know, as
stocks rip this, you know, is, is going to lead to crypto
ripping as well. So I think that disconnect is
painful as well as just the TS. I think, you know, we, we put so
much stock in the fact that new all time highs, you know, huge,
huge inflows, all of these types of things would lead towards
higher Bitcoin price sooner rather than later.
And we just haven't gotten it in that tease from last week.
Super painful. And you know, there's there's
just not much else happening, you know, aside from price
action talk. I know we spent some time
talking about it. There's not much else to talk
about and so I think we just lead ourselves towards cycling
when when there isn't anything else going on, or at least if it
feels like there's not much else going on, I think we lead
ourselves cycling towards whatever's happening with the
price of Bitcoin. Whatever's happening with the
price of our coins leads ourselves to feeling really bad
if it's really bad and it's been really bad, and feeling really
good if it's really good and we just haven't had too many of the
really good days recently. Yeah, it feels that way.
We were so close the end of March.
I remember I was on vacation in Florida and with like doubled
that week. That's when it hit $4.80 near
the very end of March. And that's what that's, that's
when everyone was like in general, they're, they're saying
their, their target portfolio goals, maybe a 50% move away,
maybe just a 2X away from some real substantial numbers.
And it felt like we were so close and it felt very real for,
for a lot of folks who were, who were trading that sector of the
market. And then it has kind of been
down only with some some glimpses of hope.
And now it feels like a lot of that hope is gone.
So we had Don all and he's been a notorious bear on the timeline
here, antagonizing the whiff crowd, antagonizing some other
crowds. You know, he had an interesting
post. I thought he was basically
calling out, he's pointing to the GME saga, the GameStop saga,
and, and basically saying it was a let down that, you know, when
you never really saw the fireworks roaring Kitty.
He's, he's got his stocks now, but it doesn't seem like much
else is happening. And, and we're not really seeing
a crazy parabolic move. And and he's saying that's kind
of a sign that there isn't as much dumb money out there this
cycle as there was in 2021. And it's it's just a bad sign
for memes in general. So I'm curious for your thoughts
on that. Do you think memes are in in
broader trouble now? Is the GME saga like the Canary
in the coal mine that there isn't as much dumb money as we
thought? Did we go to left curve?
What are your thoughts on this look?
That's an interesting perspective and I, I can
actually, I can see that or how you would draw that conclusion,
right, that this just hasn't LED itself to the, the same level of
reverberation that we saw with dumb money in, in 2021, if you
want to call it dumb money. I'm not particularly concerned
about the meme market overall. You know, it's an expansive
market. It does feel like the winners
are shrinking, but I think we all expected that to a certain
degree, did we not? I mean, we, we've been calling
for a select handful of coins to be the, the real winners that
extend themselves into that five $10 billion range.
You know, did we get a little over our laurels with, with too
many coins running up at the same time?
Maybe I'm not overly concerned. I still feel OK about some of
those top, you know, top top coins.
Pepe it, it, it is a little jarring to see whiff under 2,
but I, I, I wouldn't be too concerned about those overall.
And then does that make me feel better about all those cat coins
that might be running to a billion?
Probably not. No, I don't feel super great
about those. Yeah, that's where I was going
next is, is what does this mean for like the newer tokens?
Like do you think they have lower shelf lives, they have
lower ceilings now than they perhaps did just, you know, a
few weeks back? So Billy is is one that that
comes to mind. We saw just a parabolic run up
in its first day. The thing reached 5060 million.
I mean, it looks like it it wicked past 70 million.
You know, we're feeling great. Is this the new billion dollar
dog coin now you know, it's starting to come back down to
earth. It's pulled back 50% from from
peak at at 27,000,000. Do you think new tokens like
Billy have a shot in this market or is is this kind of where
they're that they're destined to run?
We can see go up to 50 to 100 bucks.
Can be hard to get past that. It does feel like there's a
barrier there, a, a very clear barrier that you have to, you
have to push through if you're going to be an actual winner.
And we haven't seen any of these, we haven't seen any of
these push through. I, I do think there's room for
a, a winner or two, you know, the, the Pepe, the Shiba Floki,
like those types of tokens, you know, that's what two or three
pretty clear winners from the last cycle.
You know, I, I think we can see something similar.
Do we have that count at present time?
Like probably not just yet. So I, I think, I think we could
see, I don't necessarily think that Billy is the one, although
very cute dog. So it's, it's tough to, you
know, it's tough to just, you know, push that, push that out
of the way. There's just like a lot that has
to go right. Like I, I think you, you really
felt it with, with like, you know, the, the meme, the
community behind it, the like, kind of just the time and place
in the market. Like all those things really
need to come together. You have to like find a perfect
confluence of events to push a meme, you know, to the levels
that it did. I I think we need to somehow
find that level of storm again. If you're going to see one of
these new tokens push beyond, I mean one of those and and not
the segue for you, Tyler, but like the DJT type stuff.
I mean that would be like the confluence of events you need,
right? You kind of have the celeb meta,
you have the election stuff, you have meme coins, you have trump.
Like that's the perfect storm. That's the number of ingredients
that are probably required to really push something.
I don't know that you just get there with a meme right now.
You know, I I personally don't think you do.
I don't think we've seen that from any one particular meme
outside of with this cycle, right, Any new any new meme?
Have we anything that's front up that high?
I don't I don't think so. I mean I don't think it counts.
Boom, really boom. I don't think it counted.
It didn't get of course, to width levels.
But I mean, there's you need, you need more than just I think
you need more than just the meme, despite, you know, them
being labeled as meme coins. Well, you know, perhaps that is
a good say and we can just start talking about the what is the,
the big story of the day. I, I wasn't sure if this was
going to be a, a real story that everyone really ran with it.
So I'm going to, I'm going to walk us through this whole
Donald Trump launching a meme coin saga.
So we saw absolute chaos break out in the meme coin market
yesterday evening after reports that a Trump backed meme coin,
DJT, had launched with the help of Baron Trump.
Now, about 12-14 hours later, it's still very unclear how real
any of this is, but the question is, does that even matter?
So what happened at 6:00 PM Eastern last night?
Pirate Wires posted the following I'm quoting.
Per conversations, Trump is launching an official token DJT
on Solana. Baron Spearheadach Pirate Wires
Editor in Chief Mike Solana then replied with a contract address
pointing to the DJ token on Solana.
This news spread like wildfire. Very several notable notable
figures reposting this, some asking if it was real or if a
hack had taken place, while others just simply mark it about
the token which began to soar. It went up 150% in the first
hour or so after the news broke. Then it fell, then it soared
overnight. It reached about 375,000,000 at
peak, went back to 250 million. Now it's closing in on 300
million again. So now I think the question
still is out there, is this real or not the factors at play that
made me a little bit suspicious and raised my guard, especially
after the whole Hulk Hogan situation that played out last
week. 1 Mike Solano replying with the contact address to a
new story that doesn't really feel typical for like an editor
in chief to do. The fact that this token has
existed since May. It's not a new token.
It's not a new launch. That surprised me.
Bubble maps came in, they waited on the this conversation saying
that the single cluster held 67% of the tokens and then the
funding wallets pulled from Kukorn.
Kukorn which is blocked for US residents.
So that combination of factors plus this this general stealth
style launch LED many, myself included, to believe this could
not possibly be a a real Trump token.
But again, doesn't matter, the market is at least responding
here in the short term. Tokens at $300 million and it is
destroyed the rest of the Trump tokens out there in the market.
So the Trump token on ETH down 30% to 335,000,000.
Mega down 8 percent, 78,000,000 this morning, trimped down 40%
to 56 million. Bowden down 25% to 75,000,000.
So there's some serious impacts to this in in the broader polyfi
market, whether or this is whether or not this is actually
the real Trump token or not. I guess, Logie, there's a lot to
unpack in the situation. First question for you, is this,
what was this the real? Is this really a Donald Trump
toker? Man, I think the jury is still
out. I only know, you know, for a for
a variety of reasons, my skepticism alarm was immediately
raised. I posted in a group chat that we
have like, there's no way this is real.
Like this is this has to be a hack.
But you know, over the course of time, don't you think we would
have found out in some other way if Mike Solana, he would have
from some other account, right? He would have said, hey, this
isn't me, whatever. Those things haven't come out.
And in fact, I think he still sent tweets.
I don't know how what the most recent tweet is, but you know,
he sent additional tweets on top of just that first one.
It's wild. I mean, there's there's just so
much at play here. And I'm not, of course, I'm not
the the guy that knows anything about the law or, you know, very
clear not there is a lot of clarity regarding regulatory
issues. But like this just seems like
something that like, why would Trump get himself involved here?
Seems like a lot of potential conflicts of interest with, you
know, a looming campaign, a major campaign in an election
later this year. I don't really know.
But if it's Baron, you know, like a silly teenage kid or
whatever that that wants to do something with his friends.
Yeah, maybe, maybe it could be a a real thing.
I still lean. I still lean that it's not.
It's been a wild story nonetheless.
It happened to be one that I saw pretty quickly, but I actually
saw the tweet from Joe McCann. I don't know if you know Joe
McCann. I saw his tweet about it and all
I did Tyler and I don't, I don't recommend this in any way.
But as silly as it is, like all I did was go to text screen or
type in DJT and I bought the first thing that I saw and I
didn't care if it was real or not, which is again, horrible
precedent. It goes against everything that
I've been working for for the last three years, right?
I spent so much of my time trying to work on finding
objective, factual information. But with meme coins, like it
doesn't seem to matter, right? If it, if it's going to gather
attention again, I, I don't condone that, you know, but it
wasn't even the real DJT. It wasn't the one that Mike was
posting about. It was that Trump technologies
one, which just adds additional levels to the absurdity of all
this. There's like 100 DJT tokens now.
Yeah, it it was very hard to find like unless you had the the
mix Solana contract editor. So it was hard to find the right
one. I think what else I mean, what
what makes this more intriguing? And so Mike Salah keeps doubling
down on this, right? So like he he came out, he
posted last night and I'm quoting getting a lot of inbound
here. No, didn't speak with Trump
directly. Assume this was clear.
Also assume he could rug pull or pivot say it's not true.
Just reporting what I know via sources and then he kind of goes
on to say he he's tired of reporting on anything crypto
related after the the backlash, but he's doubling down.
Like Joe McCann. I think he posted a video of
himself trying to prove that he wasn't hacked.
You know, Celkis who goes by the handle 2 bit idiot.
He was saying that he's been in circles where he feels like
there's a 50% chance that this is real and there is a team tied
to the president who has launched a token.
Even Mando, I think tweeted something about him hearing in
circles that this is that there's a Trump, or at least
it's been talked about. I feel like I saw a tweet like
that. Maybe I'm maybe I'm just
dreaming it up since I'm sitting in the chair.
But too many, too many coincidental things there,
Tyler, you know, like, like I said, I mean, the fact that that
Mike is doubling down and there has not been a tweet from some
other account. The tweets have not been
deleted. There hasn't been an immediate
retraction of, OK, this is very clearly false.
It's just it makes it really difficult.
But all those other things, the token being created long ago,
the cluster maps or bubble maps stuff, you know, those are the
ones where it's like is OK, I can see a token being real.
Is this the real token? Who knows?
And then you to your point to begin the show, the opening
here, does it matter if it's the real one or not?
Like the market may have decided not to say that, you know, if
Trump came out, of course, and you know, and said, or, you
know, somebody close to him came out and said, no, this is the
real token. You know, we, we would see, just
like we saw the exodus and all those other meme coins, you
know, to this one. We we would see AI think a mass
sell off in a a, you know, just a massive inflow into whatever
coin is deemed to be the real one.
Yeah, that's the concern. So I think it doesn't matter for
like the the hyper short term, but if Trump does come out or
someone on his team does come out and say, you know, there we
do have token plans, but it's not this one and this one nukes
and then beep. I mean, probably all the others
nuke as well. So I guess were you surprised
that all of the other Trump tokens just immediately fell off
a Cliff in the aftermath? Because that was clearly one of
the the biggest impacts of all of this.
Yeah, no, I was surprised because I felt like after a
certain period of time, the market was coming to the
realization that since we hadn't had any other additional
clarification that it wasn't real.
You know, like that was my expectation.
And actually that's the way that I, I played this as well was I
very quickly realized it like something doesn't seem up here.
And so I sold, you know, and I bought the wrong one anyway,
Full disclosure. So like it didn't matter for me
in particular, but that's the way I, I think I was always
going to play this if I found out that like there was not
another confirmation, another level of confirmation from some
other source. And that's the way I expected
others to play it. It's like, OK, you know, this
was a, we got really excited. You know, you had the chance to
be super early to something, but now we don't know that it's
real. So like, it'll cool down, right?
We'll we'll wait for something else.
Yeah. And those other tokens, like
they don't rely on Trump in any way, right?
They didn't, they don't need anything to be real or fake or
whatever. They sort of already exist and
have created their whatever, I mean, their communities and
beyond. So it it is, it is surprising,
but it it showcases an interesting precedent, Tyler,
for if and when you have celeb coin type stuff, political coin
type stuff. I mean, if it ever becomes real,
I mean, this is precedent that showcases that, you know, if
Trump launches one, if Biden's not going to launch one.
But if he did right or any of these people launch one,
actually, the others are in trouble and you should flock to
the real one, you know, most likely.
So interesting precedent to see. But then it did surprise me.
Yeah, I think all the the Trump related polyphy tokens are
absolutely cooked. I think they might already be
cooked. I think they are kind of just
drawing dead now into just the non 0 probability that Trump is
going to launch his own token, which is just such a which is
such a risk. And I guess are you prepared?
Are you prepared for the scenario where let's say this
Friday, Logan Trump comes up and says we are launching a token
and it's called Donald Trump on Solana.
Are you prepared for the chaos that's going to play out in the
market? And Friday I should check my
Friday schedule. No, I, I don't think I am
prepared. It's one of those situations,
again, not financial advice, of course, but like if you're early
to seeing Trump validate a token in some way, it's a full jam
situation. Like, you know, within reason,
of course, right. Like maybe not your, your entire
Solana stack, but like if you have a, a meme coin stack
sitting aside, like it would be very difficult not to just Chuck
it in there. If he, if he's going to stand
behind something for real. I'm not, I'm I'm not prepared at
present time. No, I I'm not.
And also too, I mean, just the the ripple effects.
It is something that, you know, we're just talking about with
his coins in particular. But think about the the
potential, you know, this would be suck from I think every meme
coin. That would be my guess, yeah.
So I'm in Group chats where folks were, were saying last
night, they're going to sell everything, all the Solana meme
coins they've got and just load up and be ready in case Trump
does launch a token. Because like I, as you mentioned
it, it's, it's the the easiest shove all in play that that we
could imagine. We've already seen how high
these can go and that that's happening against this backdrop
where the memes are already going down so much anyways.
And it doesn't feel like, hey, guys, I'm, I'm holding my core
positions through all this and it is very painful, but I, I'd
be lying if I didn't say like, it feels like a time to take
some of this off and then, you know, perhaps buy back and lower
or just rotate to Seoul Bitcoin majors.
Anyway. So it's this confluence of
events where I, I think that this is partially why that we're
seeing some of the stuff. And there's a whole lot of
reasons like the whole Bitcoin going down the market going
down, lack of confidence in the memes sled meta going off the
rails, pumped up fun launching a million tokens a month.
All this is is tying together. It's seemingly kind of coming to
a head here. I don't know I I've got some
some concerns about how it would play out and I guess I'm not
ready self self rating myself, but I haven't really sold
anything. I haven't built much of A liquid
position to to really go after this.
So I meant to do some thinking, but does that jibe with you or
or any other final thoughts on this before we move on looking?
Yeah. I mean, I was just loading up
off to the side here. Some of those token prices like
MOTHER down to 75 million, some of these other things.
Again, so many variables at play.
But, you know, if you really have any level of conviction and
hearing it from people like, you know, Celkis or like, you know,
like I said, I think Mando tweeted about it that there's
actual consideration for a token, whether it be last
night's or not. Boy, yeah, it does give great
pause to the bags that I I hold right now.
And I'm not holding a lot of memes.
I have like a Popcap bag and like, you know, some other ones
that you feel OK going to bed and like, you probably don't
wake up at 0 type memes. But yeah, I mean, it gives a lot
of pause. It, it makes me want to after
the show, you know, sit down and think about what way do I need
to be prepared if I'm on the golf course on a Friday
afternoon and token drop, You know, like I, I'm, you don't.
Want to be on a golf course when this drops?
Unless you've got your mobile wallet really loaded up.
Right. I, I'm, I'm like horrendously
underprepared both from an operational standpoint, you
know, to be secure and maybe touching grass.
I wore my Wimbledon hat cause grass court tennis season, so
lots of grass touching, at least in this household right now.
I'm not, I'm not prepared and it's going to be, it's going to
be difficult, but you might have a like just an incredible
opportunity if you, if you get to it, if it's real, if it's
early, you know, we can only dream of a scenario like that,
to be honest. But I already know that, you
know, should that scenario come to fruition, I am likely not the
winner. I'm likely.
That's another painful angle of all this like DJT no one really
got in less than like 50 million.
So like this this. I feel like the scenarios of
like the width where you could actually buy into like a 50K
market cap meme or 100K more sub than one million.
I feel like those days are just like behind us.
Like it just feels so, so hard for the average market
participant who's not sniping, you know, dozens per day to get
in there. I think that that perhaps is
taking some of the fun out of this as well, at least some of
the upside. Well, I want to switch gears.
I want to talk Ethan FTS because we have to.
It's it's it's one of the biggest stories, you know,
running around yesterday. Let me try to pull up Blur here
while while we talk about this. But yesterday the big news CBB
#1 Blur farmer, he's got 45% of season three points, so he's
just dominating. He has more points than the next
two through 50 farmers on Blur. He announced that he is pulling
the bids. He has enough points for season
three and he's going to take a few weeks off.
He also announced they took a $4.5 million loss on his
farming, so he is betting that he's going to have make more
than that. His blur points will be worth
more than the 4.5 million he lost farming.
We can already see the impacts to the board.
So Pudgy Penguins down 17 percent 8.3.
Board Apes down 14% at 9 while they're below 98.
That's the that's the lowest I can recall seeing them.
Mutant Apes down 11% at 1.6, let's see captains at three that
that's kind of bend the floor for them.
We'll see how they handle Azuki at 3.3, down 90%.
So that the list goes on it. It is certainly a bloody morning
here for the NF TS. I think Pudgy specifically have
been catching a lot of the flag slash news because the Ben Dow
oracles weren't updating properly.
And apparently there's like 100 to 200 Pudgy's which are now at
liquidation risk. And there's the whole like lone
liquidation cascade. So it it's a rough set up here
for these ETH NF TS. I guess there's, there's a bit
more to unpack with all this and blast incentives and what all
this means, but low, I guess reactions here this morning.
How how low can we go? How much lower are some of these
top NF TS going to go over on ETH?
Some are some are definitely going lower.
I was struggling as you're reading not anything you did
Tyler, but just looking at what stands out here, Milady and
redacted Emilio's up 10% and 16% respectively on the seven day
just hilariously counterculture. This is something that in many
ways we've been kind of hoping for.
I know it sounds odd to say this, that you know that like
hoping for this level of pain. But you know, for so long now it
has been these conversations about the farmers and, you know,
the impact on the market and the end of Blur season three and the
end of farming. And would it be actually the end
of incentives towards bidding, You know, on Ethan FTS we've
kind of asked for like, let's just rip the Band-Aid off.
And it seems like CBB has sort of, you know, if not all the
way, at least, you know, probably ripped up to the little
actual bandage part, right? The first little flap on that
Band-Aid he's pulled up for us. And we'll see what Pac-Man does
with the rest. So no, I mean, I, I don't know
what to say or feel like I don't necessarily feel any pain.
I'm not holding big bags of any of these at this point in time.
I haven't even really been looking to acquire any of these
at present time said. I think yesterday to you
offline, like the doodles price was becoming attractive to me.
I don't know how badly they got hit.
I can't even scroll through it on my own but like. 1.29.
I still, I still need to see more pain before I'm I'm ready.
Like there's a cycle. It's more of like a
psychological number, I think for me, like where I'd be ready
to buy back in and I'm I'm just not there yet.
And some of these have just completely culturally, at least
for me, left my my sphere of existence entirely.
Like I, you know, I don't ever care to own a board API club at
this point in time. Sorry.
Despite how iconic of everything they are, it's not where I'm
gonna go. So yeah, man, pain.
Loki's numb to it. Loki's is numb to the pain.
Here, here, folks. I, I've got a lot of thoughts.
I think there's going to be some buying opportunities.
You know, you called out doodles.
I, I do think pudgy's still, and I know I'm a little biased.
I'm rocking the pudgy PFP. Like once the, the dust settles,
once the lone cascades, you know, all, all play out, you
know, if these things hit six or seven again, I think they're, I
think they're a buy at that number, especially if the mean
market is cooler. Like that's been one of the huge
opportunity costs, right, of buying NFTS is that the gains
and returns are so much stronger elsewhere.
And I think that the mean market's not going away.
It's not going anywhere. But if it's a little less
interesting here for the summer, then I think that's a potential
positive point for the NFTS. You know, we, we've got some of
the farmers kind of victory lapping and saying, oh, ha, ha,
ha, look, you, you've, you've hated us for farmers.
Now the liquidity's gone here. Here's what you got left and a
few reactions to that one. They're not even down more than
the the alts in mean points. So everything's down 10% today.
So it's not even necessarily that this might just happen
anyway, to be honest with how the markets played out.
So they're not even down that much.
Of course, there's some outliers on the board here.
And then, like, without getting into the whole argument and
salmon stats, he was all into it here this morning.
But entities basically stopped being viable as soon as these
blur incentives came into play. And it has been shuffled back
and forth for for so long. And now that their appeal, their
luster is largely gone. So it's going to be a rebuild.
So like there's not going to be this inflection point where, OK,
all the farmers are gone now let's rush in and buy these like
that. That's not how I I think it's
going to play out. I think that is a good trigger
or good catalyst, like once the farmer bags are actually gone
and we return to somewhat level of organic buying, I think
that's good. But there still needs to be
reasons to buy these. And that's that's what's been
missing. The FOMO aspect has has been
gone because there's no FOMO when prices are down only.
So we're going to need to see the FOMO ratch up and hopefully
incentives gone, which I guess takes me to my next question is,
is what what do you think's coming at blast tge?
Is Pac-Man finally going to pivot away from Ethan Mt trading
incentives? Or do you think there's still
going to be something lingering? Oh boy.
You know what I think? I don't think he can remove them
entirely if you do. So you're sort of like, I don't
know, signaling the death of blur.
Maybe not entirely, maybe that's a bit dramatic or drastic, but
he he can't remove them entirely.
I mean, this is still a, a major market, relatively speaking,
right? This is, this is still a, a
major market. So I, I don't think they're gone
entirely. I do think they're diminished.
I think they will be refined. I don't know what that means,
you know, like in, in terms of the actual incentives for the
farmers. We don't still really know how
Blur and Blast are going to really play together, do we?
At least not to to my knowledge. So there's like a there's a lot
of variables at play here. You know, I think CBB made the
right move. You have about a week left,
right. Just kind of let your chips pull
them off the table Now let some things rest.
I saw he was going to be taking some time to touch some grass
and still reimplement a strategy.
And I would imagine that Pac-Man would have been talking to the
person or the team that is doing like 40% of the points or
whatever, right? About what season, about what
this next season looks like. And we already know from a tweet
that I sent you this morning that that CB said loans will go
back out to some of the mid tier collections.
Just nothing you go related. So that is sort of me.
Maybe I'm reading between the tea leaves there a little bit.
But like that's that's me suspecting that there will still
be incentives, still be reason to give and provide liquidity.
I think it's going to be different.
And I'm excited to see in a in a like a cautiously optimistic
way, excited to see, you know, what it actually looks like and
maybe end some of this argument about farmers are the worst
farmers killed NFTS or signal farmers killed NFTS one way or
the other, hopefully have an answer, although I I doubt we
actually will any finality in that argument.
Well, that's interesting. So you're pointing to him
pivoting to lending as a sign that there at least may be some
lending incentives on blur and that very well may be the the
case. So I'll, I'll read the tweet.
This is from CBB After a blast TG and a few weeks of touching
grass, we will deploy a new strategy to provide medium term
loans in a tea collection such as Pudgy Milady Remilio not
touching anything related to you collapse.
So yeah, you you basically said it for us.
I mean, this is kind of what Cyrus did right after Cyrus made
all his money in 20/21/22 and two flipping in a tease lending
and and lending can be very profitable, right?
So like, and I think he did it without the incentives being the
driver, like without points being the driver.
Like he he did it to to be able to earn the yield on AZ and then
to, you know, if on defaults, usually being able to flip with
the spread. And of course, you know, he got
stuck with some. But overall I think it's been a
very profitable strategy for him.
So that could be part of what's playing out here.
So who knows? I'm with you.
I don't know that we're going to see blur incentives go totally
away. Of course he has to incentivize
and there's more blur tokens coming.
Hopefully they are different. I do want to compare this to the
runes board, so it it's not just Ethan and teasers are down.
Puppets are down 16%, they're at .11.
Bitcoin node Monkeys are down 9% at .189.
That's the lowest I can remember them.
Let's see pizza entries. Pizza entries are down 4% OMB,
down 4%, point 235. Quantum cats, basically.
Even so, again, there was no liquidity pulled from the
Bitcoin NFT market and they're down effectively the same
numbers that we saw on Eve so that this could even be a
broader market trend. And just quickly, folks, it
looks like we've got the code. If you haven't seen this, if
you're not in the stream FOMO hour 3 for Intercellar, we will
be doing that Intercellar giveaway here in just a few
minutes. So so make sure to to jot that
down points dot intercellar dot IO to redeem and enter that
giveaway. So check that out again.
We'll get there in just a few minutes.
But Logan talking through this thing, I'm not even I'm not even
sold that it, it's the farmer liquidity pool that's driving
this down. Like I I think it's, it's just
the broader markets, right? Like, I mean, you can't draw any
specific conclusions because there's so many play, but I mean
seeing pop down the same and I've got this quickly.
The PUPS token is at $78,000,007.80 and some of us,
myself included are are at risk of round tripping almost the
whole thing. I bought at 3 all all the way to
90. I did sell a chunk at 60 on the
way down and now it's it's literally approaching 3 again.
And even at 15 I was still so like confident because I was up
5X and now it's at 780 a 150% on a bag that was a 30X and I
thought we had I thought I learned the lessons in 2021.
Apparently not. So I, I think a lot of us are
going to have to sit down and kind of think about how we want
to approach the rest of this year and, and perhaps this the
the rest of the cycle, because I don't think it's ending.
I see Mario, Mario Nafal is running a spaces right now.
Is the crypto bull market over? So I guess what's you know, kind
of pulling it back high level to to round out our conversation
here is the crypto bull market over Logie.
I sure in the hell hope not. If so, I mean, I know if you if
you zoom out right, like what Bitcoin 150 percent or something
over the last year, you know, that feels pretty bull
marketing, but it just never had the same zip, you know, as what
we saw from like a 2021 cycle. And people much, much smarter
than I am, people that trade, you know, much more actively and
you know, are drawing the lines on the charts suggest that
there's potentially more room to run.
I'm going to, I'm going to side with them, whether it be copium
or, you know, again, just kind of tailing smart people.
I, I think that's the lane I want to be in.
And nobody wants to be a bear. I, I know you have that great
intro here, Tyler, when you come on the full bears gonna bash
some bears. Yeah, You know, I, I hope that's
the case. Let's let them have their time
in the sun. I'm an optimist at heart as
well. So I, I don't think it's over.
If it is, it was very much a whimper, at least in my opinion.
And I, I think we need some fireworks and we and we just
haven't really gotten them yet. At least I I wouldn't say we've
gotten fireworks yet, and I still fully expect we will.
I'm with you though, like in hindsight, like was BONE
fireworks Bone hit what, 2 billion in a few days?
Like whatever happens in hindsight, it will be obvious,
but I want to leave our listeners with some hope.
I'm here today. So for my Monday newsletter, I
did round up some of the big takeaways from the Coinbase
Summit. There were several thought
leaders, leaders from financial markets, from crypto
institutions and ETS gathered together last week for the state
of crypto. Coinbase hosted and I shared
about 15 to 20 takeaways from that.
I'm not going to go through all of them.
The the big ones that stood out to me.
One is, is there is this, this great wealth shift that is
happening, $70 trillion transferring generations from
the baby boomers to the younger generations.
And I do believe that there are signs that the younger
generation doesn't want their parents bags and there are new
hot markets, whether that's NVIDIA, whether that's AI,
whether that's crypto that they're going to want to invest
in. And I and I think crypto will
certainly be a, a healthy recipient of that.
I think the biggest take away from the ETF side is it looks
like the buying hasn't really started yet.
And what they're pointing to and when we've talked about this
before logi is the, the bankers haven't started pushing it yet.
So like the, the individual bankers and Morgan Stanley at
UBS haven't really started pitching Bitcoin and perhaps the
Ethereum ETS if they come in July to their clients yet in any
real way. So retail hasn't really shown up
yet. And I think there was some
perhaps thought that that was who was driving the ETF boom
that we've seen so far. But it turns out that that's
likely not the case. I think that the biggest risk
still on the board is the regulatory problem in the the
US. And it seems like there's still
some major players on the sidelines not willing to enter
until there is more clarity, it seems like.
I mean, who knows if this is posturing or not, but crypto
clearly becoming a more political issue here in this
election cycle. The Trump administration
seemingly very pro cryptos. We will see if we get more
clarity with them. We've seen the resignations from
the SEC, the SEC starting to crumble a bit here.
And then Ethereum seems to be a massive winner for tokenization.
It seems like the the writing is on the wall.
ETH will win for tokenization over permission block chains.
So like when when you take this all into account, I don't know.
I don't know how you can be bearish and we've got folks
standing up and saying as soon as we have regulatory clarity,
as soon as these bankers are pushing this, we're going to see
calls for crypto being 1 to 2% of portfolios to five to 10%.
And that is massive when you're talking about all the four O 1
KS and investment plans across the the US.
So again, like the markets are red today, but you know, my God,
just just zoom out a little bit, think about the big picture here
and the opportunity. It's so hard to do it though,
because we're here every single day, right?
It's very, very difficult to do. I I think very similar to this
Tyler, which was great to read very optimistic bullet points.
OSFI think had a tweet last week that walked through all the
positive headlines And you know, if you're, if you're looking at
fundamentals in any way, shape or form, it is so difficult to
be bearish. But of course, this market
fundamentals just like they're so detached, you know, as we say
here and talk about coins like Billy and DJT, right?
They're just a a wild place to exist.
But yeah, here's to here's to things going up.
I'm all for that.