Yeah, this isn't looking good. It's because I'm upstairs in the
new house and I haven't sorted the Internet up here yet, so me
hosting maybe not the best idea. Don't really know what to do
now. Fucking great.
Feels feels too far gone at this stage.
Can you? You can at least see me on the
video, right? I can see you on the video.
Yeah, you were a bit delayed to me.
And if you want to like leave the video and come back in,
maybe. Let me see if I can all right,
let me see if I can just connect to the see I I've got.
I know it Portuguese has a lot of shit, but it actually does
have good Internet. There's one thing that they
spent a lot of money doing Altis, as we know, but Altis.
Portugal exactly. Altis International.
Yeah, Altis International, that is.
Yeah, I got, I got, I got a Wi-Fi extender for upstairs and
the Wi-Fi extender for the upstairs can't deal with fast
Internet, so I had to order another one.
I think there's no audio on spaces by the way.
Do you want me to try and do it? Yeah, why don't you?
Why don't we do that? OK, so you mute and I'll unmute.
How about now can you guys, can you guys hear us on spaces?
I think so. I see like the sound bars.
I can. Hear you now.
We can hear you now. All right, that seems to have
fixed it. Apologies.
Yeah, it's a bit of a shit show over here to begin.
Still sorting out the Internet problems.
How you doing? Market is heading to 0.
Racing to zero, as they say right now.
Fucking. Can't fucking catch a break can
it? Mainly crypto like.
Crypto, yeah. It's just crypto just trading
like shit right now, isn't it? Everyone's trying to work out
what it is because stocks are higher this morning, oil is
lower. So you're sitting there just
going like, well, if it's not the Middle Eastern stuff and
stocks are rallying, then everyone just hates crypto right
now. It seems Bitcoin nearly just
touched 60K again. At least it's putting in that
was a lower high potential, lower, higher low even
potentially. So maybe that's what we bounce
off. I don't really see like that
much excessive risk taking. So right now, so, but yeah, it's
definitely waking up each day for the first time in a while
and you're like, fuck, this could be at any price right now.
You just, it could just fall out of bed.
You feel like, I don't know if you've you've got that feeling,
but the first thing I always check when I wake up at the
moment is crypto prices. It's always just like, well, I
check one crypto price and then I check another one.
But yeah, shit is shit is moving very, very quickly.
Yeah, I don't know. I don't know what's going on.
I don't know why it's trading so poorly because the rest of
traditional markets are training OK.
Apparently there's still no audience spaces.
Oh, actually your space has just got rugged completely.
Do you want me to start a space? Why don't you start space this
this can be blamed on the the wife extender in the new house.
I'm, I'm sorry, I'm sorry. I'm going to start a new space.
Got a haircut today? Oh, you did.
I just felt like too much like a homeless person walking around
so. Don't don't want to shave the
beard? You know what, I was wondering
whether I should or just. It's now longer than my hair.
I think the beard. Do you know if I enable video on
the spacer thing or not? Don't enable.
Video OK start.
Let's just do it easier. OK, cool.
All right, Space started. All right, I'll come join yours.
You see it if you're on a request, I'll hey everyone we
had to start a new space because Mando bought a Wi-Fi extender to
increase the boost of his signal up to his the top floor of his
penthouse and it doesn't quite reach there because his
penthouse is so high up so I'm now hosting the space that's.
It makes Portugal sound too good, if I'm honest.
We're not quite that. In Portugal, 100 grand buys you
a penthouse man like. I tell you not man, Portugal
house prices are like randomly very expensive, at least around
those, right? Are we?
Are we good? To go back, we're back.
Yeah, I think so. I think space is is now working.
I think video is now working. So we are we are live.
Sorry for I think this is episode 100.
I'm not 100% sure, but I didn't want to put it, but we are we
are live for episode 100 from Wow.
This is actually episode probably 500 of us doing this
Daily Show. Probably the worst for technical
difficulties so far. Obviously the rest of the team
is in Dubai right now. It's just me and OSF on today.
So kind of a more chilled show. I'd say the the classic five
things that we're looking at right now, it does feel like
crypto is volatile like it did just nearly, Bitcoin did just
nearly hit 60 K and it's rebounded all the way to 62 K,
So it's volatile around kind of the same level it looks like.
And people are fo mowing, fo mowing in and panicking out.
It feels like at each point, I think everyone thought that GCR
tweet would be the bottom. And then we've kind of tested
those bottoms two or three Times Now or twice at least.
So I don't really know what to make of it here.
I think we were just talking about maybe before the people on
on spaces could hear, but there isn't really something that I
can say that that makes sense on it today.
Like it's not like we can blame anything.
The the whole Israel, Iran thing seems to have been slightly de
escalated since the weekend. You can see that from oil.
You can see that from bond yields.
You can see it from stocks. You're seeing even stocks are
higher today. So they had been on a three day
losing streak. They're higher on yields.
They are slightly higher. Oh, like they're kind of where
they were the last two days. So this feels very crypto
specific. At the same time, I I'm not
sitting here going like there's that many warning signals here
in the market. The fear and greed index is back
to around 50. Leverage is low, it's open.
Interest is the lowest it's been basically all year.
Funding is the lowest it's basically been all year, but at
the same time, it's super volatile.
Like it just feels as though crypto could move 5 to 10% at
any at any point right now. So it just feels to me like the
fear is back and I think the fact there is no real
explanation for it is a little bit scary to me in the market.
I still think we could touch below 60 K again, as I said on
yesterday's show, but it yeah, it's it's I also don't think
we're just going to like randomly roof back to 70 K like
this feels like a period where everyone needs to get their
gahonas back. This isn't just a buy the dip
market. What?
What do you think OSF? Yeah, I agree.
Like, you know, you have what happened at the weekend and
everyone thought that was it and you expect it to bounce back.
And when it doesn't, that's when you realize you might be in for
a bit more of like a chop or a pain or a consolidation period,
whatever you want to call it really.
And if it feels like to me, maybe the short term trend is
that we go a bit lower because we've just projected breaking
out to the upside a couple a couple of Times Now.
I don't really know, like I'm not going to try and second
guess like short term price action here, but it doesn't
really feel that great from a short term perspective.
I still really bullish for the next few months and for the rest
of the year. And I think these will be good
dips to buy, but it's hard to really judge what we're in for
now for the next few weeks and months.
I don't know why crypto is underperforming equities so
much. Like equities are not even
really that much. They're a little bit lower, but
they're not really that much off the highs.
I know rates have blown out quite a lot, but, you know,
rates have been going higher the whole year and crypto hasn't
really battered an eyelid. So I don't know why crypto is
just trading so poorly. It feels like people are short.
You know, if you look at the, to me, if you look at the, yeah.
Yeah. Look at the funding numbers and
stuff and funding is so neutral or even or even negative in some
cases. It feels like me to me, people
are short and just pushing it lower in what feels like a, a
scared or a nervous market. So that's the one thing I would
say it has going for that I think is bullish that there are
shorts out there. And I think if something you,
you just see one good headline for things to turn.
But yeah, like I'm looking at funding now.
It's like 1% on Bitcoin, negative on ETH funding is -1%
on ETH, 7% on Solana, like -10% on Bitcoin cash.
It's just, it's the. It's negative on ETH.
It's negative on ETH -1.5% on ETH right now like.
I'm sharing my screen right now. I don't know, are you able to
change that? I don't think I can even does
it? Does it yeah like you can see
let's take this let's take this back to a one year trajectory.
Now this is kind of some of the lowest funding we've seen we've
got 1% funding on Bitcoin for a year.
You could find a Bitcoin on right now ETH is negative.
Solana is very small like these are very, very low numbers.
So and I don't know like maybe we if we brought up the the
liquidation map of Bitcoin yeah so like it looks like that this
is all the shorts that would be liquidated.
That's pretty wild actually like that all the shorts are kind of
clustered slightly to the upside.
So a huge amount of shorts. You can see this from this green
line right it goes much higher in terms of the short interest
than it is from the on the long interest close to here.
So that tells me that we could have a short squeeze here, but
at the same time, it feels as though any macro headline crypto
randomly feels like it's about to get punished.
I think part of that is the ETF inflows.
So if we go to if we go to Digens at the moment, one thing
that has been interesting actually over the last few days
is that some of the Bitcoin ETFs have seen literally no inflows.
Like the only thing that's seeing inflows at the moment
appears to be the appears to be the Black Rock ETF.
And so for example, on on Monday and on Friday, every single ETF
except the BlackRock ETF was was 0.
And then you just, it's really just Grayscale versus BlackRock
at the moment in terms of in terms of inflows.
And so we've had three very small outflow days, but you'd
have liked to see some dip buying you, you would predict.
And in fact, one thing that has really shocked me is that how
volatile crypto has been since the ETF has come in.
Like instead of dampening that volatility, it's actually just
massively, it feels to me like it's increased it.
I don't know. I don't know if you agree with
that, which I think kind of makes sense from the ET, like
what we saw used to see in like traditional markets with ETFs,
you know, we've spoken about how they can, they can push things
much lower in a, in a weak market and much higher in a
strong market. I think we're, we're, we're kind
of seeing that, wouldn't you agree?
Like it just feels as on the weekdays, Bitcoin can move like
1015% at the moment. Like I haven't seen that for for
like the last 18 months. Yeah, it's just Yeah.
Yeah, it just feels like feels. Feels feels like a nervous
market doesn't it just feels like a nervous market.
And I think people who are who are short realize that.
They realize they can push things around and just make the
most of wobbly hands I think. Yeah.
So the stuff that we can be bullish on obviously the the
main thing is these Hong Kong ETFs which I saw today that
people are saying could be 25 billion.
That was actually a decrypt piece 25 billion TVLI think that
would be that would be that would be a very big benefit to
the market if that that starts happening 25 billion is.
Is not a big war. Yeah, it's not small because
the. ETF guys were saying, Eric was
saying 500 mil, so that's like a massive.
He was saying that. He was saying that 25 billion is
not. There's no way that it happens.
Yeah, but he also said there was no chance that I think he's he's
they generally downplayed ETFs in other countries, but they
don't also appreciate, you know, the fact you can't buy crypto in
China. Really.
So the idea that they would then be able to access this above
board is quite a big deal. I think I, I, I would be
unsurprised if it starts push pushing towards those sort of
numbers. Yeah, look, if Chinese investors
could buy, this is how much mainland investors could
allocate as an upper limit. So I do think that's, that's
probably possible. That's the main bullishness.
Obviously we also have the halving which is happening in
just two days, right? Like it's, it's really, really
soon now. Obviously people are either
underplaying or overplaying. I think at this stage the
halving becomes a a bullish narrative for me just because
now in a period where Bitcoin's now 20% off, its off its high.
I don't know about you, but when we were at 70 + K and we were
rallying, I was like people are going to sell after the halving.
It feels like they've sold before the halving here and now
I feel like the halving could again be a a positive momentum
for the market. Burnting.
They put out a piece, but I'm seeing expects bitcoins bullish
trajectory to resume post halving reiterates 150K target.
So obviously that's a bullish piece.
But I do think that now the the halving is not a sell the news
event like I don't think people sell on that halving now.
If anything, I think it's it's going to be it's going to be
taken positively. And then the only other bullish
thing I saw today was was this huge ACC and Z fund that that
that got announced in the in the in the crypto sector.
This is the biggest fund I've seen ever.
I think in crypto right, 7.2 billion has got to be their
biggest. Yeah, that's massive.
One of their biggest funds ever but a 16's gone so well.
I think you're obviously you're. One of the lead?
Oh no, am I? What about now?
Yeah. No, you're good now.
You're good now, Yeah. I'll just shut that down.
They're leading firms alongside paradigms so that yeah, but me
it's, it's no, it's the Internet, man, it's this, it's
this Wi-Fi extender I need. I actually literally it
literally is coming today. So hopefully by tomorrow it
should be it should be fixed, but that was I think that's a
big sign for VCs that we can raise another 7.6 billion and
they'll probably be investing that heavily in in new things in
the space. So those are like the three
really bullish things I saw on a macro perspective for crypto.
It still just feels as though we're we're we're just going to
be volatile though, and I can't really put a finger on it.
One thing we have seen is that the VIX has gone a lot higher.
So the VIX, which is generally seen as stock volatility index
essentially has also gone very high.
And there's a lot of correlation actually just between crypto and
the VIX. So maybe this is what it is.
It's just crypto doesn't like macro volatility, which is what
we're seeing even though crypto, even though macro seems to be
doing OK, it's definitely gotten more volatile over the last
couple of weeks. And then people kind of tend to
worry a bit more about crypto. So that's the only thing I I
could point to because everything else, yeah, drone
Powell came out yesterday and said that like inflation is, is
stayed a little bit hard for longer, but the market been
pricing that in now for weeks. Pricing waiting for weeks.
Sorry, I think I lost you again. Yeah, it's going to be a tough
show, isn't it? Maybe I'll stop sharing my Maybe
I'll stop. Sharing my screen maybe shot.
Yeah, that's taking up too, too many resources.
Can you see me or no? I can see you.
Yeah, you're momentary momentarily freezing, but I can
see you. But you're frozen again.
Yep. It's going really well.
It's just just me speaking to myself now.
Well, this is kind of awkward. It's just me, no Mando.
And I wasn't even listening to what he was saying, so I can't
even continue the conversation. I think he was talking about
interest rates in macro, which have gone a lot, lot higher in
the last few days. Part of the reason for that is
the inflation data. The other.
OK, cool. The other part of the reason for
that is I think Japan is like the one of the largest or if not
the largest holder of U.S. Treasuries and they're having to
sell that to buy yen in order to protect their currency for some
weird reason. So that I think caused the
massive spike in Treasury yields yesterday.
And it seems like that's also that sell program is ongoing
right now and it's been going on for quite some time this year as
well. So that's another thing that I
think is exacerbating the movement in US interest rates,
which is maybe the reason why oil's not really high and is
maybe the reason why stocks aren't really moving because
it's more of a technical reason rather than a fundamental
reason. But obviously, we've had the
inflation data, etcetera, which is coming in higher than
expected on, on multiple pretty much every single occasion this
year as well. There were some comments from
Jerome Powell yesterday as well. And I think at the beginning of
this year, I think there was some hope for interest rate cuts
and the commentary from the Fed was a bit more dovish.
His comments yesterday were definitely I think were a little
bit of AU turn. I think it's going back to what
he said for most of last year, which is inflation hasn't moved
lower as quickly as they had hoped and that they would have
to keep interest rates at these or they were able to keep
interest rates at these levels for as long as they needed to
until interest, until inflation comes lower.
So it's kind of we're kind of moving back towards that higher
for longer narrative. Welcome back.
Yeah, I was just well done, man. Well done.
Thanks. Yeah, I'm really, I'm really
proud of myself. A round.
Of applause for that. That was, yeah.
The Internet should be good down here.
Yeah, you're good, You're good here.
You're you're a little bit quiet, but.
Yeah, because I'm having I, I have to take off all the
broadcast and stuff. Yeah, yeah, yeah, that's right.
Just speak loudly I guess. Yeah, so, and then what's been
going on in in like spoiler coins, I think I saw the main
thing I saw yesterday was that Coinbase wallet is now going to
be integrating with Solana, right?
Which I think is going to be quite a big deal for if, you
know, they they're doing this smart wallet as well.
And everyone was debating whether they're going to be able
to trade soul meme coins and now it looks like.
That's going to be a real possibility because Coinbase
wallet is integrated for on chain Solana trading.
So that I think that could be a big deal.
It does feel like mean coins is still where the action is, but
most things have still been hammered right?
Like most most mean coins right now are just like waiting for
some stability in in Bitcoin or in or in or in Solana or in E.
Yeah, they're just, I mean, I'm surprised at how well they've
held up. Like some, for example, at WIF
is to the 2.2, is it 2.52 point 4?
So it's that $2.4 billion market cap, which is still massive.
Like if I was, if I really was bearish on crypto right now, I'd
be shorting the fuck out of like meme coins and stuff like WIF,
which is that crazy high market caps.
But I'm not bearish on it. And I think that stuff will go
high. But yeah, it's, it's, it's a bit
interesting to see this massive. I mean, ether's below 3K right
now, right? Like it's interesting to see
this big pull back and seeing meme coins hold up so well.
And I think it just means one of two things.
It means either shit really hits the fan and meme coins just get
crushed. And I hope that doesn't happen,
but it's a possibility. Or when we bounce back, because
meme coins have been so strong, we will see like some crazy,
crazy strength and a crazy another crazy run of meme coins
across the board, which I think is maybe a scenario that people
are a bit more happy with, obviously, But maybe can, you
know, think it's a bit more of a realistic possibility, But
either could happen. Like meme coins are just at this
like these levels right now with like ETH blow 3K and like
multiple mean coins and multi billion done market caps on
those kind of stuff like it's at a point of inflection.
It's going to go one way or the other.
It's not going to stay at these levels for a while.
And so I think if we don't see a meaningful balance in crypto
from here, I, I as a big, big bag hold of a lot of mean coins,
I would start to get a little bit worried about them here, I
think. Some old coins are never coming
back. Like they look like they're
never coming back. And that's the same with some of
these meme coins, right? Like I looked at some of the old
coin charts. I'm just like, what is it going
to take for some of these to come back?
Like particularly some of the older ones that kind of had a
little bit of a rally and then they just kind of like fade.
They've just now faded away, like all of the gains that we
had. And so for some of them, that
was a lot, you know, to even get them up to higher levels.
And now that it's like it's completely gone for so many of
these these like ecosystem coins or L twos or D5, like I just I
don't know what the fuck it takes right?
Like it's it really does feel as though you the comments are
hilarious on this. By the way, I love, I love what
Chad Myers like a proud parent watching his kid talk his
Christmas show. I was like, I don't know what to
do here, so just. I think everyone was proud of
you at that stage. You know, you weren't clearly,
you clearly weren't listening. I was going in and out.
I was not listening at all. I was going in and out of of
signal and we just had to rely on you.
We felt like you've hosted the show once by yourself actually.
And like everyone said, you completely crushed it.
And then you've never really done.
It that was a long time ago. That was like almost two years
ago when I had to do it by myself.
Yeah. But I do think that if you're
sitting there on some old coin bag or mean coin bag and you're
like you're waiting for the like Solana to save you.
I'm not sure it will. I don't know if I know that's
tough to hear, right. But like, oh, you know, I'll
sell this thing which is down 40% because I'll wait for Ethel
Bitcoin or Solana to rally and then my thing will go up 10X.
If your thing has gone up 10X and then it's dropped 60% on
this, I don't think it goes back to that 10X.
Even if Bitcoin goes back to 72 K, like I think there'll
probably be a bounce if Bitcoin like rallies again on a lot of
this stuff, but don't expect it to go back to all time high.
I think a lot of these altcoins, I think a lot of altcoins and a
lot of mean coins have put in their potentially their yearly
high in in the in the last month.
I don't know if you would agree with that OSF, that's maybe
quite a bearish take, but I look at some of these and just go
like, I don't know who's buying that on.
On this. On this bounce, like the things
that I'm buying right now is Solana like because I feel like
you can go back, but like a lot of alt coins, a lot of mean
coins. I'm just like, Oh yeah, that was
probably it's that was probably it's cycle high.
That was probably at least it's yearly high Bitcoin goes to like
3K like maybe all bets are off but does feel like that.
Yeah. I think, I mean, there's a
there's a large chunk of the OT coin market, which maybe were
like things that had pre, not pre sales, but like people could
invest in and, and now in their vesting periods and stuff that
just constantly have cell pressure like every week or
month or whatever it is or every day in some cases.
And I just think that stuff will always underperform the market.
Like, you know, if Bitcoin moves 20%, some random altcoin will
probably be higher, but that altcoin may only be like 10%
higher or 15% higher, which is just stupid.
Like risk adjusted. Why would you not want to own
Bitcoin if it's the thing that's outperforming or even matching
the performance of an altcoin? And there, yeah, I think that
does describe a large part of the market and it always will
do. Yeah, and that's a good point.
I'm more bullish on meme coins than I am on all coins, even on
this bounce, because the tokenomics of all those altcoins
are just horrific, right? Like to even get them up to
those levels was tough. And then now they've still got
to have all the supply all the time.
So yeah, it doesn't. It still feels bad for the
altcoin market. I'm way more bullish on on meme
coins, even even for those bounces.
But at the same time, I think you've got to you got to
appreciate that some of this stuff that ran up to like 304
hundred million as an altcoin. I don't know if Bitcoin goes
back to 72 K, if that goes up to 300 to 400 million again, like
like it's it's a tough it's still tough to imagine.
Like money runs back like a lot, a lot of the yeah, it's just
it's just that's what I was just thinking this morning.
Like what are we supposed to do now?
Like just sit and pray or just. Dude, I, I wake up every day, I
douche do shit for the duck. That's that's where I'm, that's
where I'm, I'm putting my my efforts.
But I think you got to wait for you got to wait for Bitcoin at
least to go back to like high 60s and then hopefully then you
see Solana bounce back. The the other thing interesting
thing about Solana is that some of these air drops, I don't
think you saw, but like parcel and forget what the other one
was Sharkify. I think it was they haven't done
that. Well, like the parcel FTV was
like 40 million and Sharkify was like 500 million.
So some of that AirDrop story, you know, that was like really,
really strong in January, you know, oh, we're going to AirDrop
something for and even even the concept around blast we talked
about yesterday, like because so many altcoins have been
destroyed in this move, suddenly these airdrops don't look as
attractive as they did. Like if you were going to get D5
AirDrop and or get some L2 AirDrop or, or some AI AirDrop
and all those coins are down like 60%, then suddenly the the
concept of that goes down a little bit.
So I'm super, super, super bullish on some.
I couldn't be more bullish on it's long term future, but I I
can imagine this is a period where people have to work out
what the next big driver is. I think the next big driver is
probably fire dancer. And I think some of the story
around the airdrops probably subsides across the market here,
right? Because just because the
valuations for other altcoins is down so much and I think the
meme coin cycle will come back pretty strong.
But it it it it just needs it just needs some stability to
come back to it. But yeah, I think we're all
sitting on our hands. We're hoping that Bitcoin
doesn't completely nuke here, which increasingly is looking
like it could. It could easily hit 5859 again.
And then on that bounce, on that bounce, I'm buying Solana, I'm
buying Bitcoin, and I'm probably buying a few meme coins,
including the duck. Yeah, that's about it.
What do you, what do you think? What are you?
What are you buying on the bounce?
I definitely want to buy more. I don't I'm not, I like to be
concentrated in my positions because I think in a bull
market, just like the whole market goes up.
So I'm not right trying to like switch around between different
coins and stuff to like generate alpha.
So like I kind of like pick my horses for the cycle and for me
that's whiff. Like I just think it's the mean
coin that seems to have the best backing, the one that I think
has a good chance of like getting to ship doge levels.
So I think that's the thing. And it's also like I'm really
bullish on Solana so this year. And I think that's also like
kind of like a levered, levered play on Seoul as well.
So I would just buy that. I think that's the one if that
goes, I think if that goes below 2 again, which is not far away
from now, I would start putting some money back into that and
just average down. But yeah, I don't know.
I mean, yeah, I don't know what to do right now.
Like it's, yeah, I think just watch basically.
And then if if things go low bid, I think that's the best
move. But it's just frustrating to sit
here and just watch things like go low every day, I think.
With this a good example actually, and Pepe as well, like
I actually think those could both double on a bounce.
Like I genuinely think they could both hit all time high
very easily. If I own like Lync or if I owned
optimism or, you know, a bunch of these like more crowded, but
still strong altcoin plays. I just don't think they're going
back to also like to near all time high even on a bounce in
even on a bounce in in in ETH or Bitcoin or or Sol.
So that's a good example. You you're not bullish on the
duck. Is that?
Is that going to be? Your I would also buy more duck.
Yeah, I definitely would would buy more duck if it dropped, but
the duck hasn't provided me with a dip to we've.
Got bit chat listing today. Bit chat listing.
That's what I was. Doing.
Yeah, well, it just hasn't really.
It's been up every single day, hasn't really dipped.
So had. A bit of a dip today.
Yeah, I guess it's it's, yeah, it's off the highs of yesterday,
I guess. But it's pretty incredible.
It's like the only thing that's up.
Yeah, the what, what do you, what do you think about Solana
though? Now like as I just described,
we've been super bullish on Solana on the show.
And then now the AirDrop thing is kind of looking a little bit
weaker. Meme coins as a sector are
looking a little bit weaker. Do do you think that can go back
to 200 soon or do you think it's going to be, it's going to take
some time now? I think it can.
I think it can and I think it will.
I don't think that narrative is finished or over.
I don't think the meme coin cycle is finished or over.
I think it's pretty clear that that's where the casino is the
cycle. And just like how the NFT market
in 2021 would have its peaks and troughs, I think the mean coin
market will have the same thing and it will happen predominantly
on Solana. You'll have spots of activity in
things like bass and perhaps even blast and you know, other
areas. But Solana is still by far the
cheapest to use and provided the lock chain is up and running and
not crashing and, and all that kind of stuff, it's also
potentially so the fastest to use as well.
So I just think that we'll have another season again, I don't
think that's going to go away and I think it will be more
sustained. And I think that will end up
being pretty bullish for Seoul. Like I just think it's there's
too much that's happened this year where it's shown it's hand
too much. I think where it's going to be
very tough to fade it. But you need a bigger, you need
a, you need a bigger market rally.
I think if a bigger market rally, I think Seoul will do
really well. But let's Seoul versus Bitcoin,
Seoul versus E. They all look like pretty good
entry points to me now. You see that everyone's now
talking about ruins as well. Like I think I've seen every
single major market commentator that that was going from Solana
to talking about base season is now talking about ruins season.
Ruins is the is the token protocol coming out on Bitcoin.
It's going to be coming out in on 4/20, right?
I think in three days everyone's saying, you know, this is the
100 X bit of this cycle and some, I think Franklin Templeton
came out and said it, pretty much everyone is being like this
super bullish. We've already seen part of that,
like part of the rally and a lot of these ordinals has been
because of all the ruins air drops they're going to get.
Interestingly, I saw Beanie come out yesterday and said, look, I
don't think it's going to be that big a deal.
He said, look, I think Bitcoin Maxis are Bitcoin Maxis.
They don't really like shit coining.
They don't really like buying anything that isn't Bitcoin.
What do you think about that? Yeah, I think that's true for
Bitcoin Max's, but I think there's also a cohort of Bitcoin
holders who understand that there needs to be more to
Bitcoin than just Bitcoin itself in order to compete with other
chains. And I think that was the lesson
from ETH in 2021. So I think it's something that
we'll have a lot of support behind it.
I think you will see a lot of people DJ ING on it.
It's not just like, oh, hey, here's this new thing on an L2,
random L2 or whatever. Like it's Bitcoin.
It's like the OG thing. It's a big thing and you've seen
it's for me, to me that like that market will be an extension
of ordinals. Like I think there's, there is
some good art and stuff in ordinals, but I think very few
people are buying and speculating on ordinals because
they're in it for the art or they like it.
They're they're speculating it on it as a basic for Bitcoin or
as a levered play on Bitcoin. And so if you have ruined,
there's another version of that that potentially is more liquid
and easy to trade. Just like how we've seen tension
shift from NFTS on ETH to meme coins on ETH and now meme coins
and soul. By that logic, I think, you
know, stuff could be pretty pretty pretty interesting there,
I think. Yeah, and I think people feel
like they've already missed a lot of this shit already.
They're like, oh, you know, I've already missed it.
I saw a really good table. I forget who posted it.
I think it was maybe even Clemente or PL. or something
like that from the the Nifty Show, who put all the
collections, all the ordinals collections in ETH.
And like the highest ordinals collection is actually just like
a ETH. It's really not that high.
Like we're nowhere near the the ETH highs for NFTS that we saw
in the last cycle. You know, like board apes hit.
450 grand. Like punks hit similar right?
Like we are the top ordinals collection in terms of price is
like 30 grand. Is it roughly?
Yeah, we are like nowhere near that.
Like, no, monkeys are 25 grand and how much is a puppet these
days? So like, yeah, 2020 grand.
So people feel like they've missed it because they've missed
the first bit of this move. But if if this does become a big
thing, you know, if ruins does take off and Bitcoin Maxis
decide they're going to get rid of, you know, get part wave some
of their Bitcoin, you know, if you get to 450 grand, it's still
a 20X still a still a still a big move.
So I don't think it's 100 X because I think I agree with
Beanie to an extent is that like Bitcoin, there's a huge bit of
that Bitcoin TBL, which is just like we own Bitcoin because it's
gold. We don't own Bitcoin for like
for utility. We own it because we don't ever
want to part ways of Bitcoin. It's the hardest asset in the
world. At the same time, I do think
those could, you could easily see six figure ordinals, which
is like a A5 to 10X from here. So I think and then that'll be
the same to some of these runes. I also think that there's a lot
of grifting going on in that market and there's a lot of
assumptions that suddenly, you know, you launch something on
runes and it's going to immediately go to hundreds of
millions. The highest I've ever seen for
like a Bitcoin token was Audi, which went to I think over a
billion, like a 1.5 billion. And then it's quickly gone back
to basically 500 million or less.
So I'd be wary of just like I own ruins, I'm going to be a
millionaire because I think it's still very, it's very nascent
and liquidity can flow out of these things very, very quickly.
And they can, they can drop like an absolute stone when it does
like it's really like we pump this bit and then we move on to
the next bit. So I I'd just be wary about it
like a lot of just like when everyone said base season and
base season did last for like 2 weeks and then all the mean
coins basically went to zero. Just be aware that like this
narrative is going to isn't just like a given.
Like it does require a lot for it to keep going.
And I don't think you're just immediately going to be a
millionaire for your own ruins. So like, be careful.
Yeah, I just don't. I just don't know where to
start. Like what would you buy?
Well, the easiest thing to buy is things like puppets or or no
monkeys or like pizza ninjas or OMB, because then you get some
of this stuff for free. But getting stuff for free
doesn't mean you necessarily get value with it.
So I agree it's just something to be aware of that pups token,
you know, like the the one related to the puppets like that
has been one of the more popular plays.
There's like a liquid play. I don't know where that is
today. I saw, I saw like it rallied a
little bit. Let me have a look.
Let me see if I can find it. I would say that that's probably
the the easiest one. But at the same time, like
that's down 50% in in a week. So you've got to be aware, like
if you're buying into it, like an answer narrative, don't
immediately assume you're going to be a millionaire.
These things are volatile, even if it's good.
And I'm not saying that he gives bad calls or anything like that.
But like this isn't be prepared for like this narrative to rug
you and you you have to be a, you know, a community member
slash long term believer, because ordinals doesn't just
immediately mean profit, I would say.