All right, well folks, we may not do a full on stream today.
A few of the Co hosts are in transit unable to join this
morning. So we might just do another solo
space. It worked out well last time.
So we'll we'll just run with this and if folks are able to
join us, we will pull them in. So let's kick things off.
Good morning GM Welcome to another episode of FOMO Hour.
Today is Wednesday, May 14th, 2025 folks.
ETH is the story of the day. ETH outperforming after a huge
run and it looks like it might have its first whale buyer that
I can remember saying. So the question is ETH season
actually here? I think we're about to find out.
We're going to break it down on today's show.
We've got a lot to talk about. I want to talk about ETH
outperformance. I want to talk about the ETF
inflows finally slowing down Tether buying big Bitcoin for 21
capital. We've got this abstract TGE
coming Q4. It's NFTS are live on open C.
We got the far coin on hyper liquid.
It's about to flip Bitcoin in volume.
We've got this believe app continuing to dominate the
Solana ecosystem. Punks on the move on the back of
the the acquisition news, this surprised Ethos AirDrop, which
is nice little stimulus for for the power users over there and
might chat a little bit about that.
These meme wars between let's bonk and pump fun, which
seemingly came to a head last night for those who are in the
trenches and still paying attention.
Before we dig into the news, shout out to Wallet Connect.
Wallet Connect is the connectivity network shaping the
future of Onshen UX. If you've connected to a Web 3
app, you've seen Wallet Connect that blue logo, it's everywhere
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checkout. If you want to learn more,
follow at Walt connect on X and Telegram and stay ahead of
what's next. All right so that's our intro.
Let's just dig right in. I'll start us off with just a
rundown of the big news and headlines from the day, and then
we'll dive into some of these stories.
So for starters, crypto majors are green ETH leading the way.
So Bitcoin one O36 right now ETH up two percent 2600 hit 2700.
Understand folks, that was a nice number to see XR PS up 2%
Solana up three percent 178 right now a few the leading alts
radio up 16% on the back of these meme wars that walrus
token up 11% Ena up 11% as well. In macro headlines, we had black
rocks IBIT Bitcoin ETF broke its twenty day streak of inflows
coming in flat on Monday. Those ETF inflows have been
quite low here this week Tether purchased 4800 Bitcoin.
It's $459 million worth to see the treasury of 21 capital that
new Jack Mahler's Bitcoin focus company set to go public via
spec with Cantor Equity Partners Robin Hood.
We got this news yesterday morning.
They acquired Wonderfi, the the largest crypto company in Canada
for $180 million. Vanek.
They launched B Bill as their first tokenized treasury fund on
ETH. This Fidelity spokesman, this
was an interesting speech. I shared the clip on Twitter.
I encourage folks to go read it or go watch it.
He said he's giving a speech to to these companies and saying
that if they're not returning more than 65% on their invested
capital, they should just be buying Bitcoin.
So Fidelity really ramping up the rhetoric on their side.
This Abraxas Capital Management has bought $500 million worth of
ETH in the past week. So they might be the one of the
single biggest drivers of this upwards ETH price action.
So that caught me off guard. And then some breaking news this
morning before the show. JP Morgan has settled their
first public tokenized transaction.
So big news on the institution side and in that tokenization
space in token AirDrop and protocol news.
A lot of headlines here folks. Abstract head Lukanets teased Q4
for that that ABS token launch and TGE on a stream yesterday,
so no formal dates but it looks like it will be Q4.
The believe app generated 3 and a half $1,000,000 in fees on the
day that's more than pump fun. Kaido kicked off the partnership
with virtuals virtuals sing a nice little uptick in mindshare.
It looks like they also had a nice launch here this morning
with that AXR token preps. Talk about that in a bit.
Solana published a 26 page paper on tokenized equities outlining
whether you're nuclear qualified to be the blockchain of choice.
Hyper Liquid added Bartcoin spot and see an AI and memes.
Coinbase is adding encrypted messaging following AI agent,
allowing AI agent communication for its Coinbase wallet.
That was the major story in AI. Most of the AI players were
pretty much even on the day a little bit of a mixed board meme
coin leaders were green all up about 3 to 5% that launched coin
token up about 50% here 217 million.
That ecosystem soaring to about 400%.
Though a lot of the recent runners has been mixed action.
We saw some move up Goon Coin B Screener and Ora were some of
the top movers, though I think they're pulling back a bit this
morning. Crypto punks 47 1/2 feet floor.
They hit 100 and $8000 yesterday after the news of this
acquisition by the Infinite Node Foundation.
Those Ordinals Bitcoin MTS folks, they're green again.
One of the strongest weeks we've seen over from Ordinals.
Abstract MTS went live on Open C and they caught some love.
Most of that board was green. Those surprisingly and much to
my chagrin, those Dremelios are one of the only Mt collections
on abstract and ret on the day, Riffic and all.
Sold out his project Biome Lumina in 25 minutes yesterday,
1000 pieces, 5 KA pop $5,000,000 raise in 25 minutes.
Those are at a 3.15 a floor, so anyone who minted was up nicely
on that as well. And then the surprise of the day
was from Ethos. They air dropped 256 Ethos
validator entities to their top contributors, which opened up at
a 2 1/2 a floor. I think they're even higher now.
I think I saw reports there around 2.9.
Yeah, 2.85 ETH floor, so quite, quite the open there for Ethos.
So that's the roundup there. There's a lot, I mean, there's a
lot of like little pieces of news on the day.
Maybe I'll start with that last one, maybe work my way back a
little bit. So like the Ethos AirDrop, I
think caught a lot of folks off guard.
Basically they airdropped all of their top contributors, 256
folks who have been interacting on a daily basis with Ethos
leaving reviews, earning those XP points.
They each got these validator NFTS airdropped.
I think very similar to that the Kaido model that we saw and I
think that's the the obvious comparison here.
So I think folks are looking those Kaido Genesis NFTS went to
a 10 eighth floor at peak ahead of that token launching at a $1
billion market cap. Now, of course, it's closer to 2
billion FTV and I think folks perhaps think maybe Ethos can,
can have that kind of success. I'll be, I'll admit I'm a little
surprised that these things opened up so high.
So there's 256 Kaido had 1000, right?
So, so basically at a 2 1/2 feet floor, you're projecting out the
same market cap FTV as Kaido had.
I love Ethos. I, I, I respect what they're
doing over there. I don't know that I see a $1
billion token upside for that Ethos token.
So I mean, if you're collecting the NFT because you like the
art, I think that that is always a, a fine way to go about it.
But if you're buying it based on future token hopes, I think you
got to run the numbers on where you think this thing's going to
open up that. So I don't know.
I'm a seller at 2 1/2 feet, but I would be down because these
things are already grinding up from there.
Perhaps this, the low supply, low cell pressure is what's
driving this early action. In a teaser just all over the
board yesterday. I mean, it really does feel like
we're seeing some momentum. I mentioned the Ordinals, not a
whole lot to say there, but they continue to grind up riffic and
all looks somewhat flying under the radar.
I think the folks in the art circles were all over this one.
I think some of that the alpha communities as well.
I didn't see it a whole lot on my timeline if I'm being honest,
but perhaps because I'm a little bit more geared and some of the
token trading side at this point in time.
But I mean, huge win for anyone who got in the Met.
I think it minted for a little less than two ETH, so at $5000.
So anyone who minted got a quick 40% went on that.
As I understand they're not going to reveal for quite some
time. I think they kind of they came
with Prince as well. So Riffic continues to to leave
his mark and be one of the PICO top digital artists in this
space. Rounding out the NFT talk.
I was a little bit, I thought we would see a pomp on these
abstract NFTS on the news that they were live on Open C.
It's pretty much a double farm at this point.
So if you're trading abstract NFTS, you can get the abstract
XP. Now you can you can try to
potentially get some of that open CXP as well.
We see a little bit of, I'm looking at the board right now,
it's actually kind of mixed. Captain Company up 11%, OCH
Weapons up 18%, OCH Heroes up 4%.
Point 3, they're the leaders. Dreamilio's flat on the day at
.135. So I don't know, I'd say a
little disappointing. I would have expected a bit more
of a pump on that news, but abstract kind of ran into the
weekend last week. Maybe it's gearing up for a
similar run here this weekend. So I think definitely stay
tuned. And that was a that was still a
big unlock for the abstract ecosystem.
Well, you know, T chatter, I was about to say that we're done,
but no, we got to talk about punks quickly.
We, we, we did 20 minutes on yesterday's show kind of
reacting to the news. I don't think we need to rehash
that, but the TLDR, the Node Foundation acquired crypto punks
from Yuga Labs. We we did see from now media
reporting that this was a $20 million acquisition of that IP.
So we didn't know the dollar amount yesterday.
So that does seem to be the news.
And then of course, Luca came in with his little splashy comment
that he would have paid 75,000,000.
So it's, it's unclear kind of what kind of a it, it doesn't
seem like you would put this out to bid by any means.
They just, they had a select group of the, the right type of
buyer who they would want to potentially sell this IP to.
They didn't want to sell it to another company.
I think Gordon Donald came out and said and the Node Foundation
does seem like pretty much the the perfect fit.
I thought stats had a fairly interesting write up in reaction
to this one. I'm I'm looking for I'm going to
read it here as soon as I can find it.
Where is this at? Well, maybe I'm not going to be
able to find it, but he was basically saying that he finds
the IP very oh, here it is. The IP is almost impossible to
monetize. I don't see how anyone would pay
much for it. Even 20 million feels hefty.
You go acquired them for more but of course they got the 420
points, 420 punks along with it. No, did not get the punks.
Then they got 5. They're able to hand select.
So that was not really a part of the financial transaction here.
He's saying anyone who's raised money or done deals knows one
rule very clearly. People saying they would buy
something. People actually writing checks
are very different and given criticism they received as a
corporate owning something people would want held by a non
profit this buyer makes the most sense.
So I would tend to agree a pretty strong take there from
from stats. I wasn't sure what to expect
with respect to market action yesterday.
I have to be honest, my personal FOMO ratcheted up a notch on on
punks. And I do think again, this was
the the best case outcome. The floor is super thin.
I'm looking at it right now. There's four rows to 55.
That's 48 punks to a 5580, four, $140,000.
The four is 124,000 USD right now.
We've got a lot of bullish tailwinds for ETH and it's an
attractive play. I don't think it's going to take
much to really see this this floor really start to move.
I wouldn't be surprised if this thing double S in the next
perhaps this summer. To be honest, running into
200,250 thousand would would not shock me.
So I've already been starting to think like how can I make a move
to perhaps get another punk here?
Of course, that's a lofty, lofty trade at such a high valuation
and not a whole lot of super aesthetic ones on the floor.
So if you really want an aesthetic 1, you got you got to
really pay up these days. But something to shoot for and I
think it will be it will continue to be a good trade.
I think these will certainly end the year higher than where they
are right now. At least that's my that's my
current view. Let's see, maybe let's pull back
to broader crypto kind of went straight into NFT.
We don't usually do that. We usually end the show with
that, but there's there's a lot of relevant still have an action
there to touch on. I think on the majors board, it
looks like we are selling off a bit here this morning, but I
mean bitcoins one O 3 two ETH 2560.
The ETH outperformance is clearly the story right now.
ETH is up 40% on the week, Bitcoins up 6%.
What was eye opening to me as I saw this morning from Beach X
report actually was the first person I saw really talking
about it. This Abraxas Capital Management
has bought $500 million worth of ETH in the last week or so, but
it's unclear exactly what their motives are.
So this is a london-based asset manager.
I saw Sasil, he's a long term equal was talking about this,
but it looks like this perhaps is a delta neutral trade.
I'm seeing other reports that they're short Bitcoin ETH and
Seoul long ETH here and perhaps raking in fees.
So I think this is perhaps a little bit too early to start
thinking like, oh, this is a company who's actually trying to
acquire ETH. This might be more of a trade
situation. But that is that one did jump
out to me. All right, looks like we have
Mando requesting in the space here.
So love to have him on Mando. Jim, how you doing?
I'm doing great. How are you?
Doing well. Love to have you on.
I, I just, I kind of went straight into just a run out of
the headlines, then chatted some NFTS for a bit.
I was actually just pulling back to, to broader markets.
So might be a a good time just to kind of to to tag you in and
kind of curious for your for your thoughts here on on markets
Wednesday, middle of the week. We've had a good few.
We've had a good few days, I think in, in broader macro, a
lot of big runs in various different stock indices.
We had a slightly softer CPI figure yesterday.
So we ended up up again on stocks.
Looks like we're going to give back some of that today.
So which I think is kind of natural given that it's been,
it's been a nice little run. I there was there's very little
like macro news other than Trump's now in the Middle East
and seemingly doing a bunch of deals out there.
But but crypto has been slightly underperforming.
I think macro and there's two reasons for that mainly.
The first one is gold. Gold is down another 2% today.
So I continue to think, you know, that's had a very good
correlation with with Bitcoin and Bitcoin.
That kind of means that we've been kind of stagnant and
haven't followed stocks higher. We've just, we've actually
really just tread water really 103 K on, on Bitcoin is where
we've been for the last few days.
So yeah, it feels like we're not rallying with stocks.
We're more just like following, following gold ether
outperforming. We were kind of, I wouldn't say
super early to that, but definitely has been a trend here
and it seems strong, right? Like I think the main thing here
is just Ether's now returned to being deflationary and that's
quite a big narrative, quite a big shift.
I think people's perception of it as a store of value.
So that's a decent, even though obviously activity is still
dominated on Solana. We've seen a lot of the casino
stuff come back to Solana with these Internet capital markets
coins. It feels as though that as a
narrative is quite strong for Ether as the L1 Eve Peter.
Also like we said, it's not doing like incredible that
that's for certain. So like it had, it had a decent
move at the start, but it's been ETH rather than ETH beta.
You haven't seen big moves higher in Pepe or Mog or or many
of the other like classic beta coins.
They're kind of also unchanged over the last few days despite
ETH continuing, continuing to go high.
And I think it's going to be interesting to see if that
shifts. You know, a lot of people never
want to own the L1. They want to get some more juice
to it, but it feels as though at the moment the juice is really
in the L1. So let's see, let's see if that
continues too. This week.
I we have a bit more economic data.
I think PPI is maybe coming out, but but yesterday's was the big
figure in terms of CPI. So nothing should really derail
it rail us now other than that we've seen bond yields continue
to go higher, which I think is a little bit worrying like the
we're at multi decade highs again in bond yields the 10
years back to 4 1/2%. Part of that is I think people
selling bonds and going back into stocks and part of that is
maybe like rejudging the recession trade a bit.
I think the moving rate was perhaps indicative that they
thought we're going to go into a recession and suddenly now
people are lowering their estimates of a recession.
So, but 4 1/2 percent on tenure isn't, isn't a great situation.
That's all I would say. It's definitely not doesn't
improve the situation that they've been trying to do, which
is lower the budget and and cut costs like every nought .1% that
goes up that becomes very expensive.
So that's that's I think the only real worry here on on
everyone's radar and a bit a bit of like gold was a crowded
trade, Everyone was in it. And you're clearly seeing some
profit taking in the gold trade. Like it went parabolic right as
got for gold, it went parabolic. It doesn't really move like
this. So there's been a little bit of
profit taking, I think, and people saying, oh, that trade
might be done in short term. So that may affect Bitcoin, you
know, for a little bit longer than we than we think it it it
will, yeah, I think. But nothing that I'm really that
scared about other than market looks a little bit stretching
equities and and gold going lower.
A lot of the sensational stuff seemingly has been alleviated
since the weekend with the talks with China.
There was some clear rotation happening from from gold,
Bitcoin back to equities at the start of this week.
I mean, gold selling off the the ETF inflows have like kind of
come to a stop. So like we we are we're on this
massive streak. In fact, black rocks, I bet stop
their twenty day streak of of inflows.
They came in flat on Monday, which resulted in a a net
outflow of 90 million in in yesterday's numbers, which is
the lowest, lowest total, lowest net total, highest number of
outflows we've seen in a few weeks here.
So a bit of a course change there, but also on the back of
what was a pretty massive leg up.
I do think it's interesting, I think part of the crypto bull
case, at least part of the narrative, right when it was
decoupling from stocks was stocks weren't as investable.
So does that make Bitcoin look more appetizing?
But now stocks are investable again.
Yeah, that, that's it. We can't say that Bitcoins are
safe haven asset And then when the market rise again, we say,
oh, we're like tech stocks. I think it's had far more of a
correlation with gold than it has with stocks, Bitcoin at
least and it's difficult for alts to really run if Bitcoins
not not bowing as well. So what you saw there, I think
today is just been a little bit of profit taking and some of the
stuff that's gone crazy over the last few days.
And I would be unsurprised if we have a little bit more profit
taking. But but I do think that this
little altcoin season may last another 2-3 weeks.
Let's go that way. Yeah, it feels like it's got a
little bit more juice in it. And I mean ETH does feel like
it's got some real momentum here.
I. I I think ETH is the thing that
will drive it higher. I, I, I, I feel pretty, I'm
pretty confident in the call that Heath will go to 3K here
just just on, just on that narrative around it being
ultrasound money again, interestingly, the Ultrasound
money website, I think sync is still down, but, but you have to
find it from other sources. But yeah, it is deflationary.
It's burning like 100 to 400 ETH a day at the moment.
Man, what what a catalyst it's going to be when that website
comes back online. That's what I'm thinking.
I'm like when this thing goes back up, everyone's going to
have a screenshot of it. Oh yeah I used to always
engagement farm the ultrasound money screenshot when when ETH
was burning. Maybe that's the trade.
Maybe that's what bankers are doing right now.
That is, that is loading up on the ETH until they turn back on
the website. Incredible.
I think 3K feels like a very reasonable and approachable
target here. I mean, especially with some of
these daily moves we've seen. I mean it basically 10% from
where it was yesterday, 15% from here I guess.
Yeah. I mean, personally, I think it
can go to 4K, but but it won't go to 4K straight away.
You know, straight line. But but I do think it's got some
this. No one we spoke about.
You want to buy something when if it starts rallying, everyone
wants to buy. This is the first time I feel
like ether started to rally and everyone's like, oh, crap, like
have I No, no, I feel like it feels underwritten to me.
That's that's that's my general sense on it.
And so that that means it normally can even overshoot on a
on a candle. Do you know, it absolutely feels
that way. And I feel like so many folks
are kind of came in in that 2021 era and we were all holding ETH,
right? Because when we were using it to
trade in our TS and and whatnot. But I feel like we always had
exposure to ETH and then it became super unpopular.
And now it's like you, you watch it pump and you're like, shit,
like I don't want to be sidelined for that.
That's it so and I think that will set off like once that once
that happens again, you'll probably see, you know, alts
continue to trade drunk because generally that's what happens
when it starts to run. But I yeah, I think that
continues like I think I think E got got another at least couple
legs in this run. Here's a question.
So back in 2021, I think the way the ETH NFT relationship played
out was when ETH was running, NFTS would typically flat or
declining and then when ETH was kind of start to consolidate,
that's when we would see NFTS really start to take off.
Is there a correlation with ETH memes and ETH beta here in 2025?
Or perhaps your pepes, Your mogs chill while ETH runs and then
they move later. That that's what I think and
that's what I said on the show the other day, like I'm not I
think risk adjusted ETH is going to outperform and even like non
risk adjusted, it may all the way into like 3K and then I
think and then I think you you see like Pepe double, you know,
like that. That's generally what happens.
But I think people don't I think it means weirdly aren't under
owned like maybe a couple of them, like when they start to
move, it's like, oh God, I've got to own mog because it can go
so much higher. I've got to own Pepe, but they
don't feel as under owned as ETH itself.
So I think it's ETH that will move and then and then yeah,
naturally if, if ETH beaters have not performed well, then
people will go into them. But the first leg here, I think
it's on the is, is on ETH and then and then we see what
happens with the beaters. The other big topic I think from
the day, I think you mentioned it a little bit in your report
is this Believe app and Launch Coin and we talked about it a
bit on yesterday's show. Before you join, I'm curious,
OK, have you been, have you been following this?
Have you had a chance to dig in at all any thoughts or reactions
on Launch Coin and kind of what might be happening over here?
I. Took a quite a bit of a look at
it yesterday morning and I decided it was just, it was just
a method that people were going to pump and there was very
little to it. If you want to actually find
Internet capital markets, a real one, I would say wrecked is the
real one. If you want to sit like we
that's actually a company with a flywheel for the token and a
bunch of people who on the NFT got got equity that that
Internet capital markets, These all just seem like, I don't
know, they seem fast and loose with the term, let's put it that
way. I think that's very fair and
it's a very fair assessment. I guess is there I'm trying to
to paint bull case and in bear case.
Is there a scenario where some of these apps companies that are
launching on believe follow like a similar path direct where they
they build perhaps a community? And I think this is the ideal
case, right? This is what folks like Cued Cow
Chow are saying is that you build a community via this token
and then over time as the app gets built out becomes more
successful, you find a way to perhaps integrate the token,
perhaps reward holders in some capacity I.
Mean it seems like a novel idea, but it's not like we had IC OS
and we have NF TS. Then we had meme coins and like
utility meme coins and then we had Internet capital markets 1.
Internet capital markets 2. This is just quick.
This is just cryptos new package potentially to try and sell this
sort of thing like where they raise money from the crypto
market. And then yeah, maybe 1-1 or two
of them are successful in doing some backward integration.
But just like with NFTS, with with the utility meme coins,
when this was tried the first time, it's, it's tenuous.
You don't know what you're owning and you've got a hope in
the value of of founders to like do the right thing with the coin
and incentives can be off. So like, I'm not, I don't think
any of these should be like unbelievable, but but they're
like, they're they're not. They're the next pump.
Do you know what I mean? And but it doesn't even seem
that novel like people were doing this a couple of months
ago. So I don't know why it's like
this new thing that like feels like, oh, we need to get
involved in Internet capital markets.
I think, I think the difference is now like there's like a
formal watch pad and the believe app has like a playbook for
founders to follow. They they do their, they've got
like a curation mechanism. So I think the Jelly Jelly that
did this right, but it was kind of on its own.
Now you've got passionate and team behind it.
So I think that perhaps is a difference.
And I mean there's been so many. I think it's been, it's been I
think objectively a bit of a minefield to try to play the
tokens launching on the believe that because there's been so
many and we've seen a lot of them run up perhaps beyond what
a fair evaluation for what that product or or company should be
at in early stages. But what's the fair valuation?
This is what I mean. Like that's, that's not sugar
coat this like this is just a game, a new casino that has
opened, a new Ponzi that has opened.
And if you were early, you've made money.
And now we'll just see how long the Ponzi lasts.
Like I I don't think there's real value being created here.
Let's put that way. Or if there is, it will be like
for one of the projects rather than rather than the mall.
So why do you think Virtuals is more valuable or has more
longevity than an idea like this?
I think that's one of the most natural comps, although this is
not an AI product specifically. Do you think virtuals is
creating value with those coins either?
I No, not really. Yeah.
Like I feel like that they're all just the same thing packaged
up in a different way. Like this is the new, this is
the new Ponzi mechanism. And and like we can all believe
that. I think even the people buying
them kind of know that they're not buying them.
I mean, maybe they're, they've got a deep belief in the
product, but I think they're just buying them for the pump.
I think it's a couple of things, yeah.
Yeah, like the virtuals, the virtuals is rallying because
everyone's like made money on the pump of the new coins.
And it's same for this like if you're in early grade and like
because the narrative is lasting, then launch coin and go
to 180,000,000. But this feels very similar to
like what was the other one we saw Desai Desai, do you remember
that side platform? It's just, it's just another
thing that's that's been created and and we'll see how long the
narrative can last, but this one feels particularly hated so.
It is. It is very hated.
That is a fact. Maybe that's a benefit, maybe
that's maybe it dies quickly. I don't know, But I'm not, I'm
not going to. I'm just not going to be quick
enough. I know to buy the the It's just,
it's just a Crash game. It's a Crash game like we played
with. What's his face?
Who's the guy who owns Barstool? Oh, Portnoy.
Yeah, like it's not the version of that, right?
Like we're just doing that with like random, random coins right
now. It's packaged in a more
professional way. But I don't see, I don't see
much in this. I really don't.
I think a couple thoughts. One, I think it's kind of
showing a light that that people want to trade more than just
pure shit coins everyday. And like this does feel and I, I
understand that these are mean coins packaged different.
Well, you're not getting equity. I was very clear about that
yesterday's show. You are not getting equity in
these companies. You should not think that.
So if you once you've removed that, you are effectively
trading a mean coin tied to this person tied to this app.
So I you, you have to understand the the game that you're
playing. But yeah.
Somewhat and they went really high.
I'm I'm just and it was the same with some of the meme coins
earlier, right, like utility based meme coins was a thing and
it has been a thing for the last many months.
I I would never short any of these coins is basically what
I'm saying. I have no idea where they talk
about, but I'm I also think it's just a a game where they will
crash and and you're kind of what wondering when.
Yeah, and we're not. I think there's, I'm looking at
the board right now, there's maybe 20 / 1,000,000 right now
there's 3 coins over 10 million. The Goon coin, which is just a
meme coin dupe, which is the furniture wrap, it's at
42,000,000. And Alex Fence Crater Buddy is
at 11,000,000. Launch coin though is at 240
million. And I don't know, like the other
aspect of this is, is even if you think this is, this is just
a meme coin launchpad package in a different way.
If the volume continues like this, then like the Believe app
is raking in money. They made three and a half
$1,000,000 yesterday. It it looks like they're on pace
to make another 3,000,000 today. So if you look at launch coin as
like the de facto token of the Believe app and you see that
they're annualizing out, of course, it's absurd to annualize
out two days of revenue and a huge boom.
I understand that they're annualizing out a billion in
revenue. So, so you can do some fun back
to the napkin mass on that. But I think my point there being
the longer like this craze lasts like that is very, very good for
the Believe app and it probably is good for the launch coin.
I don't know how any of the individual coins are going to
perform, but in similar to virtuals, not a whole lot of
those virtual tokens really made it right like AXBT made it.
I think you need a breakout token like that to really you
need folks making money and speculating on these for the
ecosystem to last. But look, am I right in saying
Launch coin is the coin of the platform?
Yes. Right.
Just kind of circular there though versus virtuals, I guess.
I don't I don't know like your best coin is actually the coin
of the platform and now the other ones have broken after
above 1 or or how many of what's the second biggest the the
furniture app? Yeah, it's at 40 right now.
So I think it's a pivotal week, I think.
Does does this what make you feel more bullish about Rex?
This is what I don't understand. I was going to put that out and
just be like, look, we've actually, we've actually done
this. We did this many months ago and
we've got a flywheel and we're literally doing buybacks of the
of the same like, and we gave everyone equity in it.
So like you're saying this is just amazing new matter.
Like, and even when you say Jelly Jelly, like Jelly Jelly
just create a coin. Like we've actually done what
people are saying or hoping this ends up in in some sort of weird
way. So yeah, like.
I love wrecked and I love, I actually hadn't thought about it
from that lens that wrecked is Internet capital markets.
And I think that's a great way to frame it.
I think just like wearing my, my trading hat, like I, I people
love to speculate. Yeah, no, we're not.
We're not teaching though. Maybe it's not, but yeah, I just
thought it was funny. When I heard about this, I was
like, Oh my God, it's this new matter.
I was like, well, we did this and we did it with actual equity
for people. A year ago.
Yeah, a year and a half ago, you.
Know on the wrecked front. Looks like we have a little bit
of a teaser at at a minimum, yeah.
There's I told you they're. Cooking man, they're cooking the
something is brewing and we've got I believe this is a fresh
new blue logo perhaps perhaps telegraphing the next flavor.
I also I love direct drinks. Pinging metallic with this this
ETH branded can. Yeah.
I'm a fan of that. I think that's what it's
basically going to be this year. They've got a bunch of flavors
they want to do and they've, they're going to do launch
partners for each of them. So, so by the end of the shield
we'll probably have a number of flavours and and then you'll see
who each one is. So stay tuned if you want to get
into the actual Internet capital markets, go go check out wrecked
and and what they're doing. A couple other headlines.
So I don't know if you saw far coin went live on hyper liquid
spot yesterday. I think what's notable volumes,
I think probably always going to be high on launch date, but it's
about to flip Bitcoin in daily trading volume.
So 20,000,020 million on Fartspot, 21.3 million on
Bitcoin, spot over on Hyper Liquid.
That's amazing. It it is.
It does absolutely shock me that none of the other major
exchanges have have decided to launch Fartcoin.
It just it points to how they run business and when they tell
you, you know, we don't ask for fees.
Everyone's listed like I'm telling you right now, that is
bullshit. the IT just points to the the cronyism of getting
listed on these major exchanges. It's part pointed 100% identity.
I guess what I saw and I understand the cronyism and and
they want to line their pockets and it's like they would be
making so much in fees. They make so much in pups
though, right? Yeah, I I guess that's a a big
part of it too. So they're not unexposed, but I
think those are coming. It's a matter of time.
That is probably one of the the future catalysts to look out for
in the other meme headlines. Did you see?
It's probably late for you. I was watching this from the
sidelines and I also didn't really care about it.
But there's this bonk let's bonk versus pump fun war playing out
right now. And I think yesterday it came to
a head because there was like this glory coin that launched on
pump and then the let's Bonk Kabal decide to launch it on
their own. And they kind of battled to see
which one would would run up the the highest market cap.
Kind of just an absurd thing. It looks like the one one of
these is at 4 million and ones at 1,000,000.
So basically anyone who bought last night during these these
wars is down significantly. So, so not many folks are
actually winning in this, but I was trying to look at the
numbers. It does look like let's balk in
launch lab are starting to to cut into pump fun share.
So it it is working. So like yesterday pump did 586
million pump coins did 586,000,000 launch lab did 380
million. So 40%, Sixty percent, 40%
there. I think that's the highest we've
seen it's. Definitely interesting to see
this go back and forth a little bit, right.
So like a couple months ago we were reporting, you know, the
radium and we're about to get screwed because Trump fund,
we're about to launch their decks.
And that has happened. You know, they've taken a lot of
the market share. They're kind of equal or just
slightly below radium now in terms of dex market share.
But now you're seeing everyone come off the pump fund.
If you've got like four or five different people all fat with
launch pads now. So the war is is going back and
forth a little bit here. You can feel it.
It is. Radium has been a nice little
trade. Yeah.
Oh yeah. 70% in the past month. People like Reagan, like I said,
like it was just timing to spend.
They got, they got hammered at a time also where the whole market
got eviscerated. But versus revenue like it does
trade cheap. It really does.
Yeah, it's only have 1 billion market cap, 22.10.
I know that's TV. Yeah, 2 billion FTVI mean that's
what Kaido's AT. Yeah.
And I mean, and Kaido's doing well, don't get me wrong.
I would have to imagine Radium is generating more revenue right
now than Kaido is to be turning at the same same valuation.
So that's another interesting trade to potentially look at.
I'm trying to see like what else is on the list from the day
abstract tge potentially Q4. It's not formal news, but Luca
was on a stream yesterday and kind of dropped that.
Interesting. And I think to me it makes sense
that I think objectively abstract needs more time to
continue building out its ecosystem, its apps, its user
base, just to continue building momentum and end users and
things to do over there to attract capital on a longer time
horizon. We did see the the pudgy
Penguins sell off a bit on the back of that.
So I think, I think folks thought it was coming sooner
than that. Yeah.
So we're seeing a few of the assets start to potentially sell
off. So that's a that's a long turn
ahead. I am curious if we'll actually
see some pullbacks in that ecosystem as folks who as the
pure farmers may realize that they're not ready to play for
another five months. So that that's going to be 1 to
look out for. I talked about the Ethos
AirDrop. I think the other one, I guess
we kind of this was coming, but Tether has now confirmed they
bought all this Bitcoin for 21 capital to the tune of $460
million. So I think that's their initial
seed Bitcoin. I think the question now becomes
what are they, what are they going to do out of the gate?
I think the company is launching soon.
Are they going to be immediately raising capital to to start
buying on a a weekly basis like Sailor or or kind of what their
plans are and are all the big are all the big Bitcoin buys
behind them at this point, but. I definitely don't mind, trust
me on that one. Say that again.
I think big Bitcoin buys will continue for a long, long time.
Yeah, it, it really feels that way.
I shared in the opening read, we saw the belt.
I don't know who this was from Fidelity, but he was telling an
audience that if their, if their businesses aren't making more
than 65% on their invested capital, they should all just be
buying Bitcoin instead. So like we're, we're seeing that
this message get louder and louder, like telling companies
to, to put it on their, their balance sheet.
I don't know that's, it's that quite of an easy decision.
Certainly it's easier when the, the numbers going up every week
and then then when it's going down.
But that rhetoric is really rising right now.
So if that continues, I think the institutional buying is
likely to continue as well. Other than that, I mean, I think
that was kind of the, the, the round up of the day.
It was, it was a bullish day for price action that we're selling
off here today. We've got consensus starting
today. So perhaps folks are kind of
busy with that. Yeah, we'll, we'll see what what
comes down the pipe. We'll see what comes out of RECT
And now I'm excited. You got me all bold up Internet
capital markets with RECT. I'm going to go take a look at
at my position right after this right after this space.
I didn't. Tweet it.
I didn't tweet it yesterday because I was like, well, I
didn't be bothered but but yeah, I mean, it is right?
Like it is the original Jelly. Jelly is not the original of
these I would say. Yeah.
I think if you were going to lay out a playbook about how to
execute Internet capital markets the way people understand that,
that's pretty much it, right. If you so so shout out to to you
and Ovi also just for sticking with it because we have nothing
else. How many how many 2021 era
founders do we have left? Brother, I was thinking about
the end of the day. So, so from crypto punks,
obviously they sold out, although seemingly they've kind
of come back. It's unclear.
We lost Gordon, although that was health reasons and he is
kind of stuck around. We just lost Frank cool cats.
They went through like 5 different CE OS, right?
I don't know what happened there.
I think Klon is stuck around, but I don't I don't know.
Doodles has obviously gone through multiple different
managements now. Azuki thought about getting rid
of Zagabond a couple of times. He's stuck around, just stuck
with him. Who else is there?
Like I mean, and this is just this is survival bias as well,
right? These are like the top projects
that are still going of all the ones that just I haven't, I
think Betty did she step down I. Was going to say Betty.
I mean for Oak, of course. For Oak stuck around, I'm just
kind of I'm just going off floor price here now.
So oh geez, obviously proof and Moonbirds.
They they all got out mad lads. They've stuck around or they
created a backpack though, didn't they?
Yeah, technically Lucas 2022 I think.
Yeah, but those guys did. Look, the craters all got out.
And they were the fastest to get out meme land that I think that
might have been a little bit later.
Yeah, meme. And it's funny, man.
It's funny because Gary Vee, is he still?
Is he still going? Yeah, he, I think you got to
count him still going. He's still drawing his comic
books in creating his his kids show.
So I think we'll we'll count him.
Let's see how all these Internet capital markets founders doing
in four years. I'm sure we'll have dozens.
Yeah, we'll have loads. I'm sure they'll all be still
around, creating in the space, vibing.
It'll be really great. From vibe coding to vibing on
the timeline. Did you before we wrap up, did
you have any reactions to the punks to the punk sale?
I thought it was like. The best, the worst pet secret
in in NFTS for a long time that those were up for sale.
They had to like there was so many rumours yet to deny it a
couple of a few months ago and then they've been sold.
So so obviously you did hear about it.
The the price just for the IP and none of the the punks seems
about right. I think.
I think that's basically what the Lava lads guys were OK to
get out for as well, obviously. And it seems as though you go
can like write off a tax loss on it or something like that.
I saw someone someone talking about today.
Look, I think Yuga lad is in trouble.
I do, if I'm honest. I don't know how.
I don't know where the revenue is coming for that company right
now. And they're burning.
They must be burning a lot. So they're probably selling APE.
I don't know, like if they're able to sell that much.
But yeah, like they've got to cut stuff that's not making them
revenue and focus on the stuff that is important to them.
In my opinion. I think the Moonbirds
acquisition seems very strange in this first in this world.
But remember we did say that that means they got the treasure
or something like that and that was valuable to them.
So yeah. They've basically been cutting
everything right, so they cut me bits.
Cut me bits. Cut punks.
I imagine they'll try and sell
Moonbirds now or like, I don't, I don't know.
Is anything going on with Moonbirds?
I don't, I don't know there's a buyer for that, right.
So. Yeah.
Yeah, at what price, what would what would even be a price for
members right now? It feels like, I mean,
objectively, it does feel like you guys kind of lost a little
bit of momentum 8 chain has staying at heads as ups and
downs other side just been a bit slow.
I know they've been making progress on it.
That seems like the main focus left at this point in time.
But I've been, I'm kind of at arm's length at ecosystem.
So I I'm not super in the weeds. So, so maybe there's more going
on over there than I realized, but I think that's a fair
assessment. What do you think happens?
Had no, this is theoretical and obviously I don't know if people
in the audience were there, but theoretical Ugalabs shut down.
What do you think happens? If ugalabs shuts down.
Yeah. Yeah.
I mean, I think it would be a psychological blow to the NFT
space, at least to the PFP space.
Do you think NFTS should rally? Maybe art NFTS, maybe more than
pure. AIDS Rally.
Oh, you do just like on on the pure collectible.
Like yeah, interesting. I've always thought the board
apes have reached the collectible like level that I
think they'll always have a decent floor at this point just
because of their their part in history.
That's what I think. I think almost like there's
there's not that much love honestly for you Galabs from
various different points, but I think if they were to shut down
board apes would actually rally. Obviously a coin would go down a
lot, but I think that the NFTS themselves would go up a lot.
I think they might become cool again.
Interesting. Yeah, I think that's a very real
possibility. I don't.
I don't have AI. Don't.
I'm. Not hoping that they shut down.
Yeah, I don't have the feeling. It's like a thankless task.
There's the reason why at least got them NFT.
People don't laugh because it's completely thankless.
I mean, obviously they raised millions of dollars, so they
obviously got some thanks. But it's not for a lot of these
guys. Like if there's no revenue
really attached, but they're not going to stick around.
They just get shouting out, shouted at by the community and
whatever they do is wrong. And you know, like, I would not
want to be Gaga, let's put it that way.
Like the guy has, you know, just must have a lot of weight on his
shoulders about doing something. And I'm not even too sure if it
will benefit the NFCS. Like I kind of felt like they're
best better than them also being collectibles and make like I
think the in real life stuff I think they do well at.
I think that's where they're strongest, like the the 8th
fest. And if they were to do, I've
continued to say that they should do in real life
clubhouses. I think that's the coolest way
for the brand here. I don't think anyone's waiting
for other side. Yeah, other than like a very
hardcore niche base. I I would tend to agree.
Just like the broader metaverse concept has kind of lost its
luster since 2021 as well. And I agree.
I mean, it's a thankless job. And anytime you you do
something, you just have dozens of people yelling on the
timeline. So I'm sure it's been hard to
show up every day. Yeah, they've they've got one
albatross off their necks with with punks gone now.
So I'm very interested in the I was saying this before you
jumped on. I'm very interested in this
punks trade. I think punks could could see a
nice little grind up from here under this new ownership.
Yeah, especially what? Is that big a deal?
I thought you weren't doing anything with them anyway.
What I mean, like the last thing you tried to do is like need
Nina, Nina. What's the second name?
I forget but that who did The Who did the collab drop?
But like, they really didn't do it much right?
Yeah, I mean, I think you go was was fine.
We talked about yesterday. They they're perfectly fine
stewards. They they didn't try to, you
know, get in the way too much muddy the waters.
I think this this new owner, what they're doing with the Palo
Alto exhibit will be interesting.
Seems like they've got some connections.
But beyond that I could just removed like perhaps an
overhanging risk and always a little bit of a stigma against
you go owning these and now that's gone.
And then also just I always I come back to like the the
scarcity thesis. I think when when Bitcoin starts
rallying, everyone's going to pull back the the 21 million and
I think the Planck's 10K scarcest, strongest NFT on ET is
a pretty good bull thesis. And with ETH potentially
rallying here, I think it's a strong beta as well.
I actually agree with that. Maybe we have to go after this,
but like I do think that top ETH NFTS will actually be will rally
with ETH. I think they could actually
rally in ET terms because I think part of the sell off in
some of these NFT places has been ETH people wanting to get
out of ETH risk essentially. Yeah.
Absolutely. I think you know, punks can can
probably rally if if ETH rallies or at least definitely stay keep
their floor. What?
What's the best way to get levered?
ETH. NFTS.
NFTS baby. That was the thesis back in
2021. At this exact moment it might
be, but you have to pick the right entity.
Yeah, for sure. Well, I think that's a great way
to end the show and thanks for joining.
I wanted to thank all of our listeners who stuck in for the
spaces here. Today we'll be back with the
stream. Tomorrow we'll be back in
business. Till then, go make it a great
day. Goodbye.