1 00:00:00,240 --> 00:00:05,520 All right, well folks, we may not do a full on stream today. 2 00:00:05,520 --> 00:00:11,400 A few of the Co hosts are in transit unable to join this 3 00:00:11,400 --> 00:00:12,840 morning. So we might just do another solo 4 00:00:12,840 --> 00:00:16,560 space. It worked out well last time. 5 00:00:16,800 --> 00:00:20,040 So we'll we'll just run with this and if folks are able to 6 00:00:20,040 --> 00:00:24,600 join us, we will pull them in. So let's kick things off. 7 00:00:24,680 --> 00:00:28,800 Good morning GM Welcome to another episode of FOMO Hour. 8 00:00:28,800 --> 00:00:34,160 Today is Wednesday, May 14th, 2025 folks. 9 00:00:34,920 --> 00:00:39,000 ETH is the story of the day. ETH outperforming after a huge 10 00:00:39,200 --> 00:00:43,960 run and it looks like it might have its first whale buyer that 11 00:00:44,000 --> 00:00:47,480 I can remember saying. So the question is ETH season 12 00:00:47,480 --> 00:00:50,080 actually here? I think we're about to find out. 13 00:00:50,080 --> 00:00:53,720 We're going to break it down on today's show. 14 00:00:54,120 --> 00:00:56,440 We've got a lot to talk about. I want to talk about ETH 15 00:00:56,440 --> 00:00:58,560 outperformance. I want to talk about the ETF 16 00:00:58,680 --> 00:01:04,480 inflows finally slowing down Tether buying big Bitcoin for 21 17 00:01:04,480 --> 00:01:06,440 capital. We've got this abstract TGE 18 00:01:06,720 --> 00:01:09,720 coming Q4. It's NFTS are live on open C. 19 00:01:10,040 --> 00:01:11,520 We got the far coin on hyper liquid. 20 00:01:11,520 --> 00:01:13,320 It's about to flip Bitcoin in volume. 21 00:01:13,600 --> 00:01:17,440 We've got this believe app continuing to dominate the 22 00:01:17,440 --> 00:01:21,400 Solana ecosystem. Punks on the move on the back of 23 00:01:21,400 --> 00:01:25,520 the the acquisition news, this surprised Ethos AirDrop, which 24 00:01:25,520 --> 00:01:29,920 is nice little stimulus for for the power users over there and 25 00:01:29,920 --> 00:01:31,720 might chat a little bit about that. 26 00:01:31,720 --> 00:01:35,760 These meme wars between let's bonk and pump fun, which 27 00:01:35,760 --> 00:01:39,320 seemingly came to a head last night for those who are in the 28 00:01:39,320 --> 00:01:40,760 trenches and still paying attention. 29 00:01:41,080 --> 00:01:44,040 Before we dig into the news, shout out to Wallet Connect. 30 00:01:44,040 --> 00:01:46,400 Wallet Connect is the connectivity network shaping the 31 00:01:46,400 --> 00:01:49,280 future of Onshen UX. If you've connected to a Web 3 32 00:01:49,280 --> 00:01:51,960 app, you've seen Wallet Connect that blue logo, it's everywhere 33 00:01:52,440 --> 00:01:56,400 and I kind of trust in crypto as recognizable at as Visa at the 34 00:01:56,400 --> 00:01:57,480 checkout. If you want to learn more, 35 00:01:57,880 --> 00:02:01,520 follow at Walt connect on X and Telegram and stay ahead of 36 00:02:01,560 --> 00:02:04,640 what's next. All right so that's our intro. 37 00:02:04,640 --> 00:02:07,200 Let's just dig right in. I'll start us off with just a 38 00:02:07,200 --> 00:02:11,039 rundown of the big news and headlines from the day, and then 39 00:02:11,039 --> 00:02:12,360 we'll dive into some of these stories. 40 00:02:12,360 --> 00:02:18,200 So for starters, crypto majors are green ETH leading the way. 41 00:02:18,200 --> 00:02:23,040 So Bitcoin one O36 right now ETH up two percent 2600 hit 2700. 42 00:02:23,040 --> 00:02:26,640 Understand folks, that was a nice number to see XR PS up 2% 43 00:02:26,880 --> 00:02:31,400 Solana up three percent 178 right now a few the leading alts 44 00:02:31,520 --> 00:02:35,320 radio up 16% on the back of these meme wars that walrus 45 00:02:35,320 --> 00:02:40,400 token up 11% Ena up 11% as well. In macro headlines, we had black 46 00:02:40,400 --> 00:02:45,320 rocks IBIT Bitcoin ETF broke its twenty day streak of inflows 47 00:02:45,320 --> 00:02:49,760 coming in flat on Monday. Those ETF inflows have been 48 00:02:49,760 --> 00:02:54,040 quite low here this week Tether purchased 4800 Bitcoin. 49 00:02:54,040 --> 00:02:58,280 It's $459 million worth to see the treasury of 21 capital that 50 00:02:58,280 --> 00:03:02,720 new Jack Mahler's Bitcoin focus company set to go public via 51 00:03:02,720 --> 00:03:05,680 spec with Cantor Equity Partners Robin Hood. 52 00:03:06,000 --> 00:03:07,080 We got this news yesterday morning. 53 00:03:07,080 --> 00:03:11,960 They acquired Wonderfi, the the largest crypto company in Canada 54 00:03:11,960 --> 00:03:14,560 for $180 million. Vanek. 55 00:03:14,560 --> 00:03:17,200 They launched B Bill as their first tokenized treasury fund on 56 00:03:17,400 --> 00:03:19,640 ETH. This Fidelity spokesman, this 57 00:03:19,640 --> 00:03:21,840 was an interesting speech. I shared the clip on Twitter. 58 00:03:21,840 --> 00:03:23,960 I encourage folks to go read it or go watch it. 59 00:03:25,000 --> 00:03:28,840 He said he's giving a speech to to these companies and saying 60 00:03:28,840 --> 00:03:32,200 that if they're not returning more than 65% on their invested 61 00:03:32,200 --> 00:03:34,600 capital, they should just be buying Bitcoin. 62 00:03:35,000 --> 00:03:38,040 So Fidelity really ramping up the rhetoric on their side. 63 00:03:38,520 --> 00:03:42,560 This Abraxas Capital Management has bought $500 million worth of 64 00:03:42,600 --> 00:03:45,040 ETH in the past week. So they might be the one of the 65 00:03:45,040 --> 00:03:49,000 single biggest drivers of this upwards ETH price action. 66 00:03:49,000 --> 00:03:53,040 So that caught me off guard. And then some breaking news this 67 00:03:53,040 --> 00:03:55,040 morning before the show. JP Morgan has settled their 68 00:03:55,040 --> 00:03:57,160 first public tokenized transaction. 69 00:03:57,760 --> 00:04:02,080 So big news on the institution side and in that tokenization 70 00:04:02,080 --> 00:04:04,040 space in token AirDrop and protocol news. 71 00:04:04,240 --> 00:04:08,000 A lot of headlines here folks. Abstract head Lukanets teased Q4 72 00:04:08,520 --> 00:04:13,880 for that that ABS token launch and TGE on a stream yesterday, 73 00:04:14,040 --> 00:04:16,959 so no formal dates but it looks like it will be Q4. 74 00:04:17,440 --> 00:04:20,360 The believe app generated 3 and a half $1,000,000 in fees on the 75 00:04:20,360 --> 00:04:23,320 day that's more than pump fun. Kaido kicked off the partnership 76 00:04:23,320 --> 00:04:27,160 with virtuals virtuals sing a nice little uptick in mindshare. 77 00:04:27,160 --> 00:04:30,680 It looks like they also had a nice launch here this morning 78 00:04:30,680 --> 00:04:33,200 with that AXR token preps. Talk about that in a bit. 79 00:04:33,560 --> 00:04:36,920 Solana published a 26 page paper on tokenized equities outlining 80 00:04:36,920 --> 00:04:39,840 whether you're nuclear qualified to be the blockchain of choice. 81 00:04:40,880 --> 00:04:44,640 Hyper Liquid added Bartcoin spot and see an AI and memes. 82 00:04:44,640 --> 00:04:49,040 Coinbase is adding encrypted messaging following AI agent, 83 00:04:49,600 --> 00:04:52,800 allowing AI agent communication for its Coinbase wallet. 84 00:04:53,680 --> 00:04:56,720 That was the major story in AI. Most of the AI players were 85 00:04:56,720 --> 00:04:59,800 pretty much even on the day a little bit of a mixed board meme 86 00:04:59,800 --> 00:05:04,000 coin leaders were green all up about 3 to 5% that launched coin 87 00:05:04,000 --> 00:05:07,960 token up about 50% here 217 million. 88 00:05:08,160 --> 00:05:10,640 That ecosystem soaring to about 400%. 89 00:05:10,640 --> 00:05:13,000 Though a lot of the recent runners has been mixed action. 90 00:05:13,000 --> 00:05:16,720 We saw some move up Goon Coin B Screener and Ora were some of 91 00:05:16,720 --> 00:05:19,720 the top movers, though I think they're pulling back a bit this 92 00:05:19,720 --> 00:05:22,880 morning. Crypto punks 47 1/2 feet floor. 93 00:05:22,960 --> 00:05:26,080 They hit 100 and $8000 yesterday after the news of this 94 00:05:26,080 --> 00:05:28,240 acquisition by the Infinite Node Foundation. 95 00:05:28,360 --> 00:05:31,040 Those Ordinals Bitcoin MTS folks, they're green again. 96 00:05:31,400 --> 00:05:34,760 One of the strongest weeks we've seen over from Ordinals. 97 00:05:35,080 --> 00:05:39,640 Abstract MTS went live on Open C and they caught some love. 98 00:05:39,640 --> 00:05:43,560 Most of that board was green. Those surprisingly and much to 99 00:05:43,560 --> 00:05:46,480 my chagrin, those Dremelios are one of the only Mt collections 100 00:05:46,480 --> 00:05:49,840 on abstract and ret on the day, Riffic and all. 101 00:05:50,880 --> 00:05:54,800 Sold out his project Biome Lumina in 25 minutes yesterday, 102 00:05:54,800 --> 00:05:59,280 1000 pieces, 5 KA pop $5,000,000 raise in 25 minutes. 103 00:05:59,280 --> 00:06:03,840 Those are at a 3.15 a floor, so anyone who minted was up nicely 104 00:06:03,840 --> 00:06:06,000 on that as well. And then the surprise of the day 105 00:06:06,000 --> 00:06:09,720 was from Ethos. They air dropped 256 Ethos 106 00:06:09,720 --> 00:06:13,600 validator entities to their top contributors, which opened up at 107 00:06:13,600 --> 00:06:15,760 a 2 1/2 a floor. I think they're even higher now. 108 00:06:15,760 --> 00:06:18,560 I think I saw reports there around 2.9. 109 00:06:18,560 --> 00:06:23,160 Yeah, 2.85 ETH floor, so quite, quite the open there for Ethos. 110 00:06:23,160 --> 00:06:26,600 So that's the roundup there. There's a lot, I mean, there's a 111 00:06:26,600 --> 00:06:30,520 lot of like little pieces of news on the day. 112 00:06:32,040 --> 00:06:35,160 Maybe I'll start with that last one, maybe work my way back a 113 00:06:35,160 --> 00:06:37,240 little bit. So like the Ethos AirDrop, I 114 00:06:37,240 --> 00:06:38,600 think caught a lot of folks off guard. 115 00:06:39,440 --> 00:06:43,800 Basically they airdropped all of their top contributors, 256 116 00:06:44,960 --> 00:06:47,360 folks who have been interacting on a daily basis with Ethos 117 00:06:47,640 --> 00:06:49,760 leaving reviews, earning those XP points. 118 00:06:50,040 --> 00:06:53,480 They each got these validator NFTS airdropped. 119 00:06:53,880 --> 00:06:58,760 I think very similar to that the Kaido model that we saw and I 120 00:06:58,760 --> 00:07:00,840 think that's the the obvious comparison here. 121 00:07:00,840 --> 00:07:04,120 So I think folks are looking those Kaido Genesis NFTS went to 122 00:07:04,120 --> 00:07:08,400 a 10 eighth floor at peak ahead of that token launching at a $1 123 00:07:08,400 --> 00:07:10,760 billion market cap. Now, of course, it's closer to 2 124 00:07:10,760 --> 00:07:15,560 billion FTV and I think folks perhaps think maybe Ethos can, 125 00:07:16,080 --> 00:07:20,560 can have that kind of success. I'll be, I'll admit I'm a little 126 00:07:20,560 --> 00:07:22,920 surprised that these things opened up so high. 127 00:07:23,280 --> 00:07:27,840 So there's 256 Kaido had 1000, right? 128 00:07:27,840 --> 00:07:33,080 So, so basically at a 2 1/2 feet floor, you're projecting out the 129 00:07:33,080 --> 00:07:37,560 same market cap FTV as Kaido had. 130 00:07:38,560 --> 00:07:41,280 I love Ethos. I, I, I respect what they're 131 00:07:41,280 --> 00:07:45,760 doing over there. I don't know that I see a $1 132 00:07:45,760 --> 00:07:48,640 billion token upside for that Ethos token. 133 00:07:49,720 --> 00:07:51,560 So I mean, if you're collecting the NFT because you like the 134 00:07:51,560 --> 00:07:57,760 art, I think that that is always a, a fine way to go about it. 135 00:07:57,760 --> 00:08:01,000 But if you're buying it based on future token hopes, I think you 136 00:08:01,000 --> 00:08:03,840 got to run the numbers on where you think this thing's going to 137 00:08:03,840 --> 00:08:05,520 open up that. So I don't know. 138 00:08:05,520 --> 00:08:08,480 I'm a seller at 2 1/2 feet, but I would be down because these 139 00:08:08,480 --> 00:08:10,960 things are already grinding up from there. 140 00:08:10,960 --> 00:08:14,280 Perhaps this, the low supply, low cell pressure is what's 141 00:08:15,000 --> 00:08:18,960 driving this early action. In a teaser just all over the 142 00:08:18,960 --> 00:08:21,400 board yesterday. I mean, it really does feel like 143 00:08:21,400 --> 00:08:24,400 we're seeing some momentum. I mentioned the Ordinals, not a 144 00:08:24,400 --> 00:08:28,720 whole lot to say there, but they continue to grind up riffic and 145 00:08:28,720 --> 00:08:31,960 all looks somewhat flying under the radar. 146 00:08:31,960 --> 00:08:34,960 I think the folks in the art circles were all over this one. 147 00:08:35,600 --> 00:08:37,640 I think some of that the alpha communities as well. 148 00:08:37,640 --> 00:08:40,720 I didn't see it a whole lot on my timeline if I'm being honest, 149 00:08:40,720 --> 00:08:43,679 but perhaps because I'm a little bit more geared and some of the 150 00:08:43,679 --> 00:08:45,840 token trading side at this point in time. 151 00:08:46,640 --> 00:08:49,480 But I mean, huge win for anyone who got in the Met. 152 00:08:49,920 --> 00:08:55,240 I think it minted for a little less than two ETH, so at $5000. 153 00:08:56,040 --> 00:09:00,160 So anyone who minted got a quick 40% went on that. 154 00:09:00,160 --> 00:09:02,520 As I understand they're not going to reveal for quite some 155 00:09:02,520 --> 00:09:03,720 time. I think they kind of they came 156 00:09:03,720 --> 00:09:08,280 with Prince as well. So Riffic continues to to leave 157 00:09:08,280 --> 00:09:12,360 his mark and be one of the PICO top digital artists in this 158 00:09:12,360 --> 00:09:15,120 space. Rounding out the NFT talk. 159 00:09:15,120 --> 00:09:18,960 I was a little bit, I thought we would see a pomp on these 160 00:09:18,960 --> 00:09:23,800 abstract NFTS on the news that they were live on Open C. 161 00:09:24,280 --> 00:09:26,360 It's pretty much a double farm at this point. 162 00:09:27,040 --> 00:09:30,080 So if you're trading abstract NFTS, you can get the abstract 163 00:09:30,080 --> 00:09:31,520 XP. Now you can you can try to 164 00:09:31,520 --> 00:09:34,280 potentially get some of that open CXP as well. 165 00:09:37,200 --> 00:09:39,240 We see a little bit of, I'm looking at the board right now, 166 00:09:39,440 --> 00:09:43,440 it's actually kind of mixed. Captain Company up 11%, OCH 167 00:09:43,560 --> 00:09:46,840 Weapons up 18%, OCH Heroes up 4%. 168 00:09:46,840 --> 00:09:50,400 Point 3, they're the leaders. Dreamilio's flat on the day at 169 00:09:50,400 --> 00:09:52,120 .135. So I don't know, I'd say a 170 00:09:52,120 --> 00:09:54,720 little disappointing. I would have expected a bit more 171 00:09:54,720 --> 00:09:58,800 of a pump on that news, but abstract kind of ran into the 172 00:09:58,800 --> 00:10:01,400 weekend last week. Maybe it's gearing up for a 173 00:10:01,400 --> 00:10:04,640 similar run here this weekend. So I think definitely stay 174 00:10:04,640 --> 00:10:07,400 tuned. And that was a that was still a 175 00:10:07,400 --> 00:10:10,600 big unlock for the abstract ecosystem. 176 00:10:12,560 --> 00:10:15,280 Well, you know, T chatter, I was about to say that we're done, 177 00:10:15,280 --> 00:10:17,320 but no, we got to talk about punks quickly. 178 00:10:17,680 --> 00:10:20,280 We, we, we did 20 minutes on yesterday's show kind of 179 00:10:20,280 --> 00:10:22,440 reacting to the news. I don't think we need to rehash 180 00:10:22,440 --> 00:10:28,000 that, but the TLDR, the Node Foundation acquired crypto punks 181 00:10:28,040 --> 00:10:32,200 from Yuga Labs. We we did see from now media 182 00:10:32,200 --> 00:10:38,600 reporting that this was a $20 million acquisition of that IP. 183 00:10:38,600 --> 00:10:41,360 So we didn't know the dollar amount yesterday. 184 00:10:41,640 --> 00:10:43,360 So that does seem to be the news. 185 00:10:43,360 --> 00:10:46,560 And then of course, Luca came in with his little splashy comment 186 00:10:46,560 --> 00:10:48,040 that he would have paid 75,000,000. 187 00:10:49,360 --> 00:10:54,160 So it's, it's unclear kind of what kind of a it, it doesn't 188 00:10:54,160 --> 00:10:57,360 seem like you would put this out to bid by any means. 189 00:10:58,480 --> 00:11:03,240 They just, they had a select group of the, the right type of 190 00:11:03,240 --> 00:11:06,120 buyer who they would want to potentially sell this IP to. 191 00:11:06,160 --> 00:11:07,880 They didn't want to sell it to another company. 192 00:11:07,880 --> 00:11:11,480 I think Gordon Donald came out and said and the Node Foundation 193 00:11:11,480 --> 00:11:14,560 does seem like pretty much the the perfect fit. 194 00:11:15,200 --> 00:11:18,880 I thought stats had a fairly interesting write up in reaction 195 00:11:18,880 --> 00:11:20,320 to this one. I'm I'm looking for I'm going to 196 00:11:20,320 --> 00:11:23,760 read it here as soon as I can find it. 197 00:11:26,160 --> 00:11:30,440 Where is this at? Well, maybe I'm not going to be 198 00:11:30,440 --> 00:11:33,440 able to find it, but he was basically saying that he finds 199 00:11:33,440 --> 00:11:36,160 the IP very oh, here it is. The IP is almost impossible to 200 00:11:36,160 --> 00:11:37,920 monetize. I don't see how anyone would pay 201 00:11:37,920 --> 00:11:40,520 much for it. Even 20 million feels hefty. 202 00:11:41,720 --> 00:11:44,400 You go acquired them for more but of course they got the 420 203 00:11:44,400 --> 00:11:47,280 points, 420 punks along with it. No, did not get the punks. 204 00:11:47,280 --> 00:11:49,640 Then they got 5. They're able to hand select. 205 00:11:49,640 --> 00:11:53,440 So that was not really a part of the financial transaction here. 206 00:11:55,360 --> 00:11:57,960 He's saying anyone who's raised money or done deals knows one 207 00:11:57,960 --> 00:11:59,480 rule very clearly. People saying they would buy 208 00:11:59,480 --> 00:12:00,760 something. People actually writing checks 209 00:12:00,760 --> 00:12:04,440 are very different and given criticism they received as a 210 00:12:04,440 --> 00:12:07,240 corporate owning something people would want held by a non 211 00:12:07,240 --> 00:12:08,880 profit this buyer makes the most sense. 212 00:12:08,880 --> 00:12:12,720 So I would tend to agree a pretty strong take there from 213 00:12:12,920 --> 00:12:15,800 from stats. I wasn't sure what to expect 214 00:12:15,800 --> 00:12:17,800 with respect to market action yesterday. 215 00:12:19,240 --> 00:12:23,040 I have to be honest, my personal FOMO ratcheted up a notch on on 216 00:12:23,040 --> 00:12:26,440 punks. And I do think again, this was 217 00:12:26,440 --> 00:12:30,160 the the best case outcome. The floor is super thin. 218 00:12:30,160 --> 00:12:32,600 I'm looking at it right now. There's four rows to 55. 219 00:12:33,040 --> 00:12:38,000 That's 48 punks to a 5580, four, $140,000. 220 00:12:38,000 --> 00:12:41,200 The four is 124,000 USD right now. 221 00:12:41,280 --> 00:12:46,960 We've got a lot of bullish tailwinds for ETH and it's an 222 00:12:46,960 --> 00:12:48,680 attractive play. I don't think it's going to take 223 00:12:48,680 --> 00:12:52,320 much to really see this this floor really start to move. 224 00:12:52,600 --> 00:12:56,280 I wouldn't be surprised if this thing double S in the next 225 00:12:56,400 --> 00:12:59,880 perhaps this summer. To be honest, running into 226 00:12:59,880 --> 00:13:03,200 200,250 thousand would would not shock me. 227 00:13:03,320 --> 00:13:06,080 So I've already been starting to think like how can I make a move 228 00:13:06,080 --> 00:13:07,760 to perhaps get another punk here? 229 00:13:07,760 --> 00:13:11,680 Of course, that's a lofty, lofty trade at such a high valuation 230 00:13:13,000 --> 00:13:15,680 and not a whole lot of super aesthetic ones on the floor. 231 00:13:15,680 --> 00:13:17,440 So if you really want an aesthetic 1, you got you got to 232 00:13:17,440 --> 00:13:22,640 really pay up these days. But something to shoot for and I 233 00:13:22,640 --> 00:13:25,160 think it will be it will continue to be a good trade. 234 00:13:26,040 --> 00:13:28,920 I think these will certainly end the year higher than where they 235 00:13:28,920 --> 00:13:32,200 are right now. At least that's my that's my 236 00:13:32,200 --> 00:13:35,560 current view. Let's see, maybe let's pull back 237 00:13:35,560 --> 00:13:37,960 to broader crypto kind of went straight into NFT. 238 00:13:37,960 --> 00:13:39,720 We don't usually do that. We usually end the show with 239 00:13:39,720 --> 00:13:42,720 that, but there's there's a lot of relevant still have an action 240 00:13:42,720 --> 00:13:45,480 there to touch on. I think on the majors board, it 241 00:13:45,480 --> 00:13:49,600 looks like we are selling off a bit here this morning, but I 242 00:13:49,600 --> 00:13:53,240 mean bitcoins one O 3 two ETH 2560. 243 00:13:53,880 --> 00:13:57,720 The ETH outperformance is clearly the story right now. 244 00:13:57,800 --> 00:14:01,360 ETH is up 40% on the week, Bitcoins up 6%. 245 00:14:02,080 --> 00:14:04,840 What was eye opening to me as I saw this morning from Beach X 246 00:14:04,840 --> 00:14:07,240 report actually was the first person I saw really talking 247 00:14:07,240 --> 00:14:10,440 about it. This Abraxas Capital Management 248 00:14:11,040 --> 00:14:18,960 has bought $500 million worth of ETH in the last week or so, but 249 00:14:18,960 --> 00:14:21,520 it's unclear exactly what their motives are. 250 00:14:21,520 --> 00:14:24,200 So this is a london-based asset manager. 251 00:14:24,200 --> 00:14:28,280 I saw Sasil, he's a long term equal was talking about this, 252 00:14:29,440 --> 00:14:31,680 but it looks like this perhaps is a delta neutral trade. 253 00:14:31,680 --> 00:14:35,160 I'm seeing other reports that they're short Bitcoin ETH and 254 00:14:35,160 --> 00:14:39,720 Seoul long ETH here and perhaps raking in fees. 255 00:14:39,720 --> 00:14:42,880 So I think this is perhaps a little bit too early to start 256 00:14:42,880 --> 00:14:45,000 thinking like, oh, this is a company who's actually trying to 257 00:14:45,040 --> 00:14:47,360 acquire ETH. This might be more of a trade 258 00:14:47,760 --> 00:14:52,120 situation. But that is that one did jump 259 00:14:52,120 --> 00:14:53,280 out to me. All right, looks like we have 260 00:14:53,280 --> 00:14:56,440 Mando requesting in the space here. 261 00:14:58,440 --> 00:15:03,080 So love to have him on Mando. Jim, how you doing? 262 00:15:04,720 --> 00:15:05,480 I'm doing great. How are you? 263 00:15:05,680 --> 00:15:07,160 Doing well. Love to have you on. 264 00:15:07,800 --> 00:15:11,240 I, I just, I kind of went straight into just a run out of 265 00:15:11,240 --> 00:15:13,480 the headlines, then chatted some NFTS for a bit. 266 00:15:13,480 --> 00:15:16,800 I was actually just pulling back to, to broader markets. 267 00:15:17,000 --> 00:15:21,680 So might be a a good time just to kind of to to tag you in and 268 00:15:21,680 --> 00:15:25,680 kind of curious for your for your thoughts here on on markets 269 00:15:25,920 --> 00:15:27,760 Wednesday, middle of the week. We've had a good few. 270 00:15:28,160 --> 00:15:32,080 We've had a good few days, I think in, in broader macro, a 271 00:15:32,080 --> 00:15:34,800 lot of big runs in various different stock indices. 272 00:15:34,800 --> 00:15:38,480 We had a slightly softer CPI figure yesterday. 273 00:15:38,480 --> 00:15:41,680 So we ended up up again on stocks. 274 00:15:41,680 --> 00:15:43,600 Looks like we're going to give back some of that today. 275 00:15:43,880 --> 00:15:47,200 So which I think is kind of natural given that it's been, 276 00:15:47,200 --> 00:15:51,800 it's been a nice little run. I there was there's very little 277 00:15:51,800 --> 00:15:55,560 like macro news other than Trump's now in the Middle East 278 00:15:55,560 --> 00:15:57,640 and seemingly doing a bunch of deals out there. 279 00:15:58,160 --> 00:16:02,760 But but crypto has been slightly underperforming. 280 00:16:03,120 --> 00:16:05,600 I think macro and there's two reasons for that mainly. 281 00:16:05,800 --> 00:16:10,000 The first one is gold. Gold is down another 2% today. 282 00:16:10,480 --> 00:16:13,920 So I continue to think, you know, that's had a very good 283 00:16:13,920 --> 00:16:18,240 correlation with with Bitcoin and Bitcoin. 284 00:16:18,520 --> 00:16:21,000 That kind of means that we've been kind of stagnant and 285 00:16:21,000 --> 00:16:23,840 haven't followed stocks higher. We've just, we've actually 286 00:16:23,840 --> 00:16:29,720 really just tread water really 103 K on, on Bitcoin is where 287 00:16:29,720 --> 00:16:31,040 we've been for the last few days. 288 00:16:31,040 --> 00:16:34,560 So yeah, it feels like we're not rallying with stocks. 289 00:16:34,560 --> 00:16:38,320 We're more just like following, following gold ether 290 00:16:38,320 --> 00:16:41,600 outperforming. We were kind of, I wouldn't say 291 00:16:41,600 --> 00:16:44,960 super early to that, but definitely has been a trend here 292 00:16:45,360 --> 00:16:49,160 and it seems strong, right? Like I think the main thing here 293 00:16:49,160 --> 00:16:53,160 is just Ether's now returned to being deflationary and that's 294 00:16:53,160 --> 00:16:56,320 quite a big narrative, quite a big shift. 295 00:16:57,360 --> 00:16:59,680 I think people's perception of it as a store of value. 296 00:17:00,640 --> 00:17:05,200 So that's a decent, even though obviously activity is still 297 00:17:05,200 --> 00:17:08,079 dominated on Solana. We've seen a lot of the casino 298 00:17:08,079 --> 00:17:10,440 stuff come back to Solana with these Internet capital markets 299 00:17:10,599 --> 00:17:13,520 coins. It feels as though that as a 300 00:17:13,520 --> 00:17:17,240 narrative is quite strong for Ether as the L1 Eve Peter. 301 00:17:17,800 --> 00:17:21,240 Also like we said, it's not doing like incredible that 302 00:17:21,240 --> 00:17:25,800 that's for certain. So like it had, it had a decent 303 00:17:25,800 --> 00:17:28,920 move at the start, but it's been ETH rather than ETH beta. 304 00:17:29,280 --> 00:17:35,520 You haven't seen big moves higher in Pepe or Mog or or many 305 00:17:35,520 --> 00:17:37,440 of the other like classic beta coins. 306 00:17:37,440 --> 00:17:40,840 They're kind of also unchanged over the last few days despite 307 00:17:41,400 --> 00:17:42,800 ETH continuing, continuing to go high. 308 00:17:42,800 --> 00:17:44,560 And I think it's going to be interesting to see if that 309 00:17:44,880 --> 00:17:47,720 shifts. You know, a lot of people never 310 00:17:47,720 --> 00:17:49,640 want to own the L1. They want to get some more juice 311 00:17:49,640 --> 00:17:53,320 to it, but it feels as though at the moment the juice is really 312 00:17:53,320 --> 00:17:56,600 in the L1. So let's see, let's see if that 313 00:17:56,600 --> 00:17:59,000 continues too. This week. 314 00:17:59,280 --> 00:18:01,680 I we have a bit more economic data. 315 00:18:01,680 --> 00:18:07,760 I think PPI is maybe coming out, but but yesterday's was the big 316 00:18:07,760 --> 00:18:10,760 figure in terms of CPI. So nothing should really derail 317 00:18:10,760 --> 00:18:14,320 it rail us now other than that we've seen bond yields continue 318 00:18:14,320 --> 00:18:19,200 to go higher, which I think is a little bit worrying like the 319 00:18:19,320 --> 00:18:23,040 we're at multi decade highs again in bond yields the 10 320 00:18:23,040 --> 00:18:28,760 years back to 4 1/2%. Part of that is I think people 321 00:18:28,760 --> 00:18:32,920 selling bonds and going back into stocks and part of that is 322 00:18:33,040 --> 00:18:38,080 maybe like rejudging the recession trade a bit. 323 00:18:38,360 --> 00:18:41,600 I think the moving rate was perhaps indicative that they 324 00:18:41,600 --> 00:18:43,800 thought we're going to go into a recession and suddenly now 325 00:18:44,720 --> 00:18:46,720 people are lowering their estimates of a recession. 326 00:18:46,720 --> 00:18:51,640 So, but 4 1/2 percent on tenure isn't, isn't a great situation. 327 00:18:51,800 --> 00:18:56,400 That's all I would say. It's definitely not doesn't 328 00:18:56,400 --> 00:18:58,280 improve the situation that they've been trying to do, which 329 00:18:58,280 --> 00:19:04,200 is lower the budget and and cut costs like every nought .1% that 330 00:19:04,200 --> 00:19:06,880 goes up that becomes very expensive. 331 00:19:06,880 --> 00:19:11,680 So that's that's I think the only real worry here on on 332 00:19:11,800 --> 00:19:17,120 everyone's radar and a bit a bit of like gold was a crowded 333 00:19:17,120 --> 00:19:21,760 trade, Everyone was in it. And you're clearly seeing some 334 00:19:21,760 --> 00:19:25,240 profit taking in the gold trade. Like it went parabolic right as 335 00:19:25,240 --> 00:19:30,800 got for gold, it went parabolic. It doesn't really move like 336 00:19:30,800 --> 00:19:32,920 this. So there's been a little bit of 337 00:19:32,920 --> 00:19:35,760 profit taking, I think, and people saying, oh, that trade 338 00:19:35,760 --> 00:19:40,680 might be done in short term. So that may affect Bitcoin, you 339 00:19:40,680 --> 00:19:43,880 know, for a little bit longer than we than we think it it it 340 00:19:43,880 --> 00:19:47,080 will, yeah, I think. But nothing that I'm really that 341 00:19:47,080 --> 00:19:49,920 scared about other than market looks a little bit stretching 342 00:19:49,920 --> 00:19:51,560 equities and and gold going lower. 343 00:19:53,040 --> 00:19:56,440 A lot of the sensational stuff seemingly has been alleviated 344 00:19:56,440 --> 00:19:59,240 since the weekend with the talks with China. 345 00:20:00,640 --> 00:20:03,960 There was some clear rotation happening from from gold, 346 00:20:04,560 --> 00:20:07,480 Bitcoin back to equities at the start of this week. 347 00:20:09,000 --> 00:20:13,240 I mean, gold selling off the the ETF inflows have like kind of 348 00:20:13,240 --> 00:20:15,320 come to a stop. So like we we are we're on this 349 00:20:15,320 --> 00:20:19,880 massive streak. In fact, black rocks, I bet stop 350 00:20:19,880 --> 00:20:22,200 their twenty day streak of of inflows. 351 00:20:22,680 --> 00:20:28,920 They came in flat on Monday, which resulted in a a net 352 00:20:28,920 --> 00:20:34,400 outflow of 90 million in in yesterday's numbers, which is 353 00:20:34,400 --> 00:20:38,920 the lowest, lowest total, lowest net total, highest number of 354 00:20:38,920 --> 00:20:40,920 outflows we've seen in a few weeks here. 355 00:20:41,040 --> 00:20:45,000 So a bit of a course change there, but also on the back of 356 00:20:45,000 --> 00:20:47,560 what was a pretty massive leg up. 357 00:20:48,200 --> 00:20:50,760 I do think it's interesting, I think part of the crypto bull 358 00:20:50,760 --> 00:20:53,520 case, at least part of the narrative, right when it was 359 00:20:53,960 --> 00:20:57,640 decoupling from stocks was stocks weren't as investable. 360 00:20:58,280 --> 00:21:00,600 So does that make Bitcoin look more appetizing? 361 00:21:01,800 --> 00:21:04,000 But now stocks are investable again. 362 00:21:05,640 --> 00:21:08,760 Yeah, that, that's it. We can't say that Bitcoins are 363 00:21:08,760 --> 00:21:11,760 safe haven asset And then when the market rise again, we say, 364 00:21:11,760 --> 00:21:15,000 oh, we're like tech stocks. I think it's had far more of a 365 00:21:15,000 --> 00:21:18,480 correlation with gold than it has with stocks, Bitcoin at 366 00:21:18,480 --> 00:21:24,840 least and it's difficult for alts to really run if Bitcoins 367 00:21:24,840 --> 00:21:30,280 not not bowing as well. So what you saw there, I think 368 00:21:30,280 --> 00:21:33,040 today is just been a little bit of profit taking and some of the 369 00:21:33,040 --> 00:21:36,000 stuff that's gone crazy over the last few days. 370 00:21:36,200 --> 00:21:40,320 And I would be unsurprised if we have a little bit more profit 371 00:21:40,320 --> 00:21:41,920 taking. But but I do think that this 372 00:21:41,920 --> 00:21:45,520 little altcoin season may last another 2-3 weeks. 373 00:21:45,880 --> 00:21:47,640 Let's go that way. Yeah, it feels like it's got a 374 00:21:47,640 --> 00:21:50,960 little bit more juice in it. And I mean ETH does feel like 375 00:21:50,960 --> 00:21:52,960 it's got some real momentum here. 376 00:21:53,040 --> 00:21:55,480 I. I I think ETH is the thing that 377 00:21:55,480 --> 00:21:59,800 will drive it higher. I, I, I, I feel pretty, I'm 378 00:21:59,800 --> 00:22:02,440 pretty confident in the call that Heath will go to 3K here 379 00:22:02,560 --> 00:22:06,840 just just on, just on that narrative around it being 380 00:22:06,840 --> 00:22:09,480 ultrasound money again, interestingly, the Ultrasound 381 00:22:09,480 --> 00:22:16,360 money website, I think sync is still down, but, but you have to 382 00:22:16,360 --> 00:22:21,880 find it from other sources. But yeah, it is deflationary. 383 00:22:21,880 --> 00:22:25,360 It's burning like 100 to 400 ETH a day at the moment. 384 00:22:26,200 --> 00:22:28,960 Man, what what a catalyst it's going to be when that website 385 00:22:28,960 --> 00:22:30,960 comes back online. That's what I'm thinking. 386 00:22:31,000 --> 00:22:34,440 I'm like when this thing goes back up, everyone's going to 387 00:22:34,440 --> 00:22:37,280 have a screenshot of it. Oh yeah I used to always 388 00:22:37,360 --> 00:22:40,320 engagement farm the ultrasound money screenshot when when ETH 389 00:22:40,320 --> 00:22:43,000 was burning. Maybe that's the trade. 390 00:22:43,000 --> 00:22:44,800 Maybe that's what bankers are doing right now. 391 00:22:44,840 --> 00:22:47,560 That is, that is loading up on the ETH until they turn back on 392 00:22:47,560 --> 00:22:50,280 the website. Incredible. 393 00:22:50,280 --> 00:22:55,640 I think 3K feels like a very reasonable and approachable 394 00:22:55,640 --> 00:22:58,040 target here. I mean, especially with some of 395 00:22:58,040 --> 00:23:03,560 these daily moves we've seen. I mean it basically 10% from 396 00:23:03,560 --> 00:23:07,960 where it was yesterday, 15% from here I guess. 397 00:23:10,040 --> 00:23:11,360 Yeah. I mean, personally, I think it 398 00:23:11,360 --> 00:23:14,000 can go to 4K, but but it won't go to 4K straight away. 399 00:23:14,240 --> 00:23:17,560 You know, straight line. But but I do think it's got some 400 00:23:17,760 --> 00:23:21,000 this. No one we spoke about. 401 00:23:21,560 --> 00:23:24,680 You want to buy something when if it starts rallying, everyone 402 00:23:25,000 --> 00:23:27,960 wants to buy. This is the first time I feel 403 00:23:27,960 --> 00:23:31,960 like ether started to rally and everyone's like, oh, crap, like 404 00:23:32,480 --> 00:23:36,480 have I No, no, I feel like it feels underwritten to me. 405 00:23:36,480 --> 00:23:38,440 That's that's that's my general sense on it. 406 00:23:38,800 --> 00:23:42,920 And so that that means it normally can even overshoot on a 407 00:23:43,600 --> 00:23:45,800 on a candle. Do you know, it absolutely feels 408 00:23:45,800 --> 00:23:47,320 that way. And I feel like so many folks 409 00:23:47,320 --> 00:23:52,160 are kind of came in in that 2021 era and we were all holding ETH, 410 00:23:52,160 --> 00:23:53,280 right? Because when we were using it to 411 00:23:53,280 --> 00:23:56,040 trade in our TS and and whatnot. But I feel like we always had 412 00:23:56,040 --> 00:23:58,960 exposure to ETH and then it became super unpopular. 413 00:24:00,280 --> 00:24:02,720 And now it's like you, you watch it pump and you're like, shit, 414 00:24:02,720 --> 00:24:06,920 like I don't want to be sidelined for that. 415 00:24:07,080 --> 00:24:12,440 That's it so and I think that will set off like once that once 416 00:24:12,440 --> 00:24:14,480 that happens again, you'll probably see, you know, alts 417 00:24:14,480 --> 00:24:16,520 continue to trade drunk because generally that's what happens 418 00:24:16,520 --> 00:24:21,000 when it starts to run. But I yeah, I think that 419 00:24:21,000 --> 00:24:27,680 continues like I think I think E got got another at least couple 420 00:24:27,680 --> 00:24:29,480 legs in this run. Here's a question. 421 00:24:29,480 --> 00:24:34,920 So back in 2021, I think the way the ETH NFT relationship played 422 00:24:34,920 --> 00:24:40,360 out was when ETH was running, NFTS would typically flat or 423 00:24:40,360 --> 00:24:44,200 declining and then when ETH was kind of start to consolidate, 424 00:24:44,200 --> 00:24:47,280 that's when we would see NFTS really start to take off. 425 00:24:47,640 --> 00:24:53,880 Is there a correlation with ETH memes and ETH beta here in 2025? 426 00:24:53,920 --> 00:25:01,880 Or perhaps your pepes, Your mogs chill while ETH runs and then 427 00:25:01,880 --> 00:25:05,320 they move later. That that's what I think and 428 00:25:05,320 --> 00:25:08,720 that's what I said on the show the other day, like I'm not I 429 00:25:08,720 --> 00:25:12,000 think risk adjusted ETH is going to outperform and even like non 430 00:25:12,000 --> 00:25:16,600 risk adjusted, it may all the way into like 3K and then I 431 00:25:16,600 --> 00:25:21,400 think and then I think you you see like Pepe double, you know, 432 00:25:21,400 --> 00:25:23,600 like that. That's generally what happens. 433 00:25:23,600 --> 00:25:29,000 But I think people don't I think it means weirdly aren't under 434 00:25:29,000 --> 00:25:34,000 owned like maybe a couple of them, like when they start to 435 00:25:34,000 --> 00:25:36,960 move, it's like, oh God, I've got to own mog because it can go 436 00:25:36,960 --> 00:25:39,480 so much higher. I've got to own Pepe, but they 437 00:25:39,480 --> 00:25:41,240 don't feel as under owned as ETH itself. 438 00:25:41,240 --> 00:25:44,120 So I think it's ETH that will move and then and then yeah, 439 00:25:44,120 --> 00:25:47,720 naturally if, if ETH beaters have not performed well, then 440 00:25:47,720 --> 00:25:50,880 people will go into them. But the first leg here, I think 441 00:25:50,880 --> 00:25:53,960 it's on the is, is on ETH and then and then we see what 442 00:25:53,960 --> 00:25:59,240 happens with the beaters. The other big topic I think from 443 00:26:00,080 --> 00:26:02,040 the day, I think you mentioned it a little bit in your report 444 00:26:02,040 --> 00:26:05,320 is this Believe app and Launch Coin and we talked about it a 445 00:26:05,320 --> 00:26:08,560 bit on yesterday's show. Before you join, I'm curious, 446 00:26:08,560 --> 00:26:12,160 OK, have you been, have you been following this? 447 00:26:12,160 --> 00:26:16,400 Have you had a chance to dig in at all any thoughts or reactions 448 00:26:16,400 --> 00:26:19,480 on Launch Coin and kind of what might be happening over here? 449 00:26:20,600 --> 00:26:25,480 I. Took a quite a bit of a look at 450 00:26:25,480 --> 00:26:28,840 it yesterday morning and I decided it was just, it was just 451 00:26:28,840 --> 00:26:30,840 a method that people were going to pump and there was very 452 00:26:30,840 --> 00:26:34,040 little to it. If you want to actually find 453 00:26:34,040 --> 00:26:37,960 Internet capital markets, a real one, I would say wrecked is the 454 00:26:37,960 --> 00:26:41,640 real one. If you want to sit like we 455 00:26:41,920 --> 00:26:46,560 that's actually a company with a flywheel for the token and a 456 00:26:46,560 --> 00:26:49,480 bunch of people who on the NFT got got equity that that 457 00:26:49,480 --> 00:26:54,400 Internet capital markets, These all just seem like, I don't 458 00:26:54,400 --> 00:26:56,880 know, they seem fast and loose with the term, let's put it that 459 00:26:56,880 --> 00:27:00,040 way. I think that's very fair and 460 00:27:00,040 --> 00:27:05,800 it's a very fair assessment. I guess is there I'm trying to 461 00:27:06,800 --> 00:27:08,480 to paint bull case and in bear case. 462 00:27:08,480 --> 00:27:12,320 Is there a scenario where some of these apps companies that are 463 00:27:12,320 --> 00:27:17,520 launching on believe follow like a similar path direct where they 464 00:27:17,520 --> 00:27:20,320 they build perhaps a community? And I think this is the ideal 465 00:27:20,320 --> 00:27:23,360 case, right? This is what folks like Cued Cow 466 00:27:23,360 --> 00:27:28,320 Chow are saying is that you build a community via this token 467 00:27:30,200 --> 00:27:34,120 and then over time as the app gets built out becomes more 468 00:27:34,120 --> 00:27:37,080 successful, you find a way to perhaps integrate the token, 469 00:27:37,080 --> 00:27:39,880 perhaps reward holders in some capacity I. 470 00:27:41,000 --> 00:27:45,560 Mean it seems like a novel idea, but it's not like we had IC OS 471 00:27:45,560 --> 00:27:49,040 and we have NF TS. Then we had meme coins and like 472 00:27:49,040 --> 00:27:52,920 utility meme coins and then we had Internet capital markets 1. 473 00:27:52,920 --> 00:27:55,000 Internet capital markets 2. This is just quick. 474 00:27:55,000 --> 00:28:00,800 This is just cryptos new package potentially to try and sell this 475 00:28:00,800 --> 00:28:03,840 sort of thing like where they raise money from the crypto 476 00:28:03,840 --> 00:28:06,480 market. And then yeah, maybe 1-1 or two 477 00:28:06,480 --> 00:28:08,680 of them are successful in doing some backward integration. 478 00:28:08,680 --> 00:28:12,000 But just like with NFTS, with with the utility meme coins, 479 00:28:12,000 --> 00:28:15,680 when this was tried the first time, it's, it's tenuous. 480 00:28:15,680 --> 00:28:20,520 You don't know what you're owning and you've got a hope in 481 00:28:21,000 --> 00:28:25,280 the value of of founders to like do the right thing with the coin 482 00:28:25,280 --> 00:28:29,400 and incentives can be off. So like, I'm not, I don't think 483 00:28:29,400 --> 00:28:33,760 any of these should be like unbelievable, but but they're 484 00:28:33,760 --> 00:28:35,520 like, they're they're not. They're the next pump. 485 00:28:35,520 --> 00:28:38,200 Do you know what I mean? And but it doesn't even seem 486 00:28:38,200 --> 00:28:40,240 that novel like people were doing this a couple of months 487 00:28:40,240 --> 00:28:41,120 ago. So I don't know why it's like 488 00:28:41,120 --> 00:28:44,120 this new thing that like feels like, oh, we need to get 489 00:28:44,120 --> 00:28:45,560 involved in Internet capital markets. 490 00:28:47,040 --> 00:28:49,440 I think, I think the difference is now like there's like a 491 00:28:49,440 --> 00:28:53,640 formal watch pad and the believe app has like a playbook for 492 00:28:53,640 --> 00:28:57,680 founders to follow. They they do their, they've got 493 00:28:57,760 --> 00:29:01,320 like a curation mechanism. So I think the Jelly Jelly that 494 00:29:01,320 --> 00:29:03,480 did this right, but it was kind of on its own. 495 00:29:04,080 --> 00:29:07,080 Now you've got passionate and team behind it. 496 00:29:07,080 --> 00:29:09,840 So I think that perhaps is a difference. 497 00:29:11,920 --> 00:29:15,720 And I mean there's been so many. I think it's been, it's been I 498 00:29:15,720 --> 00:29:19,000 think objectively a bit of a minefield to try to play the 499 00:29:19,000 --> 00:29:23,080 tokens launching on the believe that because there's been so 500 00:29:23,080 --> 00:29:28,320 many and we've seen a lot of them run up perhaps beyond what 501 00:29:28,680 --> 00:29:32,560 a fair evaluation for what that product or or company should be 502 00:29:32,560 --> 00:29:35,760 at in early stages. But what's the fair valuation? 503 00:29:35,760 --> 00:29:38,000 This is what I mean. Like that's, that's not sugar 504 00:29:38,000 --> 00:29:42,760 coat this like this is just a game, a new casino that has 505 00:29:42,760 --> 00:29:44,720 opened, a new Ponzi that has opened. 506 00:29:44,720 --> 00:29:46,320 And if you were early, you've made money. 507 00:29:46,320 --> 00:29:48,240 And now we'll just see how long the Ponzi lasts. 508 00:29:48,280 --> 00:29:50,640 Like I I don't think there's real value being created here. 509 00:29:50,800 --> 00:29:52,680 Let's put that way. Or if there is, it will be like 510 00:29:52,680 --> 00:29:56,160 for one of the projects rather than rather than the mall. 511 00:29:57,680 --> 00:30:03,040 So why do you think Virtuals is more valuable or has more 512 00:30:03,040 --> 00:30:04,760 longevity than an idea like this? 513 00:30:04,760 --> 00:30:07,080 I think that's one of the most natural comps, although this is 514 00:30:07,080 --> 00:30:12,040 not an AI product specifically. Do you think virtuals is 515 00:30:12,040 --> 00:30:13,560 creating value with those coins either? 516 00:30:16,320 --> 00:30:18,280 I No, not really. Yeah. 517 00:30:18,360 --> 00:30:21,160 Like I feel like that they're all just the same thing packaged 518 00:30:21,160 --> 00:30:24,560 up in a different way. Like this is the new, this is 519 00:30:24,560 --> 00:30:26,760 the new Ponzi mechanism. And and like we can all believe 520 00:30:26,760 --> 00:30:28,920 that. I think even the people buying 521 00:30:28,920 --> 00:30:30,880 them kind of know that they're not buying them. 522 00:30:31,120 --> 00:30:33,320 I mean, maybe they're, they've got a deep belief in the 523 00:30:33,320 --> 00:30:35,440 product, but I think they're just buying them for the pump. 524 00:30:36,360 --> 00:30:38,080 I think it's a couple of things, yeah. 525 00:30:38,320 --> 00:30:40,960 Yeah, like the virtuals, the virtuals is rallying because 526 00:30:40,960 --> 00:30:43,360 everyone's like made money on the pump of the new coins. 527 00:30:43,360 --> 00:30:45,880 And it's same for this like if you're in early grade and like 528 00:30:46,400 --> 00:30:49,040 because the narrative is lasting, then launch coin and go 529 00:30:49,040 --> 00:30:52,520 to 180,000,000. But this feels very similar to 530 00:30:52,520 --> 00:30:54,920 like what was the other one we saw Desai Desai, do you remember 531 00:30:55,240 --> 00:30:59,840 that side platform? It's just, it's just another 532 00:30:59,840 --> 00:31:03,360 thing that's that's been created and and we'll see how long the 533 00:31:03,360 --> 00:31:07,760 narrative can last, but this one feels particularly hated so. 534 00:31:07,760 --> 00:31:09,520 It is. It is very hated. 535 00:31:10,120 --> 00:31:12,400 That is a fact. Maybe that's a benefit, maybe 536 00:31:12,400 --> 00:31:16,560 that's maybe it dies quickly. I don't know, But I'm not, I'm 537 00:31:16,560 --> 00:31:19,720 not going to. I'm just not going to be quick 538 00:31:19,720 --> 00:31:22,520 enough. I know to buy the the It's just, 539 00:31:22,520 --> 00:31:26,040 it's just a Crash game. It's a Crash game like we played 540 00:31:26,040 --> 00:31:27,120 with. What's his face? 541 00:31:29,200 --> 00:31:32,080 Who's the guy who owns Barstool? Oh, Portnoy. 542 00:31:32,680 --> 00:31:34,680 Yeah, like it's not the version of that, right? 543 00:31:34,680 --> 00:31:37,160 Like we're just doing that with like random, random coins right 544 00:31:37,160 --> 00:31:39,440 now. It's packaged in a more 545 00:31:39,440 --> 00:31:41,520 professional way. But I don't see, I don't see 546 00:31:41,520 --> 00:31:43,000 much in this. I really don't. 547 00:31:45,120 --> 00:31:47,800 I think a couple thoughts. One, I think it's kind of 548 00:31:47,800 --> 00:31:51,600 showing a light that that people want to trade more than just 549 00:31:51,640 --> 00:31:55,600 pure shit coins everyday. And like this does feel and I, I 550 00:31:55,600 --> 00:31:57,680 understand that these are mean coins packaged different. 551 00:31:57,680 --> 00:31:59,720 Well, you're not getting equity. I was very clear about that 552 00:31:59,720 --> 00:32:01,800 yesterday's show. You are not getting equity in 553 00:32:01,800 --> 00:32:03,440 these companies. You should not think that. 554 00:32:04,520 --> 00:32:07,200 So if you once you've removed that, you are effectively 555 00:32:07,200 --> 00:32:11,120 trading a mean coin tied to this person tied to this app. 556 00:32:11,440 --> 00:32:14,560 So I you, you have to understand the the game that you're 557 00:32:14,560 --> 00:32:16,000 playing. But yeah. 558 00:32:16,320 --> 00:32:18,760 Somewhat and they went really high. 559 00:32:18,800 --> 00:32:21,080 I'm I'm just and it was the same with some of the meme coins 560 00:32:21,080 --> 00:32:24,160 earlier, right, like utility based meme coins was a thing and 561 00:32:24,160 --> 00:32:26,520 it has been a thing for the last many months. 562 00:32:26,800 --> 00:32:29,560 I I would never short any of these coins is basically what 563 00:32:29,560 --> 00:32:31,240 I'm saying. I have no idea where they talk 564 00:32:31,240 --> 00:32:37,000 about, but I'm I also think it's just a a game where they will 565 00:32:37,000 --> 00:32:39,440 crash and and you're kind of what wondering when. 566 00:32:40,360 --> 00:32:43,200 Yeah, and we're not. I think there's, I'm looking at 567 00:32:43,200 --> 00:32:49,160 the board right now, there's maybe 20 / 1,000,000 right now 568 00:32:49,160 --> 00:32:54,720 there's 3 coins over 10 million. The Goon coin, which is just a 569 00:32:54,720 --> 00:32:57,120 meme coin dupe, which is the furniture wrap, it's at 570 00:32:57,120 --> 00:33:00,160 42,000,000. And Alex Fence Crater Buddy is 571 00:33:00,160 --> 00:33:03,080 at 11,000,000. Launch coin though is at 240 572 00:33:03,080 --> 00:33:04,320 million. And I don't know, like the other 573 00:33:04,320 --> 00:33:07,760 aspect of this is, is even if you think this is, this is just 574 00:33:07,800 --> 00:33:10,960 a meme coin launchpad package in a different way. 575 00:33:11,760 --> 00:33:17,000 If the volume continues like this, then like the Believe app 576 00:33:17,000 --> 00:33:19,520 is raking in money. They made three and a half 577 00:33:19,520 --> 00:33:23,040 $1,000,000 yesterday. It it looks like they're on pace 578 00:33:23,040 --> 00:33:29,360 to make another 3,000,000 today. So if you look at launch coin as 579 00:33:29,360 --> 00:33:34,160 like the de facto token of the Believe app and you see that 580 00:33:34,160 --> 00:33:37,360 they're annualizing out, of course, it's absurd to annualize 581 00:33:37,360 --> 00:33:39,800 out two days of revenue and a huge boom. 582 00:33:39,800 --> 00:33:43,880 I understand that they're annualizing out a billion in 583 00:33:43,880 --> 00:33:47,280 revenue. So, so you can do some fun back 584 00:33:47,280 --> 00:33:50,960 to the napkin mass on that. But I think my point there being 585 00:33:51,400 --> 00:33:56,280 the longer like this craze lasts like that is very, very good for 586 00:33:56,280 --> 00:33:58,800 the Believe app and it probably is good for the launch coin. 587 00:33:59,600 --> 00:34:01,480 I don't know how any of the individual coins are going to 588 00:34:01,480 --> 00:34:05,880 perform, but in similar to virtuals, not a whole lot of 589 00:34:05,880 --> 00:34:09,199 those virtual tokens really made it right like AXBT made it. 590 00:34:09,560 --> 00:34:13,480 I think you need a breakout token like that to really you 591 00:34:13,480 --> 00:34:16,960 need folks making money and speculating on these for the 592 00:34:16,960 --> 00:34:20,480 ecosystem to last. But look, am I right in saying 593 00:34:20,480 --> 00:34:22,480 Launch coin is the coin of the platform? 594 00:34:22,960 --> 00:34:24,480 Yes. Right. 595 00:34:25,480 --> 00:34:28,199 Just kind of circular there though versus virtuals, I guess. 596 00:34:28,400 --> 00:34:31,840 I don't I don't know like your best coin is actually the coin 597 00:34:31,840 --> 00:34:35,760 of the platform and now the other ones have broken after 598 00:34:35,880 --> 00:34:40,400 above 1 or or how many of what's the second biggest the the 599 00:34:40,400 --> 00:34:44,520 furniture app? Yeah, it's at 40 right now. 600 00:34:46,120 --> 00:34:48,040 So I think it's a pivotal week, I think. 601 00:34:48,679 --> 00:34:50,880 Does does this what make you feel more bullish about Rex? 602 00:34:50,880 --> 00:34:52,800 This is what I don't understand. I was going to put that out and 603 00:34:52,800 --> 00:34:54,639 just be like, look, we've actually, we've actually done 604 00:34:54,639 --> 00:34:58,000 this. We did this many months ago and 605 00:34:58,000 --> 00:35:00,520 we've got a flywheel and we're literally doing buybacks of the 606 00:35:00,520 --> 00:35:05,080 of the same like, and we gave everyone equity in it. 607 00:35:06,160 --> 00:35:08,760 So like you're saying this is just amazing new matter. 608 00:35:08,760 --> 00:35:11,400 Like, and even when you say Jelly Jelly, like Jelly Jelly 609 00:35:12,240 --> 00:35:14,680 just create a coin. Like we've actually done what 610 00:35:14,680 --> 00:35:19,160 people are saying or hoping this ends up in in some sort of weird 611 00:35:19,160 --> 00:35:22,880 way. So yeah, like. 612 00:35:23,600 --> 00:35:26,720 I love wrecked and I love, I actually hadn't thought about it 613 00:35:26,720 --> 00:35:29,600 from that lens that wrecked is Internet capital markets. 614 00:35:29,840 --> 00:35:31,280 And I think that's a great way to frame it. 615 00:35:33,240 --> 00:35:37,240 I think just like wearing my, my trading hat, like I, I people 616 00:35:37,240 --> 00:35:39,000 love to speculate. Yeah, no, we're not. 617 00:35:39,040 --> 00:35:43,200 We're not teaching though. Maybe it's not, but yeah, I just 618 00:35:43,200 --> 00:35:44,680 thought it was funny. When I heard about this, I was 619 00:35:44,680 --> 00:35:45,720 like, Oh my God, it's this new matter. 620 00:35:45,720 --> 00:35:48,640 I was like, well, we did this and we did it with actual equity 621 00:35:48,640 --> 00:35:51,560 for people. A year ago. 622 00:35:52,400 --> 00:35:53,960 Yeah, a year and a half ago, you. 623 00:35:55,880 --> 00:35:57,800 Know on the wrecked front. Looks like we have a little bit 624 00:35:57,840 --> 00:36:01,320 of a teaser at at a minimum, yeah. 625 00:36:01,480 --> 00:36:05,440 There's I told you they're. Cooking man, they're cooking the 626 00:36:05,440 --> 00:36:09,120 something is brewing and we've got I believe this is a fresh 627 00:36:09,120 --> 00:36:15,560 new blue logo perhaps perhaps telegraphing the next flavor. 628 00:36:16,800 --> 00:36:20,880 I also I love direct drinks. Pinging metallic with this this 629 00:36:21,040 --> 00:36:23,400 ETH branded can. Yeah. 630 00:36:24,000 --> 00:36:26,280 I'm a fan of that. I think that's what it's 631 00:36:26,280 --> 00:36:28,280 basically going to be this year. They've got a bunch of flavors 632 00:36:28,280 --> 00:36:31,920 they want to do and they've, they're going to do launch 633 00:36:31,920 --> 00:36:35,640 partners for each of them. So, so by the end of the shield 634 00:36:35,640 --> 00:36:38,920 we'll probably have a number of flavours and and then you'll see 635 00:36:38,920 --> 00:36:44,440 who each one is. So stay tuned if you want to get 636 00:36:44,680 --> 00:36:48,240 into the actual Internet capital markets, go go check out wrecked 637 00:36:48,840 --> 00:36:53,200 and and what they're doing. A couple other headlines. 638 00:36:53,600 --> 00:36:56,920 So I don't know if you saw far coin went live on hyper liquid 639 00:36:56,920 --> 00:36:59,800 spot yesterday. I think what's notable volumes, 640 00:36:59,880 --> 00:37:02,920 I think probably always going to be high on launch date, but it's 641 00:37:02,920 --> 00:37:06,040 about to flip Bitcoin in daily trading volume. 642 00:37:06,080 --> 00:37:11,000 So 20,000,020 million on Fartspot, 21.3 million on 643 00:37:11,000 --> 00:37:12,800 Bitcoin, spot over on Hyper Liquid. 644 00:37:13,720 --> 00:37:15,360 That's amazing. It it is. 645 00:37:15,480 --> 00:37:18,720 It does absolutely shock me that none of the other major 646 00:37:18,720 --> 00:37:21,720 exchanges have have decided to launch Fartcoin. 647 00:37:22,360 --> 00:37:26,600 It just it points to how they run business and when they tell 648 00:37:26,600 --> 00:37:28,040 you, you know, we don't ask for fees. 649 00:37:28,040 --> 00:37:31,760 Everyone's listed like I'm telling you right now, that is 650 00:37:31,760 --> 00:37:36,960 bullshit. the IT just points to the the cronyism of getting 651 00:37:36,960 --> 00:37:40,560 listed on these major exchanges. It's part pointed 100% identity. 652 00:37:41,840 --> 00:37:45,320 I guess what I saw and I understand the cronyism and and 653 00:37:45,320 --> 00:37:47,240 they want to line their pockets and it's like they would be 654 00:37:47,240 --> 00:37:51,800 making so much in fees. They make so much in pups 655 00:37:51,800 --> 00:37:54,160 though, right? Yeah, I I guess that's a a big 656 00:37:54,160 --> 00:37:59,920 part of it too. So they're not unexposed, but I 657 00:37:59,920 --> 00:38:01,720 think those are coming. It's a matter of time. 658 00:38:02,080 --> 00:38:05,200 That is probably one of the the future catalysts to look out for 659 00:38:05,680 --> 00:38:07,360 in the other meme headlines. Did you see? 660 00:38:07,360 --> 00:38:11,720 It's probably late for you. I was watching this from the 661 00:38:11,720 --> 00:38:13,400 sidelines and I also didn't really care about it. 662 00:38:13,400 --> 00:38:18,360 But there's this bonk let's bonk versus pump fun war playing out 663 00:38:18,520 --> 00:38:20,120 right now. And I think yesterday it came to 664 00:38:20,160 --> 00:38:24,200 a head because there was like this glory coin that launched on 665 00:38:24,200 --> 00:38:27,360 pump and then the let's Bonk Kabal decide to launch it on 666 00:38:27,360 --> 00:38:29,160 their own. And they kind of battled to see 667 00:38:29,920 --> 00:38:33,160 which one would would run up the the highest market cap. 668 00:38:34,960 --> 00:38:38,760 Kind of just an absurd thing. It looks like the one one of 669 00:38:38,760 --> 00:38:40,760 these is at 4 million and ones at 1,000,000. 670 00:38:40,760 --> 00:38:43,080 So basically anyone who bought last night during these these 671 00:38:43,080 --> 00:38:48,040 wars is down significantly. So, so not many folks are 672 00:38:48,040 --> 00:38:51,480 actually winning in this, but I was trying to look at the 673 00:38:51,480 --> 00:38:56,280 numbers. It does look like let's balk in 674 00:38:56,280 --> 00:39:00,760 launch lab are starting to to cut into pump fun share. 675 00:39:01,840 --> 00:39:06,000 So it it is working. So like yesterday pump did 586 676 00:39:06,000 --> 00:39:09,240 million pump coins did 586,000,000 launch lab did 380 677 00:39:09,240 --> 00:39:14,840 million. So 40%, Sixty percent, 40% 678 00:39:14,960 --> 00:39:17,480 there. I think that's the highest we've 679 00:39:17,480 --> 00:39:19,520 seen it's. Definitely interesting to see 680 00:39:19,520 --> 00:39:20,960 this go back and forth a little bit, right. 681 00:39:20,960 --> 00:39:23,480 So like a couple months ago we were reporting, you know, the 682 00:39:23,520 --> 00:39:26,760 radium and we're about to get screwed because Trump fund, 683 00:39:26,920 --> 00:39:28,000 we're about to launch their decks. 684 00:39:28,000 --> 00:39:30,760 And that has happened. You know, they've taken a lot of 685 00:39:30,760 --> 00:39:34,920 the market share. They're kind of equal or just 686 00:39:34,920 --> 00:39:36,920 slightly below radium now in terms of dex market share. 687 00:39:36,920 --> 00:39:39,880 But now you're seeing everyone come off the pump fund. 688 00:39:39,880 --> 00:39:43,680 If you've got like four or five different people all fat with 689 00:39:43,680 --> 00:39:47,640 launch pads now. So the war is is going back and 690 00:39:47,640 --> 00:39:49,320 forth a little bit here. You can feel it. 691 00:39:49,880 --> 00:39:51,400 It is. Radium has been a nice little 692 00:39:51,400 --> 00:39:53,040 trade. Yeah. 693 00:39:53,520 --> 00:39:59,280 Oh yeah. 70% in the past month. People like Reagan, like I said, 694 00:39:59,280 --> 00:40:01,080 like it was just timing to spend. 695 00:40:01,080 --> 00:40:05,760 They got, they got hammered at a time also where the whole market 696 00:40:05,760 --> 00:40:09,320 got eviscerated. But versus revenue like it does 697 00:40:09,320 --> 00:40:11,440 trade cheap. It really does. 698 00:40:12,640 --> 00:40:17,360 Yeah, it's only have 1 billion market cap, 22.10. 699 00:40:17,360 --> 00:40:20,120 I know that's TV. Yeah, 2 billion FTVI mean that's 700 00:40:20,120 --> 00:40:22,480 what Kaido's AT. Yeah. 701 00:40:22,480 --> 00:40:24,640 And I mean, and Kaido's doing well, don't get me wrong. 702 00:40:25,640 --> 00:40:29,760 I would have to imagine Radium is generating more revenue right 703 00:40:29,760 --> 00:40:34,880 now than Kaido is to be turning at the same same valuation. 704 00:40:37,160 --> 00:40:41,280 So that's another interesting trade to potentially look at. 705 00:40:41,280 --> 00:40:44,480 I'm trying to see like what else is on the list from the day 706 00:40:45,800 --> 00:40:51,640 abstract tge potentially Q4. It's not formal news, but Luca 707 00:40:51,640 --> 00:40:55,200 was on a stream yesterday and kind of dropped that. 708 00:40:56,120 --> 00:40:59,320 Interesting. And I think to me it makes sense 709 00:41:00,080 --> 00:41:03,440 that I think objectively abstract needs more time to 710 00:41:03,440 --> 00:41:07,760 continue building out its ecosystem, its apps, its user 711 00:41:07,760 --> 00:41:14,480 base, just to continue building momentum and end users and 712 00:41:14,480 --> 00:41:19,920 things to do over there to attract capital on a longer time 713 00:41:19,920 --> 00:41:21,320 horizon. We did see the the pudgy 714 00:41:21,320 --> 00:41:23,240 Penguins sell off a bit on the back of that. 715 00:41:23,240 --> 00:41:26,560 So I think, I think folks thought it was coming sooner 716 00:41:26,560 --> 00:41:29,360 than that. Yeah. 717 00:41:29,920 --> 00:41:32,920 So we're seeing a few of the assets start to potentially sell 718 00:41:32,920 --> 00:41:34,880 off. So that's a that's a long turn 719 00:41:34,880 --> 00:41:36,280 ahead. I am curious if we'll actually 720 00:41:36,280 --> 00:41:39,920 see some pullbacks in that ecosystem as folks who as the 721 00:41:39,920 --> 00:41:43,600 pure farmers may realize that they're not ready to play for 722 00:41:43,600 --> 00:41:47,560 another five months. So that that's going to be 1 to 723 00:41:47,560 --> 00:41:51,240 look out for. I talked about the Ethos 724 00:41:51,280 --> 00:41:53,160 AirDrop. I think the other one, I guess 725 00:41:53,960 --> 00:41:58,440 we kind of this was coming, but Tether has now confirmed they 726 00:41:58,440 --> 00:42:03,760 bought all this Bitcoin for 21 capital to the tune of $460 727 00:42:03,760 --> 00:42:09,200 million. So I think that's their initial 728 00:42:09,440 --> 00:42:13,880 seed Bitcoin. I think the question now becomes 729 00:42:13,880 --> 00:42:16,880 what are they, what are they going to do out of the gate? 730 00:42:16,880 --> 00:42:18,520 I think the company is launching soon. 731 00:42:19,080 --> 00:42:21,880 Are they going to be immediately raising capital to to start 732 00:42:21,880 --> 00:42:27,560 buying on a a weekly basis like Sailor or or kind of what their 733 00:42:27,560 --> 00:42:31,000 plans are and are all the big are all the big Bitcoin buys 734 00:42:31,000 --> 00:42:36,160 behind them at this point, but. I definitely don't mind, trust 735 00:42:36,280 --> 00:42:39,880 me on that one. Say that again. 736 00:42:39,920 --> 00:42:43,320 I think big Bitcoin buys will continue for a long, long time. 737 00:42:44,000 --> 00:42:47,760 Yeah, it, it really feels that way. 738 00:42:47,760 --> 00:42:50,120 I shared in the opening read, we saw the belt. 739 00:42:50,120 --> 00:42:52,960 I don't know who this was from Fidelity, but he was telling an 740 00:42:52,960 --> 00:42:55,440 audience that if their, if their businesses aren't making more 741 00:42:55,440 --> 00:42:58,600 than 65% on their invested capital, they should all just be 742 00:42:58,600 --> 00:43:02,880 buying Bitcoin instead. So like we're, we're seeing that 743 00:43:02,880 --> 00:43:06,360 this message get louder and louder, like telling companies 744 00:43:06,400 --> 00:43:08,680 to, to put it on their, their balance sheet. 745 00:43:10,840 --> 00:43:13,680 I don't know that's, it's that quite of an easy decision. 746 00:43:14,640 --> 00:43:18,400 Certainly it's easier when the, the numbers going up every week 747 00:43:18,920 --> 00:43:20,520 and then then when it's going down. 748 00:43:21,200 --> 00:43:24,920 But that rhetoric is really rising right now. 749 00:43:26,280 --> 00:43:29,320 So if that continues, I think the institutional buying is 750 00:43:29,320 --> 00:43:35,080 likely to continue as well. Other than that, I mean, I think 751 00:43:35,080 --> 00:43:37,040 that was kind of the, the, the round up of the day. 752 00:43:37,040 --> 00:43:39,160 It was, it was a bullish day for price action that we're selling 753 00:43:39,160 --> 00:43:42,240 off here today. We've got consensus starting 754 00:43:42,240 --> 00:43:43,880 today. So perhaps folks are kind of 755 00:43:43,880 --> 00:43:49,760 busy with that. Yeah, we'll, we'll see what what 756 00:43:49,760 --> 00:43:52,640 comes down the pipe. We'll see what comes out of RECT 757 00:43:52,840 --> 00:43:54,640 And now I'm excited. You got me all bold up Internet 758 00:43:54,640 --> 00:43:58,680 capital markets with RECT. I'm going to go take a look at 759 00:43:58,720 --> 00:44:01,360 at my position right after this right after this space. 760 00:44:01,400 --> 00:44:02,000 I didn't. Tweet it. 761 00:44:02,040 --> 00:44:04,680 I didn't tweet it yesterday because I was like, well, I 762 00:44:04,680 --> 00:44:08,400 didn't be bothered but but yeah, I mean, it is right? 763 00:44:08,400 --> 00:44:13,200 Like it is the original Jelly. Jelly is not the original of 764 00:44:13,200 --> 00:44:16,280 these I would say. Yeah. 765 00:44:16,280 --> 00:44:18,320 I think if you were going to lay out a playbook about how to 766 00:44:18,320 --> 00:44:21,160 execute Internet capital markets the way people understand that, 767 00:44:21,160 --> 00:44:25,560 that's pretty much it, right. If you so so shout out to to you 768 00:44:25,560 --> 00:44:30,320 and Ovi also just for sticking with it because we have nothing 769 00:44:30,320 --> 00:44:32,680 else. How many how many 2021 era 770 00:44:32,680 --> 00:44:35,080 founders do we have left? Brother, I was thinking about 771 00:44:35,080 --> 00:44:38,320 the end of the day. So, so from crypto punks, 772 00:44:38,600 --> 00:44:40,480 obviously they sold out, although seemingly they've kind 773 00:44:40,480 --> 00:44:41,840 of come back. It's unclear. 774 00:44:42,800 --> 00:44:45,480 We lost Gordon, although that was health reasons and he is 775 00:44:45,480 --> 00:44:50,480 kind of stuck around. We just lost Frank cool cats. 776 00:44:50,480 --> 00:44:52,360 They went through like 5 different CE OS, right? 777 00:44:52,360 --> 00:44:53,400 I don't know what happened there. 778 00:44:55,360 --> 00:44:58,000 I think Klon is stuck around, but I don't I don't know. 779 00:44:58,400 --> 00:45:00,360 Doodles has obviously gone through multiple different 780 00:45:00,680 --> 00:45:05,160 managements now. Azuki thought about getting rid 781 00:45:05,240 --> 00:45:10,200 of Zagabond a couple of times. He's stuck around, just stuck 782 00:45:10,240 --> 00:45:13,040 with him. Who else is there? 783 00:45:13,280 --> 00:45:17,600 Like I mean, and this is just this is survival bias as well, 784 00:45:17,600 --> 00:45:18,960 right? These are like the top projects 785 00:45:18,960 --> 00:45:25,320 that are still going of all the ones that just I haven't, I 786 00:45:25,320 --> 00:45:28,440 think Betty did she step down I. Was going to say Betty. 787 00:45:28,440 --> 00:45:31,800 I mean for Oak, of course. For Oak stuck around, I'm just 788 00:45:31,800 --> 00:45:33,960 kind of I'm just going off floor price here now. 789 00:45:34,800 --> 00:45:40,800 So oh geez, obviously proof and Moonbirds. 790 00:45:41,520 --> 00:45:47,520 They they all got out mad lads. They've stuck around or they 791 00:45:47,520 --> 00:45:48,960 created a backpack though, didn't they? 792 00:45:49,880 --> 00:45:55,080 Yeah, technically Lucas 2022 I think. 793 00:45:55,600 --> 00:45:58,320 Yeah, but those guys did. Look, the craters all got out. 794 00:45:58,640 --> 00:46:04,200 And they were the fastest to get out meme land that I think that 795 00:46:04,200 --> 00:46:05,440 might have been a little bit later. 796 00:46:05,720 --> 00:46:10,360 Yeah, meme. And it's funny, man. 797 00:46:10,680 --> 00:46:14,040 It's funny because Gary Vee, is he still? 798 00:46:14,120 --> 00:46:16,320 Is he still going? Yeah, he, I think you got to 799 00:46:16,320 --> 00:46:18,520 count him still going. He's still drawing his comic 800 00:46:18,520 --> 00:46:22,800 books in creating his his kids show. 801 00:46:23,080 --> 00:46:24,520 So I think we'll we'll count him. 802 00:46:25,160 --> 00:46:27,880 Let's see how all these Internet capital markets founders doing 803 00:46:28,160 --> 00:46:33,520 in four years. I'm sure we'll have dozens. 804 00:46:33,600 --> 00:46:35,640 Yeah, we'll have loads. I'm sure they'll all be still 805 00:46:35,640 --> 00:46:38,040 around, creating in the space, vibing. 806 00:46:38,040 --> 00:46:41,280 It'll be really great. From vibe coding to vibing on 807 00:46:41,280 --> 00:46:44,960 the timeline. Did you before we wrap up, did 808 00:46:44,960 --> 00:46:47,720 you have any reactions to the punks to the punk sale? 809 00:46:48,280 --> 00:46:50,880 I thought it was like. The best, the worst pet secret 810 00:46:50,880 --> 00:46:53,480 in in NFTS for a long time that those were up for sale. 811 00:46:53,480 --> 00:46:56,160 They had to like there was so many rumours yet to deny it a 812 00:46:56,160 --> 00:46:59,360 couple of a few months ago and then they've been sold. 813 00:47:00,120 --> 00:47:01,800 So so obviously you did hear about it. 814 00:47:01,880 --> 00:47:07,840 The the price just for the IP and none of the the punks seems 815 00:47:07,840 --> 00:47:10,720 about right. I think. 816 00:47:12,840 --> 00:47:18,160 I think that's basically what the Lava lads guys were OK to 817 00:47:18,160 --> 00:47:23,680 get out for as well, obviously. And it seems as though you go 818 00:47:23,680 --> 00:47:25,840 can like write off a tax loss on it or something like that. 819 00:47:25,840 --> 00:47:28,200 I saw someone someone talking about today. 820 00:47:30,240 --> 00:47:31,840 Look, I think Yuga lad is in trouble. 821 00:47:32,320 --> 00:47:35,200 I do, if I'm honest. I don't know how. 822 00:47:35,200 --> 00:47:37,680 I don't know where the revenue is coming for that company right 823 00:47:37,680 --> 00:47:39,000 now. And they're burning. 824 00:47:39,000 --> 00:47:44,200 They must be burning a lot. So they're probably selling APE. 825 00:47:44,520 --> 00:47:47,800 I don't know, like if they're able to sell that much. 826 00:47:48,680 --> 00:47:55,160 But yeah, like they've got to cut stuff that's not making them 827 00:47:55,160 --> 00:47:59,760 revenue and focus on the stuff that is important to them. 828 00:47:59,760 --> 00:48:02,640 In my opinion. I think the Moonbirds 829 00:48:02,640 --> 00:48:05,840 acquisition seems very strange in this first in this world. 830 00:48:05,840 --> 00:48:08,000 But remember we did say that that means they got the treasure 831 00:48:08,000 --> 00:48:10,440 or something like that and that was valuable to them. 832 00:48:11,760 --> 00:48:15,120 So yeah. They've basically been cutting 833 00:48:15,120 --> 00:48:17,040 everything right, so they cut me bits. 834 00:48:17,960 --> 00:48:19,080 Cut me bits. Cut punks. 835 00:48:19,080 --> 00:48:21,360 Cut punks. I imagine they'll try and sell 836 00:48:21,760 --> 00:48:24,000 Moonbirds now or like, I don't, I don't know. 837 00:48:24,000 --> 00:48:25,560 Is anything going on with Moonbirds? 838 00:48:25,760 --> 00:48:27,800 I don't, I don't know there's a buyer for that, right. 839 00:48:27,800 --> 00:48:29,000 So. Yeah. 840 00:48:29,920 --> 00:48:34,440 Yeah, at what price, what would what would even be a price for 841 00:48:34,440 --> 00:48:38,520 members right now? It feels like, I mean, 842 00:48:38,600 --> 00:48:40,480 objectively, it does feel like you guys kind of lost a little 843 00:48:40,480 --> 00:48:43,720 bit of momentum 8 chain has staying at heads as ups and 844 00:48:43,720 --> 00:48:46,480 downs other side just been a bit slow. 845 00:48:46,480 --> 00:48:47,880 I know they've been making progress on it. 846 00:48:48,520 --> 00:48:52,440 That seems like the main focus left at this point in time. 847 00:48:53,400 --> 00:48:55,600 But I've been, I'm kind of at arm's length at ecosystem. 848 00:48:55,600 --> 00:48:59,200 So I I'm not super in the weeds. So, so maybe there's more going 849 00:48:59,200 --> 00:49:01,680 on over there than I realized, but I think that's a fair 850 00:49:01,680 --> 00:49:03,600 assessment. What do you think happens? 851 00:49:04,120 --> 00:49:07,200 Had no, this is theoretical and obviously I don't know if people 852 00:49:07,200 --> 00:49:10,040 in the audience were there, but theoretical Ugalabs shut down. 853 00:49:11,360 --> 00:49:16,040 What do you think happens? If ugalabs shuts down. 854 00:49:16,840 --> 00:49:20,160 Yeah. Yeah. 855 00:49:20,160 --> 00:49:25,640 I mean, I think it would be a psychological blow to the NFT 856 00:49:25,640 --> 00:49:27,560 space, at least to the PFP space. 857 00:49:30,120 --> 00:49:36,680 Do you think NFTS should rally? Maybe art NFTS, maybe more than 858 00:49:36,680 --> 00:49:37,920 pure. AIDS Rally. 859 00:49:38,240 --> 00:49:41,120 Oh, you do just like on on the pure collectible. 860 00:49:41,280 --> 00:49:44,760 Like yeah, interesting. I've always thought the board 861 00:49:44,760 --> 00:49:48,520 apes have reached the collectible like level that I 862 00:49:48,520 --> 00:49:51,040 think they'll always have a decent floor at this point just 863 00:49:51,040 --> 00:49:53,160 because of their their part in history. 864 00:49:54,000 --> 00:49:56,480 That's what I think. I think almost like there's 865 00:49:56,520 --> 00:50:00,040 there's not that much love honestly for you Galabs from 866 00:50:00,040 --> 00:50:03,240 various different points, but I think if they were to shut down 867 00:50:03,600 --> 00:50:06,560 board apes would actually rally. Obviously a coin would go down a 868 00:50:06,560 --> 00:50:09,560 lot, but I think that the NFTS themselves would go up a lot. 869 00:50:09,560 --> 00:50:12,760 I think they might become cool again. 870 00:50:13,440 --> 00:50:15,640 Interesting. Yeah, I think that's a very real 871 00:50:15,640 --> 00:50:19,880 possibility. I don't. 872 00:50:19,920 --> 00:50:22,040 I don't have AI. Don't. 873 00:50:22,040 --> 00:50:23,320 I'm. Not hoping that they shut down. 874 00:50:23,320 --> 00:50:25,720 Yeah, I don't have the feeling. It's like a thankless task. 875 00:50:25,760 --> 00:50:28,200 There's the reason why at least got them NFT. 876 00:50:28,200 --> 00:50:30,840 People don't laugh because it's completely thankless. 877 00:50:31,120 --> 00:50:34,800 I mean, obviously they raised millions of dollars, so they 878 00:50:34,800 --> 00:50:37,920 obviously got some thanks. But it's not for a lot of these 879 00:50:37,920 --> 00:50:39,280 guys. Like if there's no revenue 880 00:50:39,280 --> 00:50:40,960 really attached, but they're not going to stick around. 881 00:50:40,960 --> 00:50:44,080 They just get shouting out, shouted at by the community and 882 00:50:44,160 --> 00:50:48,400 whatever they do is wrong. And you know, like, I would not 883 00:50:48,400 --> 00:50:50,240 want to be Gaga, let's put it that way. 884 00:50:50,240 --> 00:50:55,320 Like the guy has, you know, just must have a lot of weight on his 885 00:50:55,320 --> 00:50:59,320 shoulders about doing something. And I'm not even too sure if it 886 00:50:59,320 --> 00:51:02,400 will benefit the NFCS. Like I kind of felt like they're 887 00:51:02,400 --> 00:51:07,480 best better than them also being collectibles and make like I 888 00:51:07,480 --> 00:51:10,160 think the in real life stuff I think they do well at. 889 00:51:10,520 --> 00:51:13,600 I think that's where they're strongest, like the the 8th 890 00:51:13,600 --> 00:51:15,960 fest. And if they were to do, I've 891 00:51:16,040 --> 00:51:18,080 continued to say that they should do in real life 892 00:51:20,920 --> 00:51:22,840 clubhouses. I think that's the coolest way 893 00:51:22,840 --> 00:51:25,720 for the brand here. I don't think anyone's waiting 894 00:51:25,720 --> 00:51:31,680 for other side. Yeah, other than like a very 895 00:51:31,680 --> 00:51:35,720 hardcore niche base. I I would tend to agree. 896 00:51:37,760 --> 00:51:40,520 Just like the broader metaverse concept has kind of lost its 897 00:51:40,520 --> 00:51:44,560 luster since 2021 as well. And I agree. 898 00:51:44,560 --> 00:51:47,240 I mean, it's a thankless job. And anytime you you do 899 00:51:47,240 --> 00:51:50,240 something, you just have dozens of people yelling on the 900 00:51:50,240 --> 00:51:52,720 timeline. So I'm sure it's been hard to 901 00:51:52,720 --> 00:51:56,480 show up every day. Yeah, they've they've got one 902 00:51:56,760 --> 00:52:00,200 albatross off their necks with with punks gone now. 903 00:52:01,760 --> 00:52:05,000 So I'm very interested in the I was saying this before you 904 00:52:05,280 --> 00:52:06,480 jumped on. I'm very interested in this 905 00:52:06,480 --> 00:52:08,800 punks trade. I think punks could could see a 906 00:52:08,800 --> 00:52:13,840 nice little grind up from here under this new ownership. 907 00:52:14,000 --> 00:52:16,880 Yeah, especially what? Is that big a deal? 908 00:52:17,440 --> 00:52:19,760 I thought you weren't doing anything with them anyway. 909 00:52:20,400 --> 00:52:22,640 What I mean, like the last thing you tried to do is like need 910 00:52:24,000 --> 00:52:29,080 Nina, Nina. What's the second name? 911 00:52:29,160 --> 00:52:34,520 I forget but that who did The Who did the collab drop? 912 00:52:34,520 --> 00:52:36,520 But like, they really didn't do it much right? 913 00:52:38,680 --> 00:52:40,320 Yeah, I mean, I think you go was was fine. 914 00:52:40,320 --> 00:52:42,400 We talked about yesterday. They they're perfectly fine 915 00:52:42,400 --> 00:52:43,880 stewards. They they didn't try to, you 916 00:52:43,880 --> 00:52:47,200 know, get in the way too much muddy the waters. 917 00:52:47,640 --> 00:52:50,000 I think this this new owner, what they're doing with the Palo 918 00:52:50,000 --> 00:52:53,160 Alto exhibit will be interesting. 919 00:52:53,280 --> 00:52:55,160 Seems like they've got some connections. 920 00:52:55,640 --> 00:52:58,880 But beyond that I could just removed like perhaps an 921 00:52:58,880 --> 00:53:04,920 overhanging risk and always a little bit of a stigma against 922 00:53:04,920 --> 00:53:06,680 you go owning these and now that's gone. 923 00:53:07,760 --> 00:53:12,160 And then also just I always I come back to like the the 924 00:53:12,160 --> 00:53:15,840 scarcity thesis. I think when when Bitcoin starts 925 00:53:15,840 --> 00:53:19,920 rallying, everyone's going to pull back the the 21 million and 926 00:53:19,960 --> 00:53:26,880 I think the Planck's 10K scarcest, strongest NFT on ET is 927 00:53:26,880 --> 00:53:31,160 a pretty good bull thesis. And with ETH potentially 928 00:53:31,160 --> 00:53:34,120 rallying here, I think it's a strong beta as well. 929 00:53:34,800 --> 00:53:37,760 I actually agree with that. Maybe we have to go after this, 930 00:53:37,760 --> 00:53:42,520 but like I do think that top ETH NFTS will actually be will rally 931 00:53:42,520 --> 00:53:44,480 with ETH. I think they could actually 932 00:53:44,480 --> 00:53:47,000 rally in ET terms because I think part of the sell off in 933 00:53:47,000 --> 00:53:51,120 some of these NFT places has been ETH people wanting to get 934 00:53:51,120 --> 00:53:53,200 out of ETH risk essentially. Yeah. 935 00:53:53,680 --> 00:53:56,000 Absolutely. I think you know, punks can can 936 00:53:56,000 --> 00:53:59,000 probably rally if if ETH rallies or at least definitely stay keep 937 00:53:59,000 --> 00:54:00,360 their floor. What? 938 00:54:00,360 --> 00:54:01,520 What's the best way to get levered? 939 00:54:01,640 --> 00:54:02,920 ETH. NFTS. 940 00:54:03,000 --> 00:54:05,520 NFTS baby. That was the thesis back in 941 00:54:05,520 --> 00:54:07,800 2021. At this exact moment it might 942 00:54:07,800 --> 00:54:09,160 be, but you have to pick the right entity. 943 00:54:09,720 --> 00:54:12,160 Yeah, for sure. Well, I think that's a great way 944 00:54:12,160 --> 00:54:15,320 to end the show and thanks for joining. 945 00:54:15,360 --> 00:54:17,760 I wanted to thank all of our listeners who stuck in for the 946 00:54:17,760 --> 00:54:19,480 spaces here. Today we'll be back with the 947 00:54:19,480 --> 00:54:22,480 stream. Tomorrow we'll be back in 948 00:54:22,520 --> 00:54:25,000 business. Till then, go make it a great 949 00:54:25,000 --> 00:54:25,880 day. Goodbye.