All right, good morning. Good morning, GMGM.
It is another beautiful day to have a beautiful day.
Welcome to episode 147 of Omo Hour.
Today is Thursday, June 27th, 2024.
No, for Oak today. He is out vacationing in Ibiza,
it seems, it seems. But I think he's gonna be back
to us tomorrow. But we've got Amanda Manda's
still showing up every day and, and what a day it is.
What a day for Solana. What a day for for the Duck.
What a day for the entire space. Coinbase is suing the SEC.
We, we might have some salon ETS.
Manda, Jim, how you doing? I'm doing amazing man.
Great day today. Woke up feeling bullish and
yeah, the news just hit it just before we went live.
So yeah, the Sky's the limit now, man.
The the sky is the limit. You nailed the call.
We'll, we'll get into it all on the show here today, folks, We,
we've got so much to run through.
I thought today was going to be a little bit slow when I went to
bed last night could, could not have been further from the
truth. So breaking news this morning,
Van Eck has filed for the first ever Solana ETF in the United
States. That came just minutes after the
Coinbase announced they're suing the SEC and the FDIC effectively
for preventing US crypto companies from being banked.
So two big pieces of news there. We've got the US government,
they've been selling Bitcoin, but we don't even care.
Prices are moving up here. This morning blast settled at
around the $2.5 billion FTVI. Think it's a touch lower now.
Somewhat of a disappointing day one, you're at POC.
He returned after a 2 year silence to complete his censored
collection. We've got an NBA Top Shot
settlement coming and might pay out $0.12 per moment if it does
go through. first US presidential debate tonight.
That is going to be a huge one for the meme coin traders.
Then Theorem Mathis back in green on some lower volume, but
who cares? The farmers are gone and real
buyers are stepping in. We've got a lot to talk through.
Before we dive in, we've got to do a quick shout out to our
partner. So the show is powered by Moon
Pay. To buy and sell crypto with
PayPal, download the Moon Pay app and follow Fair Side Network
on X Wallet coverage for drains, scams and more.
All right, that is our intro Sims.
Do we have the jingles there? Should we just dive right in?
Oh, we have them. There we go.
Can you dig it? Yeah.
So a lot to pick up with today. We had a decent bounce actually
already before this news came out.
Bitcoin had kind of held the levels, even though we had news
that the US government was going to sell some yesterday after a
court ruling. So the German government selling
some and you have these, this overhang of Mount Gox, but we're
still rallying, which just showed a bullish sign.
I said two days ago when we did the show that I, you know, I
felt this bounce could keep going to 63 K area May maybe
6364 K. It feels like we're heading that
way and that Seoul could hit 150.
We've kind of hit that around that level already on so on.
The reason for that is, is because we got some news just
before we went live that there is going to be an application
from Vanek for a Solana ETF. They are they're not the biggest
out of the ETF issuers. Obviously BlackRock, Fidelity
have have seen the majority of the inflows, but Vanek have have
really kind of been. I.
Don't know, maybe the most crypto native.
I feel like just just they've been very, very bullish.
They obviously have been putting out a very bullish thesis on
Solana and on Eve most recently and they've been talking up even
the ETTF recently. So they, they, they definitely I
think got one foot in the whole crypto rabbit hole, perhaps more
than the others. They're applying for a Solana
ETF. It's an S1 filing.
Notably with this, we do not, there is no CME futures, which
was one of the main reasons why the ETF got announced or got got
let through. It was said because there was
some reference for a lack of manipulation in the prices and
we've had seen recently that the CME actually had blocked a
Salama ETF for at least called delay, but this is still
significant. I I think this is more if Trump
gets in, this goes through. If he doesn't, then this could
probably get caught up with Gensler and Biden and Warren and
this doesn't go through. Obviously.
The SEC is called Solana explicitly as security several
times in several different court cases, although none of them
have been directly against the Solana Foundation or any of the
Solana Co founders. They've been more against the
exchanges and call the Solana security through that.
They've obviously had a lengthy description here about why they
believe Solana is a commodity. It obviously has very similar, a
very similar launch to Ethereum, you know, obviously VCs involved
in the launch, but but yeah, not dissimilar.
And with with Eve being called a commodity, I think there is a
very strong case that Solana could be too.
And the, or the SEC would be challenged on its view that,
that it's calling IT security. So I think they've they've gone
down that route, although this would be, you know, this could
easily be rejected just because there's no CME features.
So it'll be interesting to see if we see even people go after
futures ETFs. The next moves here really in my
eyes are does BlackRock apply for one, there's ARC can apply
for one and does Fidelity apply for one?
Last time we had I think ARC applied for the first ETF and
then BlackRock followed suit. It will be interesting to see
because this is like somebody firing, you know, the, the
starting pistol and let's, let's see who else decides to go after
it too. I don't think there's much risk
in applying to these sort of things like it's just paperwork
at the end of the day, like there'll be some fixed cost for
doing this. It'll be more costly if they
fight a decision for, for it to be blocked.
But I, I think there's very little risk for BlackRock or
Fidelity or any of these others being like, yeah, we might as
well file this, this very little risk.
So I think we will probably see more filings.
The success of those I think will probably be delayed until
after the election anyway, but it's just a very good sign.
I think for me, I, I put out that tweet earlier today because
I just, it just looked like Solana had retested a decent
level on, on Sol BTC and on Sol Eath and I just felt like it, it
could, it could really rip. Maybe some people knew
yesterday, obviously Fennex, a massive firm, they, they would,
some people would have known this was about to be filed, but
I think it wasn't. It wasn't like it was massively
outperforming even today. It was up 1% when I did the man
in the minutes and so was it Eve.
So it wasn't like it was like Sol Eve had just gone 5% higher.
Although today on that news, salon hit 150 and then people
are searching for Solana beta, obviously.
So meme coins whiff is probably the biggest of those.
That's that's up about 20%. It looks like that's what about
10%? Sorry, Bonk.
I was up about 6 or 7%. I think people get bullish on
some of these stories again, and I think the, the other half of
that is that it may slightly take away from the ETH
narrative, which I think has been, you know, they're getting
an ETF and that's going through this at least for the next
couple of weeks or even a few months, like people will be
like, well, Solana's getting an ETF.
You know, it's going to be quite easy to come back at that.
So let's see I, I, I would still say the chances of this going
through are below 50%. You can already tell from the
from the Bloomberg analysts commentary that they think is
low or being 2025. That being said, they thought
that about the ETTF and at the end of the day, a lot of this is
down to politics and down to money.
So we'll just see how that develops, if I'm honest.
It's a lot to unpack. Thank you for walking us through
your thoughts. So has this changed anything for
you? Have you started making any
moves? And granted that the news is
breaking, it's like, I mean, I feel like just a few, just like
a week ago, like it seemed like the Solana meme coin market was
like perhaps that it was just dead is too strong of a word,
but that there wasn't much signs alive.
And now it seems like everything is already flipped in just a
matter of days. Do you think Solana continues
moving from here or is 150 kind of the natural move up with the
information we've got considering it's still, you
know, months away from even a potential approval?
How are you feeling about this from a trading perspective?
I think it's quite notable that Solana is up about the same as
the top meme coins on Solana. And I think that's like
something you should pay attention to is, is that that
tells me that Solana might be just as good a play as Solana
beta. And I'd be wary of being like, I
need to get Solana beta. Like maybe maybe levered soul is
even a better trade than meme like some of these meme coins
here. I do think that I'm not saying
it's bearish for meme coins. I'm just saying that for me,
that move tells me that that Solana is is still a good buy
here. I mean, he's down a lot.
Solana was trading it two months ago, you know, closer to 200.
I don't know where that where where was the was it March?
It hit like 210. Yeah, I think everything peaks
around like the end of March, right?
Pull up the chart here. I mean that unlike I would say
many other chains, there's been some really bullish news for
Salon. Like in the last week alone,
you've had the ability to send Solana by e-mail, the ability to
do any transaction on X. You've had a huge tech upgrade
for ZK compression. You've got fire Dancer coming
like these, these guys don't stop.
So there has been like this, there has been material upgrades
continually in Solana, which means that when it, when you get
something like this, people can get really bullish on it is
basically what I'm saying. People can get really bullish on
it because they're like, this was the final piece of that
puzzle, which is right. It needs ETF, it needs
institutional adoption. And if it can get that, even if
there's a slim hope of it, then everything else is working
right. Everything else is, is, is
really working on, on Solana. Maybe the downtown thing earlier
this year was was an upset, but other than that, there's there's
not a lot you can throw at at Solana here other than, yeah,
maybe meme. It's captured meme coins, which
are a lot of people have thinking like a vaporous, but
the fact that it's captured, it is the important thing for
Solana here, in my opinion. I I think people can get very
bullish on that. So I don't know, but it really
wouldn't surprise me if this started moving moving a lot
higher. I think that everyone's always
looking for the narratives, right?
I think there's a lot of questions of of what is the
narrative for Bitcoin? Was it for Ethan?
I feel like Solana's got, I mean, the the narratives are out
there like you've got fire dancer coming if they're
launching all these improvements at at breakneck speed.
So I'm with you. I think it's caught a lot of
backlash. I think because of meme coins,
celebrity meme coins, everyone just effectively is, is aligning
that all the negatives of the this meme coin cycle with
Solana, although they exist across chains, which which has
been interesting. I think it's a lot of this, the
tribalism coming out, but it's a good setup.
It feels really strong. It makes me want to have more.
So I actually wonder if this is a negative for Blast and it's
just a negative for EBMS. That was like my third thought,
which was like you asked me what there is still a lot of things
that are doing air drops in Solana and and they haven't
really worked out. Although people were farming.
That was the what a lot of people were farming in Q1 and
then they a lot of those moved kind of onto blast when the gold
stuff started happening. I do I do think this is probably
the the bearish for blast. Blast is definitely not done
well off the back of this headline, but it's not my first
thought. It's one of these things where I
don't think Solana cares about blast, but blast cares a lot
about Solana. So like, I think people on
Solana are really just like, wow, there's like this is this
is really, really bullish for it, but it probably does paint a
different narrative of, of for people on on blast who are
looking, what's the most attractive farm right now?
There's going to be some more interesting stuff potentially on
Solana if if this narrative continues.
Yeah, a little bit. Let's dig into that for a minute
and we'll come back to slang. There's there's more I want to
talk through, but I agree with that sentiment because I, I
personally did do some rotation from the Salana Casino over to
Blast in the last two months ahead of this tge.
Now we've got the details for BLAST Season 2 at a high level.
So it's going to be a year long. It's going to run until June 20,
2510 billion tokens up for grabs.
The gold is going to be distributed monthly, but that's
all the info we have. We don't have any information
about if there's going to be Blast taking.
You know which apps are going to get prioritized, but that's
still expected. But 12 months is the big take
away and like that is a long, long time and the people's
attention span is that of a house fly.
So it's, it's very hard to see a lot of folks just ready to dig
in and start farming here in in July.
And if the, if the water is warmer in Solana and the casino
is back open, I think that's what we're going to see rotation
back. I think we're already seeing it
a little bit in in in the blast chart here this morning.
Of course the wild card is if they pull out any big updates
here, which I do still expect Pac-Man to give us some more
information reasons to hold blast incentives.
I guess just quickly are, are you surprised at the 2.4 billion
we, we talked about this for a whole show yesterday, so I don't
want to spend too much time on it.
I'm. Definitely surprised.
I think I I I've said I thought it would come.
I honestly thought it would come at 5:00 and then or at least
parry to ZK right? ZK moved lower when it was at 4.
It felt like it would be, it would be close to five and then
ZK move down to three and then you're thinking, well, we
probably could come let's say between 3:00 and 4:00 at the
same time. It did kind of touch that three
level and then got flooded, then it went down.
I agree with you, like 12 months is a long time.
I'm a they're now going to be like a full chain.
I didn't really understand like the tech behind that, but like
maybe, maybe there's going to be some differences.
I just don't know if your average user actually cares that
much about that or like if the delta evaluation will be that
high. I think people just want to
they'll care more about the apps themselves rather than like what
the actual chain is is building out.
This is a still a success for for a lot of people.
You know, I, I think it's if everyone had been following the
avo price the whole time and you know, everyone's been like,
right, well, Avo's been pricing this at 3.
It's going to come around there. Would this spin scene as a bad
thing. I just think everyone, it's all
this is a failure of expectations in my opinion,
rather than a failure of of like it's all relative.
You know, it's like people, people, I think there's a,
there's a like a psychological thing around that, but I, I
forget what it's called, but yeah, people have just been
anchored to the wrong expectations when actually this
is, this is, this is a win for a lot of people.
A lot of people didn't put in that much money and farmed and,
and did well. I think the people that have
lost money are the people who who play DJ games on blast and
they, they were similar to blur farmers where they were like,
well, I lost some money, but don't worry, I'll get some gold.
Like I think that that was the, the error of people.
And I think that's really just gambling culture.
Like, you know, you get told you're going to get some sort of
AirDrop because you lost, even though you lose money, you kind
of, you kind of protect yourself mentally by saying, Oh, it's
going to be OK because I'll get all this gold.
And that's probably where the fallacy came.
Like if you're going to if you're going to do degenerate
shit and you lose money, don't expect the AirDrop to to save
you. Yes, mistakes were clearly made
for folks who got over invested in some of the apps there.
There was ways to do it with with much less capital risk.
And I think folks, the folks who did that had a much better time.
Still a huge win. The vision is a big one, right?
They want to be the full stack chain basically they they want
to be able to go from bank to blast to that.
So cutting out potential exchanges, cutting out desktop
wallets. They they released the mobile
app yesterday. I got a chance to play around
with a little bit still in its infancy.
You know that they want to have they've got a wallet tab in the
app now, but that's not going to be live until Q4.
So I think this is going to take a while to play out.
It is my other read in all this. So like, I don't know that we're
I don't expect a whole lot of violent price action.
I guess it's kind of where I'm going with this in the near
term, unless we get some big incentive announcements coming
in the next few days, which is becoming less and less clear.
Because the, the gold, the points distributions are all
going to have to be so like linear across the whole year
that now it's harder for me to see like the immediate path
upwards. I think a lot of folks were also
talking about wanting to buy it too, selling at 4 billion FTV
that that's feeling a little tougher here on Day 2, but.
I think just because of the Solana headline, if I'm honest,
I think, I think it had a shot. It looked like it was forming a
cup and handle and could have gone up, gone up up there.
But then now people are going to be like, well, so on.
I might have to, might have some strength here.
I, it's difficult with Pac-Man because I even know this from,
from our own projects. Like you release something and
then the community's like forgets about it in 5 minutes
and goes like, what's next? What's next?
Like you fucked all this up. Like you need to do all these,
these other things. And it is the resilience to be a
founder in web three is, is can be very, very tough at times.
So I, I probably, he's probably sitting there going like, man,
like I just built like a whole chain here, you know, like I
built a whole ecosystem, whatever it was the 5th largest
on chain economy. And people are pissed at me
because they had an $8.5 billion FTV estimate or whatever it was.
Like, I think that's probably the part part.
But he also at the same time, the other side of that coin is
that he does promote himself as the Ponzi king, right?
Or like he definitely leans into that.
And if people don't feel like that's continuing, then that's
probably quite a big deal. Like you, he needs to keep this.
He needs to keep that mantra going for Blast to be the D Gen.
chain, if I'm honest. So I don't know, I think he
should act quickly if people are feeling.
I agree with you, they're definitely coming.
If anyone read the the Blast vision, I mean he he goes into a
small like history of incentives in in the blog and they they
pull it back to the Homestead Act of 1862 and incentivized
development of the American West and the importance of incentives
are ingrown. That is why, yes.
It's a good read. It's a quick one.
I also listened to the 45 minute interview that they did with
Jen. Shout out to Jen for, for
landing that interview, by the way, very like apple esque in
how they did it. I like Pac-Man, I think the
incentives are coming. I I think it's a harder road
ahead than perhaps it was. And I mean, we, we talked about
this briefly in the group chat, but like the Apple markets, the
pre market trading like that was the signal the whole time and we
were just hyping ourselves up. Like the the new rule of thumb
is just it's pre market subtract 30 to 40% and and that's your
that should be your expectation for every token.
And if you're surprised to the upside, great.
I I I like Pac-Man, but there comes a point where you can pay
yourself to developing the the Great American W where I feel
like maybe you just check yourself great and I'll do here,
dude. You're not developing California
at the same time. Like, yeah, I think, I think, I
think it's pretty cool. I think that he'll probably do
well with it. But you don't need 45 minutes of
of. We are, we are, we are
explorers. I I want to pulse back to to
Solana a little bit. So I think the other or Solana
and meme coins. The other big event today is the
the US presidential debates. So this is the first one of
three. The next is not till September.
So it's after the Democratic National Convention where some,
I think that Biden is, is going to be replaced.
We'll put that aside. Nate Silva released his first
cut of the election model. He's got Trump as a 66%
favorite. Yeah, so.
We'll we'll see if the odds change, but I mean the action
for those who are in the mean corn streets in the trenches
like there, there's going to be big action on pumped up fun
tonight. Are are you staying up?
Are are you going to be turn debates?
I know you're going to bed pretty late, so yeah, I'll I'll
definitely watch it. I know Sims, our producer is big
on pumped up fun. He'll be in the streets.
I think there's going to be a ton.
I think the interesting ones here, like going into this
debate is really the VP choice, right?
We've seen some movement in some of those that that one we
mentioned before that Doug Burgum coin.
There's been a lot of bets that like Vivek, it could be a last
minute VP and there's like two or three others.
And, and Trump has said that the VP, it's going to be at the
debate. So every single potential VP is
actually flown in. So I don't know if that's going
to be announced. I don't know if I'd play Trump
versus Bowden on this. I feel like that's too obvious.
And people are, people have probably been buying into it or
with the assumptions. I, I, I honestly think that's
more of a chance that you'll get exit liquidity on, on that
night. So the ones that I'm really
looking at is, is really just the maybe what they say live,
maybe that goes viral, but that's probably a sub 5 million
coin. And then it would be, yeah, the
VP choice. I think those would be the ones
I'd be looking at. Yeah, I know the VOC had a had
quite the run yesterday. I I've got friends who were who
were betting on him at 100 to one.
I think his his odds shot up like 10% on Poly market.
Bergam is still by folks aren't following the stream so Bergam
is the clear front runner. At least with Poly market he's
at 40% chance to win. I think the other challenge in
all this and why meme coins aren't exactly prediction
markets, they're more like pseudo markets is like there's a
chance these all just go to 0 after the announcement.
It's like even if Bergam wins, like it's stuck in crash because
there's not any events left after this.
Yeah, I agree with that. So, so maybe maybe the best way
to play this is on Polymarket rather than on rather than on
Meme codes like these could all just go to zero as well.
I do think that unlike this Bergam guy, when you read into
him, he feels like the sort of guy that could be elected if
Trump was to drop out. Like how was Trump going to be
next? Next election, if he wins it,
he'll be 83, maybe 80 is what I'm.
Asking. Yeah, I think that sounds right.
Near the end perhaps? So you got to assume that he
probably doesn't run again. So then then I think it would be
there's a decent chance that the VP becomes the the top choice.
So like maybe people feel like he's an OK midterm hold whoever
the VP is this time. Yeah, yeah.
So there's, there's definitely some, there's more runway on the
potential VP. They're going to be on the stage
here for a while. It's going to be like today is
going to be a big one for these the Poly 5 prediction markets.
I mean, you have to assume all the candidates who lose just go
to 0. So, so those are much bigger
gambles. You got to have the quick
trigger. I think you're right on the Poly
market, but it's like if you really want to throw capital at
this and you think you've got the read, I think just the the
more secure locking in your upside.
I mean, so you're going to get 150% on a Burgum bet.
Let's see that you bet 10K. Oh shit, so you bet 10K already.
It brings you up to $0.68. So not not as good of a upside
on that one. Let's see what the look of mine
is. If Biden does terribly, I think
the best bet is also just like by the Michelle Obama coin,
right? Because there's a chance there
will be more talk about him dropping out if it doesn't go
well. So like, if Trump really wins
this, this debate, then I don't know if I'd buy any Trump coin.
I think I'd buy and Michelle Obama coin or I'd buy that.
I'd buy, I'd buy that in polymarket because it just feels
like that's, that's a better chance than being like somebody
looking for exit liquidity. I, I don't know.
I've I've seen I've saw today that they've they've like
changed the mics, right? With like flashing green lights
when your mic is on or something similar.
There's no Trump interruptions this time.
Like I've seen the CNN, they did like a showing of how it's going
to be. It's very much one person speaks
and then the other person speaks, which probably plays
into, well, I, I guess the debates last time, a lot of
people said that they were just kind of bit pointless because it
was just shouting matches. But I think it definitely
doesn't play into Trump's hands, let's put it that way.
It doesn't. It's interesting.
I think there's, there's even you can bet on the odds of who's
going to win the debate. So like you can bet the CNN like
CN NS got Biden at like 65% favorite to win.
But it's based on CNN result polls.
So I imagine like the Fox News polls is probably going to be
equally slanted to, to Trump. I think Bowden Bowden is in
trouble here. I really still think it is like
I, I, I've heard people say like, oh, what if Trump says it
during the debate? That that feels so outlandish to
me that he's going to name drop the Bowden.
I would 0% chance on him naming Bowden during this debate.
He hasn't even said it before that people just won't
understand what that what it's about.
I mean, if he does poorly that that that means he's he's more
likely to be out of the election, which I think is also
a negative to to the token. So I I don't know.
I'm I'm not feeling great about that one.
If I had to no, I feel like waiting for any like outlandish
or memorable events is probably a hot play.
I like to be bitcoins with you as well.
We, we, we will certainly we'll certainly see we kind of we kind
of dovetail off of your market report and was there anything
else we got the US government selling Bitcoin now they.
They came in to sell about 240 million and they have, you know,
multiple billions. So I think, I don't think
they're going to sell all this, but like all the multiple
billions. But it was interesting to see
that they did that. And then that's just been the
overhang. That's why Bitcoin's been
slightly underperforming performance because this has
been, there's just been a decent amount of supply potentially.
I in terms of anything macro, there wasn't, there wasn't
really a lot like we, we saw a slight slowdown in new home
sales, which people got felt like the Fed's probably going to
have to start cutting rates even quicker.
And people are getting a little bit more bullish on that, on
that sort of concept. So yeah, that's, that's been
about it. Gold, like I think the NASDAQ is
close to all time highs still gold fell a little bit.
But yeah, nothing really a macro to throw us off.
And then it's really just like the other thing.
You, I don't know if you mentioned it, but the Coinbase
is suing the SEC, which is, which is relatively interesting
that that had come out just before the Solana headline, is
that they're suing them over the Freedom of Information Act
requests. So they've obviously been asking
for a ton of different information from Coinbase about
customers and, and operations. And the Coinbase is, is like
fighting back here. So there have been some rumours
that Coinbase, the SEC had dropped the case against
Coinbase after it dropped the case against consensus.
I don't know, but this points to the idea that that they're still
actively in war. So.
It feels the way. Well, the other interesting
aspect of this is the US government used Coinbase to sell
their Bitcoin yesterday. As I understand it, it's a.
Dumb situation. So dumb.
Like why they're not just championing it?
Like Coinbase is clearly trying to be a strong actor.
It's trying to be as above board as it can be, and in a world
where people have actively been rugged on several different
exchanges over the last decade, why not just try and promote one
of the good actors rather than like do they really want another
FDX on their hands? Like do they want to like
Downtrod, Coinbase and push people to other exchanges?
It just seems, just seems dumb. Yeah.
I don't know that I understand that the motives other than just
pure control, I guess I don't know.
So it's been a tough one for me to figure out.
I'm hopeful that perhaps with an administration change, which
looks to be the odds on favorite outcome here, that that perhaps
some of this will go away and change course.
And then maybe that'll open the doors for the salon ETF, as you
mentioned here at the beginning of the show.
I think that's mostly it for for the macro news.
I think for for those who are still in the NFT market, a
little bit of of welcome green on on the board, which I thought
was notable. Volumes are down tremendously.
So only three collections did over 100 ETH volume on Blair in
the past 24 hours. If if folks remember back in the
peak farming heyday, you know, it was 3004 thousand ETH being
slung around per day. But what's been somewhat nice is
it feels like we're starting to see a little bit of recovering.
Granted, last week was somewhat of a crash, but a lot of
collections up five to to 15%. I don't think we're going to
necessarily just like rock it up from here, but it feels like
perhaps we could maybe grind up a a little bit slowly here.
If if macro cooperates, if crypto doesn't just totally shit
the bed, we're going to know what these teams are doing.
I love this man like well as soon as I saw this and I saw the
slowdown in volumes and prices going up and order books looking
thinner on both sides. This is why you should own
NFTSNFTS are not shit coins, they're not fungible.
They should be tied more to identity, to the idea of a
collectible. And I I just think that this was
really bullish. I even said to OSF, like, should
we buy some NFCS here? Like it feels like the sort of
time to be buying some NFTS And we, we're like, we were, we were
talking about that this morning. This is the most, most bullish
I've I've felt about NFTS in a while.
I, I, I do this, I saw stats said that some of the blower
farmers are still going to be there.
And it's kind of that's a little bit frustrating.
But yeah, I definitely, I definitely think lower volume
will equal higher prices. I know that sounds silly, but
like they will I I reckon that that's what will happen.
I, I tend to agree. It feels like somewhat of us to
reset and it's not going to be a total reset.
It's going to take time. Yeah, the farmers are not
totally gone. There are still blur incentives.
There is a blur season four, but the, how I wrote the tea leaves
yesterday is all the farmers were just incredibly
disappointed in the rewards. The rewards are the lowest
they've ever been. So like there are incentives,
but they're just not that strong.
And it does seem like the biggest ones have closed up
shop, so we'll see if CBB steps back in.
I've been thinking about buying as well.
I actually bought a few Solana entities yesterday though.
Now the question is, if Soul rips into this ETF news, is that
going to temporarily hurt hurt prices and sold terms?
We'll have to have to watch that.
But with the the blast, there's huge opportunity cost of buying
entities. With this blast farming going
on, that's going to slow down. So that opportunity cost is
removed. You still got the meme coins as
the primary alternative, but I don't know it it's opening up
for NFTS here, but so so we'll certainly see.
Yeah, I like, I like some of the major collections, if I'm
honest. I think I think they're in
they're they're down enough. I think they can rally.
I think Pudgy's is is one that stands out.
Punks obviously is down. What apes Milady's like red
guys. You can get into a bunch of
collections which have been active throughout the bear
market and I think there's a there's a chance you see some
big rallies. Yeah, punk's back to 27, so
they're up a solid 20% off the bottom.
I think they hit 23, Yeah. So we will, certainly.
See, I wouldn't say punks is my number one buy just because it
wasn't as farmed as the others. I feel like I feel like the ones
that were massively farmed are the ones that I would I would
look tend. To agree, we need to look at the
supply to see if they've actually been exited or not.
Yeah, that's the other thing. Yeah, there's going to be some,
some, some farmers that need to exit, isn't it?
That's the round up and then it Tees the other slap meme coin
news we haven't talked about is this this duck the epic
converter? It's going viral here this
morning. Wizard of so host tweeting this
out like Jing Tao is is tweeting this out.
We've got the the tailwinds here with the the Solana ETF
applications. Yeah.
Should we explain what this thing is to folks if they're not
familiar? Yeah, So it was something that
one of our community members mentioned and it's taken us a
while to build, but basically you connect your wallet and a
bunch of people obviously during the meme coin streets either get
sent air drops because they own a different token or they
probably just have some old air drops that they don't want.
So you can, you can connect with your wallet and it then brings
up all the different the coins in your in your in your wallet
if you Scroll down and then you can click all the different
coins and it will convert all, all of them basically to epic.
So this is particularly useful for like if you just want to
clean up your risk, you, you have a bunch of coins which you
don't really want to look at anymore, but you'd rather if you
just click on all of click on LFG on on.
Yeah, you want to keep W in LFG and that will just convert them
if you hit the convert button and it will convert them via
Jupiter. So this is actually a Jupiter
swap. So like in terms of this isn't
some native decks which someone can hack, but this is this is
this is basically just calling a dupus contract and converting
everything to epic. The we spoke.
This has also been checked by phantom and blowfish.
So you don't get any warning signs around it.
If you connect with your phantom wallet, which I think the vast
priority of people will, and this will mainly only work for
coins with LP's. If it doesn't, then it will
still, it might show you that it won't, the transaction won't go
through, but it will basically go through for everything that
has an LP. So if you have like 10 different
tickets, you can go through. So if you just have micro
transactions in your wallet, which most people do like you,
if you just load this up, you'll realise you have a few different
coins here that you didn't know you have because there's so many
different air drops and it just allows you to clean up.
So firstly you get to keep the upside.
Epic Epic's a coin at what 15,000,000?
So it's a coin that you know probably has the upside like
several of these other smaller low cap coins.
It's a, it's a tax loss harvest. So you can, you can tax loss
harvest anything that you owned that obviously is down
potentially and it can clean it all up in one transaction.
So you basically simplify all your risk.
So you can see we've had like 1269 buyers, but yesterday it
was around 2000 buyers. So we're basically seeing is a
ton of very, very small transactions coming in and
buying Epic. Our number of holders is up
about 300 in the last two days, which is decent.
And then a bunch of bigger traders in the space have been
like, well, this is great. You know, I can, I can clean up
all the things that get sent me or, you know, if you're a pump
active on pump dot fun, we can't connect it directly to Photon.
So you have to you have to take the private key of your photon
wallet and and then you can migrate it to to your phantom
wallet and then you'll be able to do anything that you can do
on photons. So if you're an active photon
trader, that's probably the easiest way to do it.
But yeah, it's just a very simple tool.
And at this stage in the market, I think everyone's probably been
meme coining for six months on pumped up fun and now you can
just clean it all up and you have a coin which which
hopefully has a bunch of upsides.
So. Love it the the dev.
The dev is is shipping here and I had no idea how many of these
dust tokens I had in some of my wallets till I loaded this thing
up. Like, yeah, I think I've got
like legit like 30 to 50, right? Exactly trading wallets.
And why not just convert them to a token that you might have a
more conviction in like the like your epic duck.
So a lot of these are like $1.00 transactions.
Like it's not, it's not a huge amount, but it, you know, it,
it's nice sometimes just to clean that all up and maybe you
have 5050 bucks of Epic at the end of it.
That's, that's a simple thing to manage.
So, and I think if we're just going to keep on promoting this
regularly. So for me, I think this is a bit
of a game Ginger for us because, yeah, we, we've obviously been
in the meme coin streets like all these other coins.
But now if you have a just like a product which people can use
and you're gaining 100A-150 holders a day and huge number of
buys versus number of cells, I think this is the sort of thing
that in one day might not be a huge mover, but over, you know,
weeks can be a big thing. And this isn't, you know, this
is, isn't the main thing of what we've been doing.
We obviously post content all the time, but this is just the
sort of tool that I think people can come back to quickly.
And if they like the meme itself or they like the community XYZ
then then it's a simple thing to do.
Yeah, it's going to be consistent, steady user growth.
Again, I agree. Like not not parabolic up, but
slow over time. And why not?
Why not? You basically get free duck
coins, free epic just for converting your stuff to this
effectively worthless. So.
So check it out if you haven't already, folks.
It's at epicconverter.com. I think that rounds out most of
the topics I had on my list. So we had a few other headlines.
So Marat Park returned after two years to complete his censored
collection. I guess like what what jumped
out to me the most on this one as I was wearing it up this
morning is I just forgot how wild some of the sales in 2022
were. He he had so this for this
Assange collab. So he teamed up with Assange in
February 2022 to launch a. Two-part collection a a one of
one NFT called clock that had a timer of Assange's days behind
bars and then an open edition called censored.
The one-on-one clock sold for 16,593.
It was $52,000,000 to the Assange Dow.
And then this open edition, I, I don't know what the open edition
minted for, but 30,000 were minted and that's the one that
was updated here today. Pack Pack pulled away with with
over $100 million out of all of this.
He obviously had the lost poets was it and Mass, I forget what
the name the whole name of that collection was, but yeah, that
and then he had the the I think obviously these funds were gone,
went to the Assange Foundation so or whatever Dow So like
they've been used to help pay his legal fees.
I think there's, there's actually been a bit of an
inquiry into what she was done with those funds now that he's
been released. But yeah, he's he's, he's done
well for himself. He certainly has better than his
censored NFT holders had saw the forwards at like point OO1
either as as well as most of of the rest.
So when you when you saw the replies to anyone who was
talking about this yesterday, it was just wanted with like POC as
a scammer, a grifter. What's he what's he scamming
these days? So I'm, I'm not sure if we'll
see another launch, but he did. I mean, he came back, he
fulfilled the the rest of this project.
So if you, if you meant it sensor, go go refresh your, your
metadata. You you've got you've got an
updated NFT on your hands. The thing is, I actually liked
his projects. Like I always felt that he was a
bit of a performance artist. Like he always had something
cool he was trying to do. Sometimes the performances
failed, but I did think he knew how to do Web Three well in that
I don't want to like disparage other artist, but it was like
it's similar, I would say to even OSF how he does some of his
pieces or how Jack Butcher's done some of his pieces.
He knows that a lot of this is about the event of the mint and
the experience, but he just made way too much money in the
process and probably just oversold, oversold what he sold.
But I always felt like he he actually was pretty good.
I I thought some of his concepts were quite cool.
Yeah, he, he was early. He he had the, the whale
collectors with them and aligned from the beginning.
I'm just scrolling through some of this one O 1 pieces.
I mean, these, they all sold for like 30 to 80 ETH, which
granted, at the time I think he was minting these ETH was
significantly cheaper, but but now everyone was anchored in
those terms and was able to effectively keep those prices
up. And then it was the larger
addition. I think Merge is what really set
people off 'cause I think he, he, I forget the term, how much
he raised on Merge, but it was a lot.
And then there wasn't a whole lot you can do with it.
So I think folks got a little upset.
I think that was the last one he did.
I don't recall exactly, but yeah.
Maybe the final, final one that was like AI think like a kick in
the teeth at the end. But I like I first knew about
pack when I first came into the space for January 2021 and I
remember his one of one pieces. I actually felt like he was the
sort of person that could bridge traditional art and and NFT art
because he was the sort of person that you can imagine in
the gallery really liking. Like his concepts were
interesting and his pieces were thoughtful.
I always felt, or at least thought provoke provoking.
So, yeah, it's, it's it's a shame in that, you know, he's
not, he doesn't really do anything in this space anymore.
But obviously he just, he just made way too much money and the
performance has never really hit.
I think what people were hoping that then too.
I think that summarizes it. The only other headline was from
NBA Top Shot. Did you did you ever do any of
the Top Shot action when it was hot?
No, no. Yeah, no, I did.
I never did a lot. Most people when I came in, came
in through Topshop. I came in through super rare.
So no. Got it.
Yeah, it was a huge onboarding arm to just broader entities
into Ethereum entities. The the headline here is we've
known there was this lawsuit and settlement of basically
confirming that moments were securities.
It was tied to how the flow token was held.
Dapp Dapper has settled. They're, they're still working
through the terms. There's talks that users who
held moments during this time period are going to get $0.12
per moment. But the, the bigger headline is
some users are fighting back and saying do not accept this
settlement. We want more.
So there's a CTO actually complex against the settlement
right now. They're saying don't sign the
forms. We want more for our moments.
It's probably not going to be a huge windfall for most, but I
saw like Andy 8O52 tweeting out that he had 10,000 moments.
So if that number goes up, it might actually be a windfall for
for some folks. So, so look out for that CTO.
But I think that's it that that's a rundown of the
headlines end up being a busier morning than we thought.
We'll see what happens today. We'll see if there's any more
Solana fireworks. We've got the debates tonight.
I'm sure we'll be recapping some of that action tomorrow.
Baroque is back with us tomorrow, I believe, so we'll
hear about his vacation. But folks, enjoy your Thursday,
Have a good one, enjoy the day and we will talk to you
tomorrow.