GMGM everyone, can you all hear us see some thumbs up in the in
the audience. I'm pretty sure everyone can
hear us. OSF is having technical
difficulties it seems it's just me and him again for Oak is too
busy with with meetings in Paris Fashion Week I think.
I think that's where he is, right.
He's at some sort of fashion conference.
I can only imagine how French he's being at that at that
conference. Myself and OSF are less
fashionable and less French. We are.
We are still here. We will be in France tomorrow.
Harry, are you looking forward to the event, Ovi?
Yep, You. Yeah, I I mean, I I feel like I
I do all right. At these events, you are often
found in the back corner of the backroom hiding behind some sort
of a curtain. You ready?
You ready for 400 people potentially all coming to say
hello to you? It's it's weird because I don't
think I'm not a people person, like I've got loads of mates and
I was like having a laugh and. Stuff.
Load of mates. Yeah, I've got loads of mates.
But I think when you do your own events and every single
interaction, there's someone saying oh, can I get my friends
in, can I get this in, can I get this person in?
And I'm just like, for fuck's sake.
All I want to do is have a fucking beer and have a bit of a
bit of a laugh with someone. Not just be like bombarded with
like can I get my mate in, can I get my mate in?
So that's the part I'm dreading. I'm probably just going to,
like, turn my phone off and if anyone asks me that question,
I'll just stare them blankly in the face and then.
Yeah, to be fair, this is actually a public announcement
to anyone willing to contact myself or OSF over the next 48
hours. My phone will be off from
tomorrow OSF. I'm sure we'll do something
similar. We we it just gets too nuts,
these events. We love you all, but yeah,
otherwise we just get attacked for whatever we do.
We've sent out tons of tweets with all the event details how
you can get tickets. There are still 53 tickets that
you can claim. Just look at my tweets.
Look at the red drink tweets. Do not hassle me because you
didn't. You were too lazy to make yes
just beforehand. Yeah.
Oh, just don't do it. Oh, in Paris last time, OSF was
literally in the back corner of of the room.
And then in New York, I found him behind a curtain.
Like, literally behind a curtain.
I just found him sat down, not shivering, but definitely not
looking. That was probably the worst.
I think I've seen you look along.
That I've never had a panic attack before, but that's
probably the closest I've had to.
You let me in, mate. Can you let me in?
Are there any more wristbands for the VIP is our VIP?
Where is everyone? Where is Fuck yeah, that was a
toughy. Anyway, we are both looking
forward. We will see you guys all there.
The the drinks have arrived in Paris, I believe.
Right. The drinks have landed in Paris.
Yeah, they're there. In the city of love.
OK, cool. Let's get into what's been going
on in the market. We don't have any sponsors
today, right? Or are we doing spins?
Are we doing anything today, Jazz?
Do we know? No, nothing today.
Nothing. We're going to roll it over.
OK, roll.
It's a rollover, people. We got a double rollover do.
You remember our listeners just dropped by 50%.
What's up with that? Yeah, sorry about that guys.
You have to listen to us anyway. What's been going on, What's
been going on in the market? It's a little bit spicy out
there. Yeah, I mean it's you know, it's
never going to be up only, but stocks have been a bit weak in
the last two or three sessions. We have NVIDIA today I think
after the market close. So that's going to be a big one.
But yeah, it just feels a bit risk off.
And then the ETF info number we had yesterday was a bit lower
than the last few days and we're seeing some crypto.
I mean we're seeing crypto weakness, but like bitcoin's
still at 51.3 K ether's at 2920, ether's still basically at like
it's 18 month highs and the timeline feels like it's in
shambles. And to me that just says that
people are actually massively underexposed to Bitcoin and ETH
and are overexposed to alts. Basically everyone wants
everyone is chasing the beta trade and CT trying to, you know
make their multiples on altcoins and no one owns the the things
that are actually rallying, which it seems to be really
seems to be ETH right now to be honest with you.
Yeah, that's exactly it. That's what it was.
That's what it's been like for a while.
I think we when ETH did this move from what 2500 to 3000, it
felt as though people wanted to fade that move maybe at the
start or wouldn't trust it. Because ETH often meant that if
ETH rally the rest of the market sold off, then kept going and
then everyone assumed it would be an alt market an alt rally
and we never really had that. So really just ETH is
outperformed it. It really has outperformed
versus most alts. Solana solely was like trading
at support today. I actually we got back into
Solana leather trade just before we went on to the show.
That's why I was a little bit late but I that hit like 102103
area, 102101 even area on on Solana.
So I just kind of felt like you know if you're not going to buy
it now, when are you going to buy it?
But it does feel as though everyone's still underexposed to
to eat here. That figure I think is a big
deal. So this isn't just a normal sell
off, it's because the ETF had a particularly, not particularly
quiet day like we're talking about 100 and 100 + 1,000,000 of
inflows. But that's that's a little bit
precarious after days and days of of 300 to 500 to 600 million
inflows to get 100 and what 30 million day that suddenly
changes the trajectory slightly would.
I mean, it's very, very difficult to predict, but what
do you think? It's two things.
Like one thing is maybe the flows have slowed down.
The other thing I think you have to factor in is it is the Monday
after a holiday weekend, the Tuesday after a holiday weekend
in the US So naturally, I think it's always going to be a
quieter day for the markets. Like if you think about, you
know, the day after a bank holiday, they're still pretty
quiet, lots of people are still on holiday, right.
So my hope and then maybe this is a bit mohopium is that we see
that number info numbers start to pick up again because more
people will be back into the market and focus on on that kind
of stuff. But the risk is that you know
it's not always going to be up early and we are going to get
slower periods and the risk is that maybe we're entering a
slower period here. But my hunch is that we see a
bigger number today than we saw yesterday because it's going to
be busier. Yeah, I think, I think it's
probably a bit of both. I mean, we know that from being
in the markets, right. It's those days after you come
back, often people have taken the week off or it's just been a
quiet period. So maybe maybe we'll see what
those inflow numbers feel like. Today's the big day, right,
because people should be back today if they took, if they took
Monday off or something like that.
But it'll be good to see that kind of go back up to 300 to 500
million and then I think we can keep on going.
This has been a nice little shake out.
If it's low though, you know, hate to say it, but it's a long
way down isn't it? We you got had a go at me today
in the chat for for having saying.
Well, as classic guys post, like the all time, all Time Bitcoin
chart, it's a long way down from here ever again.
Zoomed out, just zoomed out a little bit mate.
Just just just took some perspective so to speak.
But yeah, I I think Eve look the most precarious to me on that
move if it does slow down just because so much of the ETH rally
is around the ETF. So if that starts to slow again
I think ETH ETH is basically a levered ETF trade in my eyes
right now. Like whatever the ETF inflows
are, that's your that's levered ETH as the move.
So if that slows down I think the the ETH move slows down.
But I just like Solana just because it been beaten up so
much. So I did go more long.
I had taken off some positions last night, but this morning I
felt as though it was time to get back in just before we went,
just before we went live. Hopefully we get a little
bounce, be nice to a little bounce back up to 110 area on
Telana and maybe Bitcoin need hang out.
But alts really did not trade well right?
Like meme coins down 10 to 20%, most old coins down still 5 to
10% on the day and they would they had a bad day yesterday as
well. So definitely not a good 48
hours for altcoins. You've only really been saved if
you've been in in Bitcoin or wreath it seems in terms of
other stuff going on going on in the market right now.
I guess we had the yesterday obviously we had the big AirDrop
from Starknet that's kind of trading looks like it's settled
slightly lower now it's down at about 15,000,015 billion FTV.
You had portal announced they're going to do that AirDrop that's
going to be a finance launch pad coin that's now trading with 2
billion FTV and you had OP optimism did their AirDrop.
I I saw you posted that you got a little bit of that, little bit
of that AirDrop. Yeah, it was.
If you're in the audience, if you're in AF TS, you should
check this. So, optimism, Yeah, you won't.
You get through it. It's just a creator AirDrop.
So if you minted something, I think it's between the 1st of
January 2023. If you missed something within
basically the last 13 months, but ending in January 24, I
think you can get an air drop. And then there are various
things that multiply it, like if you minted something on OP or
all this kind of stuff, but you should, you should check it.
If you're someone who's like an artist and you've created the
NFTS on Etherium, they've given out.
They've actually given out a ton of money, they've given out a
lot and they're meaningful air drops, I think.
So it's quite cool to see. Them.
Yeah, yeah, 4 million of optimism.
And it's main, I think a lot of it will go to people who are
artists or in the NFT space, because a lot of them, those are
the sort of people who are deploying contracts, right?
Yes. Yeah.
So it feels like a little bit of a of an NFT AirDrop.
So definitely go check that out. And we saw I guess some of the
other stuff that was that was happening yesterday was the big
one in AF TS was was what was going on with pudgy Penguins.
So did you see this tweet out by maybe I'll share my screen back
into share my screen but you see the the Walmart actually tweeted
out about pudgy Penguins. I thought it was kind of wild,
but it's definitely quite a big deal for them to be to be
stocking pudgy toys. I think they came out.
Can you see my screen? No.
I cannot. Hold on, maybe you can share
yours share screen. There we go.
Yeah they they tweeted out that they are reordering the pudgy
toys and they did it from their main account.
So this this got 3.1 K likes but what do you think of that?
Yeah, it's incredible, right, Like, whoa, it's it's amazing to
see web three native band, you know, getting tweeted by Walmart
and I know they've already had the stuff at Walmart, etcetera.
But yeah, it's it's pretty amazing.
It's wild, right, like it's I think they've expanded it and
they've all. So it's now available in 3100
stores across. The US Incredible, right?
And I don't, I think they said how many more toys they were
getting. But yeah, definitely, definitely
a huge, huge Congrats to Luca there.
He's just been absolutely smashing it.
Did they, did they flip eights? Let me have a look.
I don't. I still don't think they have.
They went slightly below them, yeah.
No, they're they're still hanging out slightly below.
But that if they still keep on delivering stuff like that,
that's going to be, that's going to be fairly wild.
And we also saw this is the other one, sappy seals.
So sappy seals did like 2X over the last seven days.
We were speaking about that yesterday, right?
And then they went up another 40%.
There is. I think WAB put out a thing
yesterday kind of denying there were some rumours that there was
going to be some form of AI think all these random
accusations and claims are a result of extreme information
asymmetry between the actual core seal community, outsiders.
They're basically those claims that they're that they're done
around or something like that. Seals going up.
It must be inside trading. He's saying I'm taking the piss
out of it, so he's and he said, look, these rumors are obviously
false. I saw they did they have a token
right pixel and at the end of December they announced that the
staking emissions would end at the end of Q1 and the the supply
would be limited to 500 million tokens.
So I I assumed that's what it was.
I assumed that that coming to an end was the reason why they're
rallying. But maybe I could be wrong.
I don't. Know Nah I I I think I think the
insides drilling lol. People get there's people just
getting, you know, after the whole Moonbirds thing, people
will obviously try and front run stuff.
And do you think pudgy Penguins could buy sappy seals?
That's a good question because they they kind of in the similar
kind of world, if you like, you know, cold, cold weather
animals. Animal species, yeah.
Like they're cold weather animals and they look similar
and I think yeah, they look very similar.
Yeah, I think it could happen, right?
It would be. It would be pretty.
I don't know why pudgy Penguins would do that.
I don't know what the benefit to pudgy Penguins would be to of
doing that, but. You know, I guess they they
would be the companion. The companion piece.
You you, you don't see, you don't see seals being sold
alongside Penguins. That just feels like it.
It could work. I just think why would why?
Why would pudgy Penguins not create their own new NFT and do
a mint and probably make loads of money and expand their
ecosystem that way? Like why do they need to buy
another NFT project if sappy seals was an ecosystem?
No. Like proof has a ton of holders
right? And it's a big bigger ecosystem.
There is some user acquisition there, but Sappy sales have won
an NFT project probably with about 4000 holders.
You're not really going to. You can watch them.
Each one of the yoga acquisitions have been slightly
different and like they add something rather than they're
not similar acquisitions, right. Like they bought Punks, which is
a very different sort of collection to bought apes and
they've gone and bought Proof which is a very different
collection to the the the previous two.
So yeah maybe they don't need to It's quite easy to create a
companion to to fudgy Penguins themselves but still it wasn't
to see obviously that's a great community.
You see them everywhere and they've been building throughout
the bear. I think everyone was bullish on
them for a long long time. So up to 5K now basically for a
for a seal looks like, yeah $1000 for a seal.
And then Moonbirds actually still post that acquisition of
of continue to rise actually now I don't know but remember
Moonbirds, there was some speculation that they would do a
token in the past and then Kevin Rose basically said no, right.
He was like oh it's not in the current viewpoint but then maybe
maybe this whole acquisition puts that back into the into the
spotlight like maybe a 16G feel comfortable that they could do
something like that. What do you what do you think?
With regard to. Moomba's token.
Yeah, I mean that was the rumour yesterday and there was like a
fake screenshot that went around.
It would make sense if you think about it like it's a
monetization angle for VCs because you can give yourself a
token and then exit some of your investment that way.
And you know, that would, I'm sure proof is always planning a
token. There were, there were rumours
about it for a long time and never actually materialized.
But given the nature of ACC and C investments, they tend to be
in things with tokens and that's how many VCs like monetize their
investments. So I wouldn't be surprised if a
token is still in the cards. It's probably a token that maybe
does well because it will have a lot of attention to begin with
and we'll see if they're able to actually add any utility to it.
But it is a token that I think would complicate the ecosystem
and people would start wondering where the value falls again.
It's like at least with Acorn you have just Acorn and then you
have all the other stuff, but now it's like, do you have
Acorn? Do you have or something else?
And how does that all that fit the other side and?
Are you going with sneaky pumping this week?
Actually I wonder what it's done today with with all the
weakness. But yeah it's definitely it has
had a bit of a rally since the Moonbirds acquisition.
You know that's it was trading it.
Yeah just even at the start of this start of this year it was
trading just a just shot of one and now it's at 1.7 roughly.
So you know maybe there is some speculation there that they're
they're about to do something obviously that's of course it's
been beaten up a lot but in the this whole gaming rally people
like IP. So maybe that's an easy play.
Speaking about that in in the gaming space we saw I guess a
few different different headlines.
I already touched upon the portal you had zai I think you
were going to come through and say taking a partner with layer
zero I think zai as far as I can tell this keeps on going high
around like it's kind of wild. Yeah up again today zai close to
hitting all time highs 3.3 billion now on on zai coin so
shout out sobi layer zero I think will be quite a big deal
for them. Obviously allows them to go
multi chain with some of the games that are going to, they're
going to on board. That's definitely been a big win
for for people in the gaming space.
Recently we saw Mad lads, Mad dads said they're going to do an
ordinals collection, a lot of a lot of stuff going on there with
mad lads at the moment. They've obviously got Backpack,
the team behind it have got an exchange going which I believe
is going to go live in a bunch of different U.S. states as well
and that's doing over a billion dollars in volume a day at the
moment. But yeah, they they look like
they're going to do an ordinals collection as well.
Those mad lads now like mad lads has got to be one of the.
I think they flipped the market cap of of Mutants the other day.
They're now 20K20K for a mad lad.
Yeah. They yeah, definitely,
definitely in the top, top band of profile, profile, picture
projects now. At least the main ones.
And if they go to ordinals we've obviously seen D Gods do
something similar and that project the D goals on Bitcoin
actually had a bit of a rally last week but it's people still
like the ordinals. So I think this is quite a smart
play to to kind of go multi chain.
So we we've seen that in the in the Solana ecosystem.
Solana other than that like we we spoke about it today like
it's kind of lost lost a little bit of the narrative about
things going on at the moment. Maybe maybe we should speak
about that for a minute. Like it.
There is a reason it's been underperforming and I think
that's mainly just because, yeah, it's just like everyone's
focused on things like Blast right now and and and the ETF
and and some of the stuff there is has been definitely quieter.
Yeah. It's like it's it still feels
like the market is not big enough for multiple narratives
to hold. Like capital seems to want to
flee from one place to another to another to another.
And we had Salat, you know, it was like, Salana's great.
Like, this is the casino. I mean, we're all saying it as
well. This is the casino.
This is where all the DJN activities happening, this sort
of what all the shit coins are doing, it's really cheap to use.
Great, great, great. And then you have a big air drop
and someone you know, everyone starts looking at that again,
You know, suddenly, you know, just only a few weeks ago,
Salana felt like this hottest, craziest thing.
And now it feels like a lot of the focus and activity has
shifted away from it. Back towards ETH and back
towards ETH beta, and you've had these big air drops and optimism
and other stuff and you have blast coming up and that's just
where money wants to go, because it's.
Interesting that it's not actually being shown in the
numbers though. I just brought this up like
Solana TVL just broke 22 billion, which again just keeps
on going higher. The volumes on the chain, yeah
they spiked the Jupiter, but it's not been that big a drop
off, right. Like this is still a very high
volume period. It just feels as though there
are other. It's not like it's doing badly
it's just that there are other this is other focus right now
rather than and I guess timeline governs, governs price just as
much as like these numbers do. I definitely have not seen
people talking about Solana as much on the on the timeline
other than donkey on the fact that it's underperformed the
since the start of the year. Yeah, I think, look, I think
there's a difference between TVL and volumes versus just like the
timeline. And I think the timeline is, you
know for for a while the timeline is all about Solana
shit coins and now all those, you know most of those are down
80 or 90% and the timeline is just quiet about them now.
Now the timeline's all talking about blasts and timeline that
doesn't always correspond with TVL and activity and volumes
because a lot of the those volumes come from larger whales
or institutions who aren't there sitting there laughing on on CT
all day. So there's a mismatch between
that. But I think, you know, I think
the the CT aspect does have an impact on prices at the end of
the day because it's where a lot of retail get their information
from and it's where they, you know, data points they use to
decide where they want to to be in.
But yeah, it's kind of, it's a weird one.
I think. I think it will come back.
I do think Celana will come back because I think there's so much
going on. 2024 down so far, Bitcoin 24% higher, E 33%
higher, Solana down 3%. You know it's been a really
remarkable under performance from from Solana versus E over
the course of the last month. I think we timed that one well
in terms of this show like the majority of that out performance
has happened over the last over the last couple of weeks.
But it does, it's definitely getting to a stage now I think
even Wiz but like you're starting to see that's been such
a remarkable and performed over the last month that this starts
to now hit resistance around this sort of area on on Soliath
and and maybe you start to see a bit of a return maybe I'm just
focused on this because I put on that trade, but it's definitely
something that's on that's on my radar.
I think it's on the radar of a lot of people at the moment and
then looking forward to what is going on over the next 24 hours.
It's obviously a big day for macro because you've got NVIDIA
earnings. What's been going on in macro
today like how how's macro trading going into those?
Oh, well, NVIDIA stock I think was down today.
It's down about 2% today and it was down about 4% yesterday.
So it seems to be selling off a little bit into earnings, but I
think the entire market is also lower.
So it's just marketplace. I saw a headline which is that
NVIDIA lost 78 billion of market cap in one day and something
like the implied volatility of NVIDIA right now NVIDIA is is
the 4th biggest stock in the world.
I think right now or at least in the US stock market, the implied
volatility after earnings was something like bigger than 500
of or 400 of the companies in the S&P's entire market cap.
So NVIDIA is going to be like a Fed Fed Minute, like an FOMC.
This will move the whole market depending on what it, what it
does, every single earnings for the last four or five earnings,
they've just absolutely smashed it.
So you don't know, but I think it's a good sign that we kind of
sold off going into it anywhere. Like it would have been a little
bit more precarious if we'd been ripping right into these
earnings, whatever happens. But AI has definitely been the
focus. The other, the AI coins continue
to to be one of the main ones moving.
I think the one that I was focused on over the last 24
hours was was FET, this AI Agents coin, which has just kept
on going higher as well. We know that one all the way
from when we first started in crypto.
But the AI narrative, I think it's going to be largely defined
by by what goes on in NVIDIA tonight and that that could
actually define what goes on on in the whole of crypto, given AI
has definitely been the strongest sector in crypto over
the last 24 hours. Yeah, I don't.
Yeah. You're looking at any AI coins,
or is it just this top one here? Just that top one.
I think that's the that's the main coin I'm looking at, yeah.
It's the Have you still got on the one minute, the mug, the mug
chart on the one minute. I don't have it.
I mean, there's a couple of coins I have on them, one minute
usually, and Mogg is one of them, but not at the moment.
Not at the moment. Don't want to look at it on days
like today. No, it's actually it's performed
mostly. Performed pretty well, yeah.
I performed most things things things are looking better.
At least over the last hour. Everything's looking a little
bit more green. Looks like we're not going
immediately to 0. Let's see how we shake out as
the as the day goes on. Anyway, I think that is it for
today. We will see you all in Paris,
Paris tomorrow if you're going to be there.
I don't think we have a show over the next couple of days,
right? Last show of the of the week.
Wow, wow. Last show of the week, guys.
So there's going to be a triple quadruple rollover for prizes, I
think on Monday when Ferrero comes back and does his Oprah
routine. We will we will see you all in
Paris if you're going to be there.
And if not, we will see you on Monday next week.
Thanks for thanks for tuning in.