Yo-yo, yo-yo, yo, what up, what up.
Good morning, Good morning GMGM folks.
It is another beautiful day to have a beautiful day.
Welcome to episode 137 of FOMO Hour.
Today it's Thursday, June 13th, 202444444.
Six. All right.
It's like throw compression. I like it.
I like it so far. Every time for oak's not here I
I have to do my my for oak impression.
And he's gone now. He's officially off Twitter it
seems. Folks, that is our call to
action for you all listening to the show or watching Help us
Free for Oak, Hashtag Free for Oak.
He lost his Twitter access yesterday.
We still don't even know why we're trying to get him back on.
We haven't been able to pull it off yet, so help us out if you
can. So no for Oak today.
We still have a great show on deck.
I'm joined here today by the great Mando.
I think that this man has been right on just about every single
call I've seen him make in the past month since we've been
doing the show together. But there are rumors going
around. There are some rumors going
around that he flipped bearish after having Zoran on the Rex
radio yesterday. Mando, Jim, how you doing?
I'm doing good, man. No, those rumours are incorrect.
But the rumours about me being right is, is also incorrect.
I was definitely, well, I guess I was hoping for a dovish fed.
And in the end we didn't get a dovish fed.
So we got a, we got a hawkish fed and everything fell out of
bed it seemed. But it's not that bad.
I mean, we're down like 2% on Bitcoin.
Everything's kind of close to where we were doing the show
yesterday. But yeah, we did not, we did not
breach that all time high. And I think we could be in for a
bit more chop here. Yeah, it feels like prices
aren't down much, but since men is down worse, feels like folks
were just really hoping that we were going to get the leg up.
Yesterday, once again, we overhyped it.
We convinced ourselves I was counting it as a correct call
for you because you had the caveat you you were calling for
potential all time highs if the Fed if pal was tough, which then
he wasn't. So that's why we didn't get
there. I think surprising because PPI
came in like a shocking under. It didn't matter.
He really had the opportunity to be dovish, right?
He had a lower CPI and then he most probably has seen the PPI
figure. So and yeah, he came in quite
hawkish, as did many of the other people on the on the Fed
Governing Council. So I was surprised at that, that
they've now publicly said they're only looking for one
more rate rate cut in the dot plot, which I just think people
caught off guard. Like if he'd come in there
dovish, I think we could have we could have really gone all time
through to all time highs stocks, you know, they they came
off, but they still hit all time highs again yesterday and PPI is
another good. So So what we're talking about
is today we had the producer price inflation figure and that
actually showed deflation, which was kind of wild.
That's the first time I've seen that in a long time.
Again, like who knows if these, these, these things are really
correct. I don't really feel like people
are feeling like they're seeing deflation in the world.
But if that is what the the Fed is saying, then they should be
reducing rates. And they, they weren't, weren't
they really held off yesterday of kind of a low bar, I would
say for being dovish, They, they didn't even come close.
So people definitely got a little bit frustrated on that.
I think everyone thought we needed this.
We needed that extra thing just to like smashes through the all
time high and then, you know, then it can really, then it
could really go from there. But yeah, just frustrated really
more than anything after yesterday.
You did see huge buys. I think Bitcoin whales were
buying like 1.2 billion worth I saw overnight.
And you had another 100 million inflow into the ETF.
And, you know, a lot of other things just seem positive.
But yeah, these ranges, they can just go on for so long in
crypto. They really can.
So let's, let's see what the next thing could be to get us,
get us over the hump. I it could we could be in for a
bit of a, a dull period here. I think that's why I'm a little
bit scared about like our having not that was our yesterday was
our best shot for a long time, for weeks and weeks and weeks.
In my opinion that was the best shot and I'm not bearish in any
way, but it does make me think we could be here for a little
bit longer in the chop. Yeah, a little concerned that
we're just going to go sideways here forward, but I mean,
concern's a strong word. But but that feels like the
Reed. I thought maybe a sailor or
friend, Big Mike was going to bail us out with another 500
million, but it it seems like the market already shook that
off. Yeah, 500 million just seems so
small now compared to what the ETS are doing.
I think the net like now we look past this figure, we've got even
more bullish macro set up in stock taking all time highs and
inflation dipping, albeit you've got the Fed being slightly,
slightly hawkish. But I do think the set up there
for macro doesn't look like it's going to throw off or throw us
off course. So now you're looking at stuff
within crypto that could that could cause that breach of all
time high. You've also got the ETF coming,
which is going to be coming ideally this month, although
there's a little bit of nervousness around the fact that
there's been very, very limited movement so far.
But ideally you get that coming through.
And then I guess the next really bullish stuff you can start to
look at as if is if BlackRock applies for like a Solana ETF or
you would look for some of the resolutions of the different of
the different court cases, SEC versus Coinbase.
Interestingly, Biden, he's now asking Coinbase to help do his
donations, which I just thought was wild given that they are
being prosecuted by the SEC. But on multiple on multiple
different avenues, hopefully you see, yeah, maybe maybe it's like
the more political movement, like maybe maybe we see Trump go
even more all in on crypto and, and that that causes a little
bit of a, a bounce into the election.
I don't know, like what's the strongest narrative in crypto
right now? It's a it's a tough one.
I think it's just more gradual, gradual inflows.
And that scares me a little bit because gradual inflows has not
been able to get us above this out of this range.
But we need that like last time we were in this range, the thing
that got us out of it was the approval of the ETF, right.
And then and then we just smashed through that, that 30K
barrier and then we just kept going.
And now gradual inflows have got us going sideways for a while.
I'm just wondering what is that thing that smashes us through?
I really, I really felt like yesterday it was going to be set
up for that and then this didn't happen.
So we could again, unbelievably bullish.
They were going 150K200K on Bitcoin this cycle, but I, I
think we have to be a bit more patient now I'm I'm trying to
look for what when the next real big moves could be it's.
Going to take time and if you align to like the 36 month
cycle, it makes sense that we're not going to just start
skyrocketing here right now as well.
I don't get cycles or cycles. It's still the, you know,
astrology for men, but there there's a little bit of credence
to it. I I agree with you with your
thoughts on the narratives. It does feel like the ETF
narrative is kind of like out, not out the window, but it's
much less exciting, especially now that the trades are all
delta neutral. So it's kind of hard to even
parse through it on a daily basis.
I think to me that the political narrative is arguably the
biggest and perhaps we'll get into that in a minute.
I do want to, to get into the Mando report here a bit more
formally. We, we started, we started
getting into it a bit. There was a lot to, to cover.
So we'll, we'll, we'll talk through the macro movement, this
FOMC roller coaster price action.
We'll talk a little bit about Sailor 500 million bucks.
The Biden admin now is accepting crypto even though they've got
active lawsuits against Coinbase and and others.
Terraform agrees to pay $4.5 billion in the judgement to the
SEC and then I'll hit some of my top five covering meme and NFT
news from the day before we dive in folks.
The show it is powered by Moon Pay to buy and sell crypto with
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Also a quick shout out to Moon Pay and PayPal for going live in
the EU in the UK this week. So a nice little expansion for
them. All right, Sims, take it.
Let's get into the mandol report.
Oh, that music's actually for Rogue, so we don't.
Have. That music in his head, this
time he wants. You to.
Think it Sims that's what he was there you go you're in yeah I
mean I mean I mean boys yeah look yesterday we had a had a
softer CPI figure consumer price inflation if we were up near 70
K on Bitcoin we were at 160 on Solana ETH.
What was it 3600 roughly area like we we were having a good
day and then it all just kind of fell apart when the Fed Fed
started speaking. It was a bit volatile around
that sort of time. Interestingly, like stocks
didn't really care as much that the Fed was was dovish.
Sorry, it was a slightly hawkish, but but crypto really
did and we basically dropped back to where we were at the
start of the day yesterday. So on my Mando minutes figures
like Bitcoin is unchanged. Ethan Solana are down like one
or 2% versus the day before, but that masked the volatility in
there and and also just masked the, I don't know, the feeling
of let down that this wasn't going to be the time that we
finally get broke through that, that upward, upward trajectory.
That's I think it in terms of macro, like we had, we had a
slightly more bit like hawkish tone from the ECB today.
But generally stocks have been, you know, they all hit all time
highs. Like there's nothing really to
generally worry about. Just a, a marginally more
hawkish tone from the Fed and ECB was enough to to, to to
knock us off course on the meme coins, the meme stock stuff.
It feels like roaring Kitty may have cut some of his positions.
I I saw, I saw yesterday, which I think was relatively
interesting. So we actually haven't seen some
of the the major memes have not really done well today.
They've they've kind of underperformed and actually
weirdly, some of the best performers are some of the old
L1 coins. So ton injective actually
anything related to tone as well that not coin is up as well.
So you've seen maybe some of those LL ones has done slightly
better on this move. But generally old coins have
have and meme coins are are both not done well from from the from
from the fallout of bed of Bitcoin there.
Bitcoin is like I said, kind of unchanged on the day.
I would say if you go over a 24 hour period, but that just masks
the the volatility on the intraday.
It talking about that like in terms of flows, the main sellers
right now are the miners it seems as a cohort.
And the reason for that is is mainly after the halving,
they're all going through a little bit more trouble.
Like it's still it's more expensive to buy to obviously
mine Bitcoin, fewer rewards and you're seeing quite a lot of
them either turn resources away from crypto or attempt to do
consolidation. Now a few have been hustling it
out in terms of consolidation, but the number one thing is that
they are just selling a lot of their Bitcoin inventories, which
which points perhaps less involvement from a few of them
in the space. Obviously, some of the equipment
can be used for for various different purposes.
Some of them are like switching towards AI uses, for example.
But yeah, I think that's been an interesting one.
We probably just need to soak up some of that supply.
But other than that, like if you're just looking at Bitcoin,
Wales was still accumulating yesterday.
The flow still look relatively decent.
It's more everything else that that that looks slightly worse.
ETH, Solana and then meme coins ton.
The reason why ton is is up slightly higher, it looked like
is because it's actually surpassed ETH for active
addresses yesterday, which I thought was kind of wild.
This this is the, the L1 which is attached to the Telegram
ecosystem and they have, you know, hundreds of millions of
users. So to see that you're starting
to see adoption there pretty quickly like that, that's when
one of the big adoption plays this cycle and it seems to be
doing well. And then injective was higher as
now that L1 because I think it also is being integrated with
PayPal the their PYUST, so some big integrations there on the L1
side. So yeah, those are the only ones
that were kind of higher on the day, but everything else felt,
oh God, that is my dad. It's so you covered the the the
memes lagging. I feel like that's kind of the
pain on on the timeline, right? It's like majors aren't down
much like it. It feels like we're going to
chop. So maybe some of the pain is
just folks, you know, kind of coming to the fact that, yeah,
we're just going to go sideways for a while and and perhaps it's
going to be boring. But I mean, it feels like a lot
of the the bigger memes just took a hit.
And now I think the question is like, are are they just going to
bleed out all summer or, or what is going to be the next
catalyst? So I think that's part of it.
Memes actually see a more obvious catalyst.
I, I think we'll start to see tons more celebrity coins come
into this space and the idea of memes going mainstream as in
like the meme coin season going a bit more mainstream, I think
is about is more likely to happen now.
Like Navitate's come in and you know, like, and why not?
He does, you know, millions of people that are aware of his
existence. And I think that's the, you're
going to see more and more people that will, will dabble
with it. And I think you'll, you could
see a, a similar sort of hype cycle that we saw with NF TS
last cycle where that comes in. And, and I although I don't
think that necessarily means you have a bunch of celebrity coins
that do well, I do think that that brings people into the
ecosystem in the same way, you know, crypto punks went higher
during the NFT bull run. I think you'll probably see some
of the major meme coins do well out of that.
So I still think that like the, the, the overall theme for meme
coins is still relatively strong because it's having this
rebirth. But some of the other stuff,
yeah, it's really dependent I think on on on Bitcoin going
higher for some of these tokens like we've seen in the gaming
coins have really just been absolutely eviscerated over the
last over the last month or two like that's been one of the
major use cases that's been hurt.
AI has held up OK, but still recently not not been doing
great. So there hasn't been many
winners in any of those altcoin altcoin moves.
We still, in my eyes, we the only way to kind of even see a
bounce in some of this stuff is to see Bitcoin break out of this
range. And if it just continues to
chop, then those old coins have just been going lower.
Like a lot of old coins are down 2025%.
Interestingly, in D5, there's been a little bit of a nuclear
explosion that's gone on today, which is the Curve founder took
out a bunch of debt, which you may have heard of this story 12
months ago because he kind of got saved 12 months ago, but he
took out around $100 million of of debt against his curve
position. So this is the founder of Curve
got a bunch of curve tokens and then took out a bunch of loans
against those tokens on the curve platform.
He actually bought a mansion. He actually bought a in real
life mansion for I believe 10s of millions of dollars to find
out that that mansion. Can you find that Sims Curve
founder buys mansion. It's it's.
None of it. It's at least one mansion.
I heard it could be multiple mansions so he's clearly 2.
So he took out a night like like 90 to $100 million, it looks
like. And he bought a, a mansion for
himself and his wife. And then those, those loans they
kind of got saved 12 months ago. There was some OTC deals to kind
of get him out of the situation. And then seemingly that they've
gone into liquidation today. So he's he's living the dream,
you know, like the guys in Australia, he's up two mansions
and his protocol and D Phi is taking some pretty bad losses,
it feels like today. So Curve finance, you're going
to see a lot of D Phi guys mention this.
And this guy Michael Egorov, it's kind of infamous at this
stage, kind of Ballers who have done this, taking down D Phi and
Curve in the process. So this CRV token, which is kind
of the the cornerstone of Curve is down a decent amount, but
seeing huge volumes and yeah, just kind of points to to some
of the issues with D5 right now. There's it's not really a love
sector. And then to see this happen, I
don't think people are very happy.
I remember this headline. It does make one it's a little
harder to buy curve when when you know the the founders taking
this huge position out and is living in his mansions.
But so like does he even care? So like if if he defaults on the
loans, like what happens? He he still keeps the mansions,
right? He's he's already spent the
cash. Well, that's the beauty of how
some people use D5 is, is they kind of use it as a put option.
So like if you take a massive loan against, I don't know, but
like let's say in the NFT space, it might be easiest.
Let's say one of the one of the, the board ape founders took a
massive loan against an ape coin position and they took out $100
million and then that gets liquidated.
It doesn't really matter the the ape would eventually would be
sold on the market, but he's probably still walking away with
$100 million. So yeah, it's it's a pretty nice
situation sometimes for people to to act like that.
I think that's actually a decent seg into this GME story.
So I, I don't know how closely you were following this.
So GME, it ran up to like 31 yesterday morning after the CPI
news and then it fell like 30% back to 2425.
And then it it's slightly green here this morning.
I'm saying, but zero hedge yesterday afternoon, this was
the first report that I saw. They just tweeted out single
word goodbye. They pointed to like the large
options volume on the the June 21st calls alluding to the fact
that that was roaring Kitty. And then I want to say this
morning, Bloomberg tweeted something similar.
Like they didn't specifically call out that it was Roaring
Kitty that sold. I don't think we know, but
they're just pointing to the volume and the amount he has.
So I don't know if we know the details, but I don't know.
It's up 3% today. I feel like if it was widely
known that it was Roaring Kitty that he had sold, wouldn't it be
down more? I don't know.
I I agree. I just brought it up and it does
surprise me. I don't really know what the
short interest is on this on this stock.
So maybe it's because, you know, shorts are still there's still a
very big short interest. But I would assume that if raw
and Kissy is cashing out that this this would also similarly
fall. But I don't know.
I think there's a lot of like smoke and mirrors there.
Ever since the start of this story I've never really known
the full picture and I feel like we probably don't even know it
now. Yeah, I don't think anyone knows
the the full story. The other thing to find out?
The other thing to know here is that they have raised quite a
decent amount of money now. You know, like.
There is a. There is a credible turn around
story here for GME, which perhaps there never was before,
which I think is kind of funny. Like when you have that much in
cash, like the GME stock has a market cap of 9 billion and it
has four billion of cash. So it's not, it's not that crazy
anymore that it, that it trades level.
So yeah, it's not, it's not the sort of thing that is going to,
I mean, it's not going to drop below its, its net cash
position. So yeah, maybe he's done enough
and he'd just walk away. And This is why it was very,
very clear from the start to me that the biggest winner of this
was GME like, so yeah, maybe Roy and Kitty is happy.
GME is happy. He loves Cohen, he's a Stan.
He he likes the, he likes the company.
And now they're well positioned to pursue mergers and
acquisitions with their $4 billion cash position, which is
also a backstop for the stocks. Like it literally can't go lower
than like $12.00. I don't know what their debt
position is or if they have like I need to have a look at their
balance sheet. But yeah, I mean, if you have 4
billion of 4 billion of cash, like this thing isn't going
under and it's probably going to be fine.
I I can't imagine they have more than 4 billion of debt.
So they they probably got a net cash position.
And who knows? Like Gme's a brand now, right?
Like what is the GME brand worth at the end of the day?
Like if, if it like I know how the Blockbuster brand was bought
and all this sort of stuff, but like GME probably has a brand
for life here. So, so I something tells me that
this thing that if they have 4 billion and they have a good
brand, you can do a lot with four billion and a good brand.
Yeah, I think their brand value has gone up so much and just in
the past few years throughout this whole saga and probably
continue to to go up. So that is a factor in the
calculus before we move into the other parts of the market, I
guess. And I'm just curious.
So on a more serious note, like what, what did Zorian have to
say? Like I, I wasn't able to tune in
yesterday. I I want to put myself in the
bare mindset for a few minutes. I'm a little nervous to do it
but I heard he has some outrageous calls like 12,000
Bitcoin. I'm curious but that he had some
rationale behind it. I'm curious what what his bear
stance was based on. Yeah.
So I think there's a few things here.
Firstly, he's he's not a LOB like he's the 11th highest P&L
this year on buy bit or orbit Fenix, one of the two major
option Futures Trading platforms.
So he this guy's is up something like $6 million this year on on
He's been he has he's had big Bitcoin positions for a long,
long time. So like I think he's one of
these 2012 two 1013 relative O GS who just has all his net
worth in in Bitcoin. But yeah, like this guy is a
short term trader and he he has been trading for a while.
And although like he publicly said that he didn't call the
last few years very well, like he's lost quite a lot of money
on on certain calls and kind of called the last cycle wrong and
then even the rebound wrong. So this is I don't know how he's
how well he's been doing in previous years, but this year
seems to have to have been going relatively well for him.
That being said, like he's not. And I wouldn't say he's also
like one of these people that think Bitcoin is kind of 0.
Like I think he, he basically thinks he's formed a double top
and that he's very technical. So like by technical, I don't
mean like flows and stuff. I think he, he's looking at like
Fibonacci, Fibonacci retracements and and he's a
chartist essentially. So he is looking at various
different technical indicators and he thinks that we will Wick,
we will Wick down into the 50s and potentially even 42 for
Bitcoin on like a single Wick. He thinks.
And part of this is technicals. And then if, if you try and
press on the fundamental view, it's not really that he has a
strong reason about why we would sell off, but more that we've
had so much good news and, and Bitcoin hasn't moved, which I, I
think it's kind of true. But I also think is, I think the
real thing to look at here is the stable coin inflows.
And they've been gradually going higher.
I think Bitcoin inflows are a little bit difficult at the
moment because we've, of what has been, it's obviously
happening now, which is this basis trade, but stable coin
inflows are just gradually going higher.
They're not going higher at the same pace as Bitcoin, but they
point to that the market's not going to fall out of bed.
But then it kind of breaks down. Like I think the analysis, it's
just like, I think the chart takes us to this level and the
fundamentals, you know, will, will make sense in the in the
rearview mirror. So for me for Bitcoin to be at
that level, we'd have to see a pretty large macro sell off.
Like for Bitcoin to 440% would have to be a pretty large macro
sell off. So, and at the moment, I don't
see where that's coming from. In fact, I think global
liquidity is only going higher and I think Bitcoin inflows are
only going to go higher of that period.
So I don't agree with him at all.
But at the same time, like that's that's his thesis that so
so he's not he's not just some boogeyman.
I guess he's basically pointing to that thing, but he's also a
much more short term trader. That's the other thing, like
he's, he's like, these are the levels I'll flip long like, or
if we he also said like if we breakthrough we when we're on
the show, like we were all saying, you know, what happens
if we go to 72 K today, if we have a dovish fed and he's like,
if we go have a 7072 Ki will flip long.
He said. So like you understand that this
is not a a capo style situation where this guy is, you know,
just drawing new lines on the chart.
I think he, he thinks 72 K is the invalidation for his, his,
his thesis. And if we don't breakthrough
that, which we didn't, that we will go a decent amount lowered
before we can then have the momentum to breakthrough.
It's kind of similar to what I was saying the other day, like
we needed some downward momentum to try and get through.
And that was our best shot for a while.
So now we're going to have to probably see another one of
these. Like everyone gives up hope and
then suddenly some good news means we can hopefully rocket,
rocket through that. So it's kind of maybe an
extension of that to a certain extent.
But I think his his his views are pretty aggressive.
Like obviously with a short you can be, you can think we can go,
we're going lower and think we're going to like 6360 K.
But who really cares for a lot of people in that scenario.
Like we're talking about a 10% move there or even 5% from here
to say we're going to 42 Ki think is pretty aggressive.
And probably that isn't just the whims of a chart.
Like you need something pretty bad to have happened across
global markets, in my opinion, so. 42 K would be would be
pretty crushing, I feel like well, thanks for explaining
that. So it's he's a chartist.
He's reading the lines on the chart, not a personal vendetta.
So that makes sense to me. I think the common theme and I
hear from folks who are calling for like 52 K, 58 K is it's
basically just based on technical analysis.
No one has any like reasons behind that or, or logic for
like why they think we would get there, what events would
transpire. It's just purely based on the,
the numbers on the chart. I think the other interesting
story you, you briefly mentioned stablecoins is, is part of the,
the bull case, like it's, it's not being mentioned enough, but
it feels like it's also one of the biggest kind of macro
storylines happening across the world.
Is this the stable coin adoption globally?
So I just saw the stat yesterday, Turkey now has 4% of
their GDP in stable coins and like they're the number one
country by far. And it feels like this is just
is accelerating. And the more mind that flows in
the stable coins, it feels like it's another one that's going to
help backstop create the foundation for all this to to go
higher. Yeah.
I mean, there's so many countries for that where that is
the case. I, I think that number is up
only for a lot of different countries, a lot of Turkey,
Turkey in particular has inflation of 75% and an interest
rate relatively simple as well, similar as well.
So, and that's not the only country.
I mean, we speak about inflation in in the US, inflation has been
are much more stubborn in other countries and also much more
stubborn for foreign goods. You know, like if you're sitting
there a lot of currencies, the the dollar's actually having an
all right year. Like, and it was had had a good
year last year as well. Like a lot of currencies are
really down bad versus the dollar and they will probably
never really recover versus the dollar.
So yeah, the idea that you can instantly dollarize your savings
if you're living in Turkey or, you know, Venezuela or, you
know, various other failed currencies.
Argentina obviously has been a similar sort of move towards
that recently. Even El Salvador, right?
Like the, you know, a lot of these, these countries, part of
the reason about this is because they, they haven't really been
able to fix their own currencies and their own monetary systems.
So it's, it's probably just easier to adopt something like
this. So I think this is definitely up
only I I think stable coins are incredible, one of one of the
best uses of crypto. Yeah, agree on that.
So I think that was a good roundup of the, the macro
picture here today, a full 30 minutes.
I I do want to transition, get into a little bit more, perhaps
lighter, depends on what side of the fence you're on.
I saw a comment come through someone was asking for Mando's
dad's thoughts on Blast Gold. So we'll have to see if we can
get those get him to dial in here for next this next part.
But Tyler's top five for today. We we may have seven.
We'll see. So the ETH meme coins, excuse
me, broadly led the market. Tate's one one second here,
folks. Wow, apologies for that.
All right, so ETH meme coins broadly led the market.
Tate's daddy stays on top up to $250 million in market cap.
Iggy Azalea at the same time, he's in front of the New York
Stock Exchange shilling the mother token calling for 300
million. We didn't get there yesterday.
We talked about GMEGME did dump. Some reports circulated that it
was roaring Kitty, not obvious if it was the GME token on
Solana also down 15% blast. They shared their gold
Distribution 5 detail yesterday with a few surprises at the same
time Blast Gold has gone live for trading.
Pre market was sitting at $4.50 here this morning.
A bit below stats is $7.36 call for that token.
So we will certainly see another in a teen whose pudgy Penguins
did share their blueprint yesterday, laying out a vision
for their broader ecosystem. And also notably has layer 0
squarely next to ZK sync, leading to thoughts of that
maybe layer 0 AirDrop is effectively confirmed for
Pudgies Yuga's recent counterparty far away.
Oh no, they announced a new digital land sale price between
$2.00 and $20.00. The market absolutely hated it.
Board apes fell 8% on the day. Pudgies did flip them to take
that number two spot over on ETH.
Over on Bitcoin, there's a new runes rocket bunk of Nakamoto,
sort of $350 million this morning, the number two spot on
the runes board after a $1 million investment from UTXO and
their thesis around a new yield bearing stable coin on Bitcoin.
So a a bit to unpack there. I want to start with Blast and
Amanda, I'd love to get your thoughts.
I'll give us a a quick read in here.
But folks, the Sprint to the blast AirDrop is on and the
price and the pace of action is absolutely picking up.
So yesterday we got new details on the blast gold distribution.
5 the TLDR 10 million blast gold will be sent to dabs.
This is the 5th and final distribution pre AirDrop AirDrop
once again confirmed for June 26th.
Thruster, fantasy and Juice were the top three recipients.
Captain and Co, Yolo, Hyperlock, Wasabi, and Wolfgate all getting
500,000 gold gold as well. Blaster was considered to be a
big winner here. They're getting 250,000 gold, a
huge uptick for them. D1 and Crypto Valley saw their
allocations drop the most, so they were the losers.
The other clear winner to me, Fancy Top.
Fancy Top got another 1,000,000 gold.
They've now got 2,000,000 plus to give out over the next two
weeks. Founder Travis Bickle came out
and said we are going to get this all out in the next two
weeks of the Fantasy Sprint is on.
Notably 2,000,000 gold is now worth $9 million or so based on
these pre market levels. I want to get Mando's thoughts
on that in a bit. I think that 450 a bit
disappointing based on early projections where we thought the
token would come out. We will certainly see this did
impact other tokens on blast. Several fell 10 to 20% or more
including our the pack token. So that one was a little rough
to see. A lot else is happening.
So what else happening on blast? Just yesterday Wolf Game
announced the new cash grab. It's a game with $100,000 in
weekly prizes on top of all their gold and points and
everything they were already doing.
There's a new blast points multiplier announced for
lending. Go use the lending protocols,
get that next multiplier Yolo. They had their TGE.
The Yolo token launched. It opened at a $15 million
market cap, 60 million FTV and then the latest presale, no
gold. It started trading.
It did fall sub 100,000. Oh no it didn't.
Did see a rally back to 650 K. So that's a quick rundown of
what's happening in the blast ecosystem.
I think the big question the, the most excitement on the
timeline, which is pretty divisive is, you know, where is
blast gold going to come out? You know, we saw stats calling
for $7.36. It's trading at 4:50 pre market.
Mando. Curious for your thoughts over
under, where do you think it's going to come in at 450?
Why is? It trading.
It's trading on pump markets. This is a new blast only pump.
Markets. It's yeah, OTC dot pump dot
markets is is where I'm seeing it.
OK, let me have a look. I want, I want to see it.
I have to collect my wallet first.
Hold on. Yeah, it takes a few steps.
Oh, no. And what's the volume?
Yeah. So at last price, $4.50 cents,
24 hour volume 48,800 so, so not a whole lot of volume there.
Price per point, the floor right now is looking at $4.38 to buy
500 gold. There's just really not a whole
lot of supply out there. There's a bid, the opening bid's
at 347 right now. There's a bid at in size.
The biggest bid is for 9000 gold at $2.60.
So there's really not a whole lot of liquidity in this right
now. Look, I mean, we, we speak about
Blast quite a lot. I think what I think has been a
bit of a pain over the last 24 hours is the PAC moon has has
gone lower. I think part of that's related
to obviously the Twitter likes thing, which I think harms their
ability to do their this. What is it?
V2PAC Moon validator thing can't really work in that scenario,
right? The social validator, Yeah.
So, and that's been painful because I think that's been, if
you say what's been a massive success on blast pack moon, it's
not really a mean coin. It's more like a no social
token, let's say, or a, or a culture culture coin.
It has, has been a successful one.
So to see that fall, I think got people a little bit like, oh,
you know, then this is on top of yesterday you had the Yolo games
AirDrop. People seem pretty pissed about
I I wasn't really following what was going on there as much, but
I saw our friends are at, at the nifty basically complaining that
they didn't get a good AirDrop and they spent a bunch of money.
And then, and then you have the other things like what has been
successful fantasy feels like, you know, it's been a fun game,
but then people have also kind of lost money and, and then I
know I just saw a post from B yesterday.
I saw a post from DS who's been kind of vocally involved and I
saw a post from Clemente and easy easy eats and without being
involved. And then I saw a post from Moon
Cat who seemed to be replying being like, yeah, it's pretty
painful out there right now. That's, that's just my general
sense is that people are, they're probably nursing a few
losses on certain things or, or they're just like, no
emotionally worn out from this because like they're trying to
get involved in each Ponzi and, and it's not really holding as
well. And now it's like where is now?
Now we're going into TGE, which is probably not like where you
ideally want it to be feeling right.
You want it to be feeling like, Oh my God, like I can't wait for
this to happen. So 4 1/2 seems, I mean, I just
don't even know because I think you have to judge about many
different things. My, my sense is, is that blast
comes between 5:00 and 7:00 billion.
That's why I think it comes and I think there would also be a
big win. Like I'm not saying they're
going like, Oh my God, that'd be that'd be a failure like L twos
have not if you look at the tokens, I've really done badly.
It's L twos. Let's see how ZK does next week.
But like, yeah, it hasn't been a hasn't been a an incredible
period here for L2. So to come out there, I think is
is good like, but at the same time people I think probably
feel a little bit exhausted with the amount of effort you have to
put in to do some of this stuff. And then with the gold
distributions yesterday there was also just some somewhat like
flood thought about who got what and I think people have got a
little bit in one about that. But yeah, I think 4 1/2, it
could come in lower guys. The argument I guess to come in
lower, which I I do is like $3. I think is basically where Blur
is. I don't know if that's market
cap or FTVI. I'd have to take a look at the
numbers. It's hard for me to wrap my head
around a $3 billion TV LL2 having the same or even close
market cap or. FTV.
So do do we have all the other things to work with that there's
no the only variation here is this FTV.
So just the using Sam's number, so his $7.35 gold target equates
to a $10 billion FTV to give you a cent.
So, so $4.50 is going to be somewhere around six.
I haven't done the exact math. So that seems bang in the middle
of where I think it's going to be.
So yeah, I think 4 1/2 is probably where where it I I
would feel like that's, that's roughly about right.
But then it also come in at 5 and it will also come in at 7.
I don't think it's coming in at 10.
That just seems really high versus where everything else is
right now. But at the same time, like it
may briefly be there, you know, like you, you can see these sort
of periods when the 24, the 1st 24 hours, who knows, Like it
could be at 20 in the 1st 24 hours, like the Wicks that
happened in the 1st 24 hours is absolutely crazy.
I'm just telling you, I think this means this, this will
probably settle between 5:00 to 7:00 and that will be a win in
my opinion. I'm, I'm with you there.
I remember the blur price action from the first few days.
So it came out you did the, the classic dump and it shots like
$1.20, maybe $1.40 and that was its all time high.
So I wouldn't be surprised if we saw something similar play out
here. The wild card, of course, is the
incentives for, you know, holding blasts and everything
that PAC Man's certain to roll out.
I think you nailed the sentiment.
It does feel like sentiment is increasingly negative right now,
and that's not the right kind of momentum headed into a a major
AirDrop event. So I'm curious if PAC Man's
going to be able to to right the ship and change that momentum
perhaps? Like, there was such good
momentum behind PAC Moon, right? Like everyone was so happy about
this thing. This is the one thing that
really felt like, you know, this is it.
And then Elon comes through and just like just screws everyone
and just at the completely the wrong time.
Like if Pac-Man was heading towards all time high and blast,
then did its TGEI actually think that could add like another 2
billion to the market cap of blast.
But you you have this now sentiment where it's like, oh
man, we had that, we had our winner.
And then I don't think this is the end of Pac-Man.
Mainly it's like we'll probably just they'll probably just rejig
how how it's done, but it's just taken the wind out of the cells
at just like completely the wrong time for everyone and
people were looking for that to be the big one winner.
So I don't. Know make a bull post in the
whole blast ecosystem it was packed mode and bull posting's
fun now we we can't for the near term future I do think Bobby big
Guild is going to be able to fix this here I'll.
Come up with something I was. A little disappointed because I
had a a banger tweet yesterday. Didn't count, but I've been,
I've been doing OK on the leaderboard over there.
The the Yolo thing is interesting to me.
A lot of people were upset about it.
It's still a $60 million FTV for this casino game on blast.
And I guess I just don't know where folks expectations were or
they just thought they'd get more of an AirDrop, but that's
not a crazy number. Like I'm seeing these these
lending protocols again, MT5 just just launched.
They've got a three-year history of hundreds of millions of
dollars worth of lending and they're at like 19,000,000.
So it's it's hard for me to to see that as a as a bad outcome.
But again, I think the expectations mismatch.
Yeah, I have no idea. The FTV seems to be OK, but I
just don't know what people respect.
But the but the market cap is 14 1/2.
So they've given out 15% of the of the token there, which again,
is not horrific, but at the same time I just have no idea.
Like I, I wasn't on there but my people, people seem pissed,
right? Like I didn't really know what
it was, but people seemed annoyed.
People were annoyed. There was also some fun.
I didn't have a chance to confirm this.
Basically, folks didn't get their tokens right away.
There was some reports that tokens were sent to investors
and the investors were dumping, which caused like the very
initial nasty red Wick and then it has since rebounded.
It's actually quite a nice trait for anyone who who caught the
bottom. It's up a a decent amount there
from from the local. So I don't know, we'll see.
I'm sure we will talk about it more.
Like that, that they, they were making like 1% on that on the
Wheel of Fortune thing, right? So, and there was like a billion
dollars of volume. So they, they oh, they're making
nought .5% and they made like they must have made at least
$5,000,000 I think. They're giving it all back that
that's why that's why stats was has been on the tirade against
fancy top, because it's the ethos of the blast daps is, you
know, PAC man's giving you this gold.
That's how you got the users. You should be sharing the
rewards back with the users as well.
And Fancy seems to be the first one who has taken some of the
ETH which is which is why he went on his on his tirade.
So they're giving back $5,000,000 or they just giving
you back the token? I think it's giving back in
prices, but I I'm not deep in the secret system.
So what we we'd have to ask him. I know state clan backed this
one as well, which perhaps was a part of the driver for the the
concerns. I think that putting the the
mean line name on it I think probably made folks a little bit
more. Yeah, Yeah.
They did that recently, right? That was in like the last week
or so. Yeah, just a week ago.
They think it was clearly one of the more successful things on on
blast, but again, it was a success story up until the TGE
and then and then suddenly everyone's like throwing shade
in it and it's just these things are happening at the wrong time
for blast. These like blasts.
TGE should have been last month. Then we wouldn't.
None of this stuff would have happened, and we'd all be.
The momentum was so much better a month ago.
Exactly. Like this is the issue, a few
things have happened in the last week or so which just oh God,
like just why didn't you do DG last month man?
Yeah, They just couldn't pull together the delays.
Have we seen one of these AirDrop delays work out?
Well, I don't know that I can even think of one where someone
could. And they didn't do this on
purpose. But no, tough to see just
quickly before we wrap, I think this Bonka Nakamoto thing, I'm
just going to take us through it.
It's interesting. I, I don't, I haven't had a
chance to dive in. Like there's definitely a Ponzi
element here. But like the, the headline is
this, this yield bearing stable coin on Bitcoin.
So Bonk Fi, the company behind Bonka Nakamoto, they've issued
the synthetic dollar in USD. They're calling it the Nakamoto
dollar. They've got plans to issue it
widely across the Bitcoin ecosystem.
The Bank of Nakamoto runes is going to be the governance token
for this ecosystem. According to them, in phase one
that this Nakamoto dollar is going to be backed 1 to one by
USDE, and then in phase two that the Nakamoto dollar will be
fully backed by a delta neutral Bitcoin position, earning a
native yield and they're calling it the Bitcoin bond.
So this Bitcoin bond is kind of the new idea here.
This UTXO team liked it so much they put $1,000,000 in
contributing to the NUSDTVL. And then we saw that the market
just absolutely explode overnight.
I saw it hit 350 million this morning.
I think it's yeah, it's come down and touch, it's still up
63% on the day that to 325,000,000.
So I don't know, I, I don't Have we seen any talks of stablecoins
on Bitcoin to date? I don't know that I have.
Look, the Bitcoin Magazine team is all the team that we had.
We actually had them on the show 18 months ago.
They have big plans for Bitcoin. They have big plans for like L
twos and the ZK roll ups and all this sort of stuff.
So yeah, their plans are for, for, for, for all this sort of
stable coin stuff. I still don't understand why.
Like why would a stable coin with $1 million in it be worth
325 million? You just want me like what?
What is? Is it a mean coin or is it
actually a stable coin? It's the the Balka Nakamoto I
believe is is treating like a meme coin.
OK. So it's technically the
governance token of this larger ecosystem.
OK, yeah, This is why I didn't. Yeah, this.
Is not a stable coin. No one knows what it means, but
it's provocative. Exactly.
Well. $325 million. That's the beauty of Crypto
Fellows replying to me this morning.
It looks like the top wallet has like 98%.
I didn't see that yesterday. So that's certainly is driving
the the number up here. So it's we're going to take all
these numbers with a grain of salt.
That's that's a Tate special. OK, well let's see how hot right
now, Tate. Special It's coming hot here.
Dan Bill's Erin could be the could be the next one.
We're hearing that one's makes its way through the
twittersphere. I mean he's in publicly saying
it, but I know I know there's people playing that and then
everyone's trying to play, you know, various different tape
tape coins. I think on pumped up fun at the
moment. I tried playing a free for.
Token it. It didn't work out for me, said
the report. I'm curious.
We talked a little bit just a couple minutes before we wrap
the the in Polify. So we looked at some of the dim
nominees last week on the show. So there was at that point in
time we're talking about Obama, the Michelle Obama token so that
the odds have updated a little bit.
So Biden's at 85% to be the nom right now.
Gavin Newsom's 8%, Michelle Obama 4%.
Kamala Harris is actually up a bit at at 2%.
I'm curious, have you looked at any more Poly fi Democratic
nominee bets? I saw the.
VP Bet, because I had this Tim Scott Scott thing on my on my
meme point tracker and it looks like it looks like the and I saw
that was down like 50%. So I was like, oh, maybe the
VPVPS been announced. It looks like the the governor
of North Dakota is now going to be the likely VP, right?
Well, that's what. I haven't even seen that.
Yeah, yeah, it looks like this. Burgum.
So Doug Burgum, who has been the governor of North Dakota, he's a
seemingly a billionaire businessman who moved into into
politics. I don't really know.
North Dakota seems like the sort of place where people in the US
don't even know where it is. But yeah, he seems to be seems
to be aligned with Trump on a budget and his things.
And they're saying that he's going to be the VP.
So I, I sure there's a Doug Burgum, this whole like Doug
Burgum. I'm sure there's going to be a
yeah, that's going to be the coins to.
The coin to watch Burgum's trade.
Burgum is trading. At 817 K on on ETH interesting
me oh ETH. ETH has been hotter, ETH has
been hotter, but it's it's I feel like I'm just not as used
to trading over there. I'm trying to find out what
would it. Be called on.
I haven't seen a single. Mention.
Of it Burgum. How am I going to find this?
It's dog Bergen. Looks like the hog Bergen is
trading at 400 K on on Solana. That feels like it could be a
buy dog Bergen. It's got dog.
It's got, it's got polyfy, it's got both.
It's best of two worlds here. The chill on this is is, yeah, I
think. This this could be the buy looks
like so who knows if VP picks. So no one tends to know until
the final minute and I think not even travel now.
So yeah, that that's going to be interesting.
But I still like I mean, the videos are just wild of this man
at the moment. So maybe Newsom, but Newsom
loses, right? Newsom's not going to be like.
He loses 10 times out of 10. Yeah, like Newsom is just
someone that. That Trump eats for breakfast, I
feel like, I feel like Michelle Obama might have a shot.
So I don't know. I think they may just stick with
Biden and see, hold the dice, We'll see.
It's all it all hinges on the debate.
So like there is going to be some explosive press action.
I want to say it's June 27th. So yeah, two weeks away.
Put it on your calendar now if you're in the Poly 5 trenches.
I still think I'm going to buy off Burgum, I feel.
Like that's the trade here. Like this guy, I was reading a
bit of Adam. Like I think he, I think he's
got a good shot of being it seems like the best bet.
Let's take a look myself. Perhaps that's the in the show
here this. Morning before.
We give out any more sub $1 million shooters out here alive,
but it's been a go. I think it broke.
We we did OK for you here. While you're gone, we're going
to have you back, folks. We have a special guest coming
on tomorrow. I want to say this is the first
Real Housewife to ever come on FOMO hour.
I don't know that for certainty, but I'm guessing it is.
I think so, yeah. I'm strong coming.
On. And you saying that?
So we we're going to have our rose.
Ready, Perhaps some tea? We're going to sip and spill
some tea with her here on tomorrow's show and and recap
all the the action in the markets folks.
Till then, have a good day. Goodbye, see you soon.