All right, GMGM, good morning. Good morning, everybody.
It is another beautiful day to have a beautiful day.
The sun is shining here in Chicago.
Just a beautiful morning. We are in the 70s after this
heat wave has been battering us in the 90s every day.
So it is very nice outside. Welcome to episode 142 of FOMO
Hour. Today is Thursday, June 20th,
2020. Still no Farrokh, He is not back
with us just yet. Hopefully we have him back
tomorrow. He is deep with the Rug radio
team doing these panels over in Cannes, but huge.
But Mando is back. We have missed him dearly these
last few days, but he's back live with us here this morning.
Mando, Jim, how you been? I'm great, man.
Yeah, Sorry, I missed the last couple of days.
I thought Ferret was going to be here.
I didn't. I didn't realize he was.
He was fully off during this period too.
So you got double rugged? Double rugged, but but we got
through it. We had my editor in chief Logan
Hitchcock. He joined us on Tuesday.
We ran through the news then bread guy.
We went deep yesterday on some of bread's latest.
So we we tried to hold down the Fort.
But we are are super happy to to have you back.
I think the markets are are happy.
We were bleeding without you on the show.
And so we're we're thinking that maybe we maybe we flip things
around. Here's the flame sailor's buying
Stocks are booming, but from what I'm seeing at the open.
Up only right Nvidia's up another whatever 4% today or
whatever the hell it is. It's it's getting pretty wild
out there in stocks. Feels like we're heading towards
a blow off top or at least we're already in the middle of one.
But yeah, it's very, very bullish period right now for for
the stock market. Crypto not having again like it
was we were rallying today and then there were reports that the
the German government are coming out and selling hundreds of
millions of Bitcoin and that took us lower.
So not sure what to make of that.
I didn't even see that one. Yeah, I think that's the one
that's taking us lower. They've they, they've got a a
decent amount to sell it looks like.
That'll do it and they're counteracting sailor just
showing up to the table with with 800 million bucks, but it
may not matter. We'll we'll dive into it all in
Mando's market report here in a few minutes folks.
We'll talk about these old whales are selling as well as as
the German government sailors buying.
Funding rates are at least looking nice, some of the best
we've seen in months. I'll walk us through quickly
some of my Tyler's big 5 or 6. So we've got this pretty ground
breaking Jupiter proposal to slash their FTV.
That's an interesting one. The layer 0 token claim did go
live this morning with a forced donation.
A little bit of fun on that. The token hasn't been doing
super well just yet. Security firm certic exploits
and extorts cracking that. That was a a wild headline on
the day we saw the friend token rebound 28% after the team made
the the token transferable ahead of the L2 friend chain launching
here in the near future. This DJT token saga just keeps
going. It rebounded huge overnight,
like plus 60%. So I'll check out Mando, see if
he's been following this one. We'll see.
Punks are below 25 ES pudgies are rebounding.
Maybe we'll talk about those, maybe we won't.
Before we dive in, had to give a quick shout out to our monthly
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Also reminder today is an inter seller giveaway day, so there
will be a code on our stream lookout for that.
We'll be drawing a live winner near the end of the show.
To make sure you're ready, go sign up at points dot after
seller dot IO and enter the code to be eligible.
All right, I think that takes us through the housekeeping Mando.
I don't know if we're going to have the Jingle today, but I'll
I'll turn it over to you. Catch us up on what's been
happening in the markets here. Yeah, It just looks a little bit
weak. But since we've broken that
support on Bitcoin, so we broke 66 K roughly and then we we fell
out of bed pretty aggressively. But Bitcoin just hasn't really
reclaimed that ETH is doing OK. So there continues to be
positive centre about ETH. Obviously it looks like the
court case has been dropped and there are some rumours that even
the Coinbase court case was also dropped by the SEC under
pressure from Biden, but that that's just rumours at this
stage. And but the old coin market's
not trading that well, I think. Interesting.
It's ETH alts have done OK, but Solana broadly all memes and
particularly some some of our meme coins have had a pretty
weak few days, it looks like. And a lot of no, I think a lot
of questioning of memes right now in this market just like,
oh, will this continue the the big rally?
Like even on where ETH rally, for example, ETH memes didn't
really rally that much. And that's the first time I've
seen that in a long time that, you know, normally when ETH
rallies, you see Pepe, you see Mog, you see all of these coins
absolutely moon. And they haven't really, which I
think got people a little bit a little bit worried that, you
know, we might be in here for a little bit of consolidation, a
little bit longer consolidation of meme coins.
And that's after them getting beaten up.
So yeah, that's not great. Although you did see some of the
other Eve beaters. So some of the alt coins rally a
decent amount. So maybe this is a period where
memes kind of take a bit of a step back.
Alt coins come a bit more to the front and we're really still
just hoping for for Bitcoin, Ethan and Solana to gain a, a
stronger footing. I, I looked at it today and I, I
like the market though, like it did feel to me like funding's at
a low level. Maybe not for memes.
I don't love the market right now.
I do think memes probably going to hit be a bit more
consolidation period here. Typically you need things like
Pepe and whiff to be rallying for the rest of the market to
rally. In my opinion, they haven't
really bounced in the way that you'd want them to.
But yeah, I do look, I did look at ETH, Solana, Bitcoin and was
like, you know what, this, this felt like a bit of a bounce or
we could see a period where at least Solana, right?
Solana's at 1:34 and just like hanging out there like that,
that really surprised me. But even for ETH, it felt like
that could that could have a bit more of a positive bounce on the
back of that, on the back of those headlines about the cases
being dropped. But then when this German
government headline came out, I think everyone freaked out.
They've got about 3 billion of Bitcoin that they own and
they've been, they looks like they sent over 1000 Bitcoin to
exchanges yesterday and they've begun to send more today.
So yeah, that's that. That definitely put a dampener,
I think on on the idea that we might rally.
That's I didn't realize it was the German government, but I saw
the story I decrypt ran with this yesterday actually that
these these Bitcoin whales have taken $1.2 billion in profits in
in the last two weeks. So I think there's been this
question like I think I've seen a lot of people put it out
there. It's like, why aren't we
rallying this? The macro bullish headlines just
keep pouring in. It seems like week after week
stocks have been pumping and now it seems like we might have some
of the answer. And it's a little unclear
exactly, you know, who is in this cohort and like the data is
from crypto quant and they're calling it long term holders.
And their definition of long term is just 155 days.
So not exactly like, you know, your true ancient whales who've
been holding this, you know, for, for a decade or something.
But it does seem like there is something there perhaps.
And that is what what's, what's keeping things down?
I think the question is how? How much more have they got?
They've got a lot they've got in the Billings of Bitcoin.
They're one of the biggest holders.
And this is apparently from like an illegal streaming website,
which they confiscated it from. But there had never really been
much talk. This is the first time that I
have heard ever that the German government owns all this much
Bitcoin. I knew the US government owned a
bunch from Silk Road and a couple of other confiscations,
but this is the first time I've heard it and it's a lot.
It's a lot. So if they they are going to
start selling this then 3 billion, you know, it's not,
it's a lot of inflows to the ETF to kind of get out of that.
Yeah, this seems slightly different though.
The long term holders stuff. I think a lot of this is miners.
So there's been a lot, it's been very public that miners have
been selling their inventories. I don't know because what I've
been seeing is that Wales are in a like the what you class as
Wales is an accumulation, but that may have been not like
super long term holders like this, this, these, these feel
like holders that have owned it for several years.
It looks like that are the ones selling.
Yeah, they actually do clarify that.
So it does seem that like the general bucket of Wales, I'm
trying to find it here. They are still in an
accumulation phase, but at a less accelerated pace than they
were here it is in March. So looking at all Bitcoin whales
cohort is continuing to accumulate so that that's
positive. But man, yeah, if the miners are
selling and the the government, this German government is
selling, I mean that's the set up for sideways or.
Well This is why they they often say it's like a post halving
sell off because normally when you after the halving a lot of
miners exit. Really the pool of miners get
smaller each time. So that's generally why you have
this like sell off period often after after the after the
halving. But yeah, the German government
coming in and doing that is not great.
And this is on top of the idea. We also have Silk Road that has
I think has still got some to sell.
And then we have Mount Gox, which will be selling at some
point over the next few months. So yeah, I don't know, like
suddenly a pocket of Bitcoin which I didn't know I had to be
sold is suddenly there now. And I'm like, oh, that's not a
small amount. I mean, I don't know what
inflows have been for the last month in the Bitcoin ETFs, but 3
billion is definitely a decent amount in terms of inflows, so.
The The sellers are are turning into David Gagan's out here this
summer. Is what it seems like.
They're relentless. I I, I do want to just quickly
maybe for folks who aren't as familiar.
So you posted this morning that that this funding chart.
So like I'm not personally super versed into what this means.
Can you give us this like the quick beginner primer on like
what we're looking at with the the funding is the lowest in
three months. People getting shaken out like
what this means? How to interpret it?
Yeah. So funding is normally when it's
normally positive in crypto because there are more, there's
more demand for people going long than there is going short
essentially. And in times of frothiness, that
funding gets very, very high. It's in like so many people
trying to go long and you often get these like liquidation
periods where it can smash lower and everyone gets liquidated,
all that sort of stuff. Now it's the lowest it's been
in, in a long time. In fact, it's negative in
certain spots, which points to the cuts concept that people are
coming in, they're shorting the market and that would point to
the opposite. So the idea that we could have a
significant bounce on, on any sort of headline, in my opinion.
So for me, this market doesn't look like a market that's going
to cascade lower by any means. Even the sell off has been
relatively orderly. You know what I mean?
No, maybe not for old coins, but for Bitcoin.
Like we're not sitting here and seeing some horrific sell off.
It's we're 65 K So yeah, my guess is that, and this is a
point where Bitcoin on exchanges is at the lowest in three years.
So barring what seemingly as had been happening with the German
government, I kind of felt like this was going to be a really
good set up to bounce. But that headline I think will
will keep in the back of people's minds.
It'll be interesting to see that how that develops because like I
said, 3 billions not or not a sailor came in and bought what,
750 million? Yeah, exactly.
So yeah, this is this is five sailors.
Big Mike, we, we need you to to find some friends or to to do
another. Exactly.
I'm not, I mean, I'm not worried about the market, but basically
what I'm saying, but I maybe people will wait before buying
into hearing about that, that sort of headline in my opinion.
The mean market seems a little more worrisome.
Maybe worrisome's a strong word, but it's not showing a whole lot
of signs of strength like with, with, as you mentioned, like
they're not really moving along with with the, the rallies here
kind of flatlining. It's kind of hard to see the,
the, the narrative for what sparks things here in the in the
near term. So like, are you kind of on the
sidelines or are you still looking at or are you still
drinking in and out of these things?
I would say 80% of My Portfolio is is JLP, which is the basket
token for ETH, Bitcoin, Solana and stables.
And then and then the rest of it is kind of in is still in memes,
although majority of that is in is in Pepe and then obviously
the duck. I don't own that many memes
here. I don't own that many low cap
memes for sure. And even some of the medium
ones. I think it's just you need the
top ones to be rallying, in my opinion.
Like people need to feel as though the meme coin cycle is
continuing and right now it feels as though it's it's not
really happening. Even the celeb coins, right,
they haven't really stuck. Like Andrew Tate, Tate's one has
gone all the way back, back down.
Mothers kind of blow comfortably below 100 million now.
Like I think people are getting a little bit worried about about
the situation. I don't know that that's and
that's someone who hasn't honestly, for the last few
months, I haven't really been trading that that many memes.
I've been bullish on them, but I haven't really been trading that
much because I've just been so busy with the with the duck
stuff. But I can just feel it on the
timeline, and I can feel it on the timeline that people are a
little bit like, oh God, like this, maybe I'm overexposed here
and all that sort of stuff. What have I done?
Yes, that's just the general. Syndrome I'm seeing, but that,
that maybe I'm just parroting that and I just thought it was
very interesting today that when you saw rally and Eve Pepe
wasn't the top performer and that was the case even with
Solana as well. Like if you look at like bring
up the Solana whiff chart, it's not a pretty one.
So yeah, I'm, I'm just not sure I, I feel like people are maybe
just not sure if this is kind of a period where memes need a
little bit of consolidation and they're seeing better value in
some of the, the old coins have been beaten up, like, you know,
all coins have been smashed. It's not like it's some crazy
amazing altcoin season. It's just that out of all the
stuff that's gone lower, maybe people are saying, you know,
now's maybe the time to buy some of that stuff on a on a bounce.
I think you're you're nailing the timeline since a minute and
I'm I'm feeling it as well. I think there's some concern
like it is this meme coin cycle going to keep going?
I think there's also a question, even if you believe the majors
are going to make it, does that mean all these micro caps are
are still going to be around and relevant in like Q4 if that's
when things really start to heat up again?
And if the answer is no, folks might just be cutting ties with
the bags. And like you mentioned, mother
like so mother, like Iggy Azalea, she announced this
winter mute partnership partnership in quotes yesterday.
We don't really know the details of it.
It barely moved like it it pumped briefly.
I think it jumped like 20%, you know, on the on the gun and it
sold off a little bit. So like, I don't know, it's hard
to get super inspired to to buy in right now.
I guess the the other story in the meme coin market while we're
here. Have you been following this DJT
saga and this $100 million Oh, A. 100%, I've been following all
of that, yeah. I mean, it's a wild story.
So I was, I was out a little bit yesterday, Juneteenth.
My kids were off. So we went to the pool.
I I didn't catch this latest round of spaces that Skrille was
on, but apparently like Ansome is plugged into this now we've
got Roger Stone coming out and formerly commonly.
Involved. It's just so classic.
I think we all said like just take a little bit of time out.
It doesn't need to get involved in this one as well.
Like, you just don't need to be the main character for a little
bit. Ansome Yeah.
What do you think? I think firstly, I think there's
clearly some truth in what Shkreli's saying.
I'm saying I don't like the guy, but I think he clearly was
contacted by somebody who's close to their team or involved
in it. But also, Baron Trump's like a
17 year old kid. Like, feels as though he was
probably keeping some pretty bad company if he's spending his
time speaking to Andrew Tate and Martin Shkreli.
Like, I kind of feel slightly bad for him because I feel like
people have kind of taken advantage of him or maybe he's
just like, naive and got caught up in in this.
Yeah. I think it's clearly said that
that now Baron Trump has got like some of the private keys,
like owns, has ownership of this in some way, which I didn't.
That would be wild if that's true.
But then Roger Stone came out and said there's like no links.
So. Yeah, like there's like a laptop
involved. And now?
Here we go like. Yeah, that like, so now there's
two laptops, there's the Hunter Biden laptop, and now they're
debating Trump laptops. So like, there's a chance that
like the media really starts running with this thing.
I don't know. I think that's partially why
Roger Stone jumped in. I mean, the market, I, I thought
it was over. I, I really thought the trade
was over yesterday. I mean, we, we saw it go down
like 70% and then like during the, the Mario Knollfall spaces
yesterday, it started a rebound. I mean, it's up, I think it got
to like 80 million. So it, it, it went up a full
100% off the bottom. I guess my take on it is like,
I, I think Ghreli's probably right.
I think had they made the bet, he would win the the bet like in
the fine print. Like I do think there is
probable that probably some ties to Baron Trump and all this and
he probably had receipts for that.
But I don't know if the market cares like.
It doesn't care. Are you going to consider this
the true Trump coin just because there's DMS that Baron Trump had
some ties to this thing? So that's that's why I feel like
the the upside is capped on this and it's still expensive at
146,000,000. So I think it's a less
interesting trade. And even if it was Baron Trump,
it's not Trump. Do you know what I mean?
Like, it's not actually Trump. I think there was an idea that
Trump was going to come out and do this coin.
And if it's like Baron Trump may have been involved in the setup
of this coin doesn't necessarily feel like the same thing in my
opinion. So my guess is that this
bounces, but I don't really see like a super long term future
for this. And like, there's plenty of
Donald Trump coins right now. To be clear, I think Roger Stone
is somehow affiliated with MAGA. I've seen him go on spaces for
MAGA so I don't know if he's like the most reliable witness
in all of this. Who's layers to this?
Right. Yeah, like, so I don't know if
he owns MAGA. Well, that's the stuff.
And obviously Maga's been destroyed.
And if you actually take a step back, the reason why GCR stepped
in was because he he's a huge MAGA holder as well, right?
He's like the number one MAGA holder, so.
I saw that, yeah. Are you talking to the Trump
like the the primary Trump company?
Yeah. Yeah, he's like a huge holder of
this as well. So I think everyone's got bags
is basically what I'm saying. So I don't, it's difficult to
work out the truth. But for me, none of them, yeah,
it doesn't really feel like this new coin's going to be accepted
as the actual Donald Trump coin. I, I'm a bit worried that it's,
it's ruined all the Trump coins at at this point.
Like they, they had momentum. It felt like Trump was the
leader. Then you had Trump on Solana.
You had Bowden as the one poking fun at Biden.
And then now it feels like there's so much speculation that
there will be like a real Trump coin.
It's like, why do you hold the others?
That and like they've become a huge risk.
Yeah, they've all been absolutely smashed.
I still I don't own it, but the one I like the most is Tremp
because I feel like Trump is going to get elected and it will
probably swing from owning a pro Trump coin to just like he
becomes a bit more of a jokey character.
I mean, I remember when Trump was last president and people
would take the piss the whole time as well.
So I kind of feel like Trump has has a shot and it's down
whatever it is 70%. But I guess take a step back.
It feels as though memes, a lot of them have this sort of chart
right now. You know, this isn't just like,
oh, we don't like, we don't like this coin.
Like you've gone to deck screen at the moment and it's it's
tough. And I think even with right,
like bring up the whiff chart, whiff was whiff was trading at 4
about 3 weeks ago and it's now at two and there's just been no
bounce. Like that is a horrific chart.
Like that's the biggest meme on Solana and it's down 50% in
three. Weeks.
But that is that's a proper sell off that.
Yeah, it's it's pain that that this explains the the sentiment
on the timeline, why everyone is so upset right right here
because it's Bitcoin's down 10%, but the leading meme is the
leading meme on slot is down 50% Yeah, in just a few weeks.
And it hurts. People are wondering like are
are they going to rebound now? I mean we're seeing it just like
across market. So in the other news from today,
the layer 0 token came out. It's a chart is abysmal here
this morning as well, unfortunately.
So you can ignore the FTV and market cap numbers.
I don't, I don't think are right here on this, this decks page.
But at $3.65, I believe that equates to a $3.65 billion FTV.
That's notable because the Layer Zero company raised $120 million
at 3 billion valuation just a a few months back.
Wow, did they? Yes.
So now the token is trading at at just a slight premium to that
raise. And I guess it's probably
unclear will it continue to trade above that level just
based on what we've seen in in these markets, I guess any
reactions to this early price action on on zero?
I'm not sure if you saw some of the how they launched it with
the the donation. That's all that I mean, people
are just trying to find things to find like who cares for me,
that seems very marginal, but I why you why do you own layer 0
token? I think is is really the problem
here like and that's the case for a lot of these things.
It's just people are in it for the AirDrop and everyone's like,
oh, price at this level. But then in a month's time, you
have to think to yourself, like maybe not even on the day
because I think people trade it around around this at the time,
But in a month's time, who's buying that token?
I think is the real question. And that's they, they do have
good tech and it probably be used throughout crypto for a
long time, layer 0. But bridges aren't like the
biggest revenue generators in crypto.
So I think it can be a more difficult a long term story for
sure. Yeah, a a bit of a a longer term
battle here. We'll certainly see quick shout
out to the interstellar code is on screen folks, if you're
watching the streaming is 1 bottle.
So go head over to points dot interstellar dot IO to enter
that to enter our giveaway we'll give we'll be doing the spins
here probably in in just a few minutes.
Hey man, just coming back. The final thought on this zero
chart is wormhole was 16 billion FTV.
How how crazy is that in hindsight?
This is 25%. What do you think the?
Blast. It's Blast isn't.
High. It's blast isn't high.
I think people quit crypto for the summer, but it's like, you
know, I'm out. I still, I think it's hard like
we all we do is like we compare everything and I don't know
these are necessarily that that great of comparisons.
And I still like I'm still in the five to seven billion FTV
range for Blast and we're less than a week out.
So we're we're in the final Sprint and I still like, I think
people are just discounting like the price action that can happen
on day one once the incentives launched.
Like we, we saw that the blur token like soar in, in early
trading when it launched like a year and a half ago.
And then it did go pretty much down only after that.
So I got I don't know what blast is going to hold at from a
longer term perspective, but it does feel like day one.
I think it's got a real shot at, at coming in that five to seven
FTV range. And it wouldn't shock me because
of 10, you know, at least briefly.
Yeah, that I actually agree with that.
I don't, I, I have very little view on what blast can be on day
one. That's what I, that's basically
my view is that it's, it's difficult on day one because
things you don't know what the FDB, you don't know what the
circulating supply is. You don't know how the air drops
going to go. You don't know if they're going
to boost incentives or have some weird staking like you don't
know. So, but my guess is that long
term it's between 5:00 to 7:00. Where's where is Where's ZK now?
Yeah, let's check. So ZK is down at 4 looks like.
Yeah, $0.20 what? Whatever that I, I don't have
the. Yeah, it's four 4.2 it says
here. That seems about right.
Maybe. Maybe it should be a little bit
lower as in ZK should be lower. So they're yeah.
So they're it's trading kind of right in they're trading right
in mine that that is interesting.
Like the other news somewhat adjacent to this was what meow
from the Jupiter team. Not sure if you saw this, but
this is a pretty interesting one.
He writes this little essay, not quite proposal.
It's gonna become a proposal, but the idea is three parts.
They're gonna reduce the supply, so they're going to slash 30% of
the team's tokens and future emissions to effectively reduce
the FTV on this. They're going to extend, do two
more seasons of Jupiter. And then this whole community
eats first mindset and what they mean by that.
And they're they're putting their actions where their words
are. They're going to lock up the
team tokens 100% staked for two years saw the market respond.
Jupiter token jumped about 1012% on the day, I think
outperforming most of of the other alts.
So clearly the the market likes it a bit.
It this is an interesting one. Is this how you attack the the
the this anti low float high FTV, you know, negative
sentiment that that's been out there.
Yeah. Yes, before I I don't recall
seeing something this drastic really.
Yeah, no, it definitely seems aggressive, but it seems like an
interesting, interesting move. I think Jupiter's got huge
potential. You know, it's, it's a really
great app in the crypto and I really get great swapping site
and I think they're going to build out this whole RWA
ecosystem now or they're going to try to.
So I think I think this is this is interesting.
I it's not like D5 coins have really done ever done that well,
they can often just end up with baggage in my opinion, like look
what happened with Uniswap. So I don't know if he's even
like unbelievably motivated by the token himself.
Like maybe he's motivated by the fee revenue and what they
actually paid to the team. So maybe he he is fully
altruistic in trying to make sure it has the best value
possible because he realises that like, you know, like trying
to do it like Uniswap or any of these others hasn't exactly led
to a lot of value. So hi I I I welcome this for
sure. This feels like a a good option.
Yeah, I mean, it feels like they the other aspect going on with
Jupiter here, it feels like they want to be more than just like
this Defy protocol. So I don't know if folks recall
they announced this giant unified market initiative their
their gum initiative where they basically want to bring all
assets on to Solana, index them on Jupiter.
So the same like tokenization push that we're seeing on ETH
and ETH is certainly getting more traction is talked about
more in the headlines like the the Jupiter team wants to drive
all this on Solana. They have this gum alliance.
Again, the goals on board more assets, create liquid markets,
integrate these markets into Jupiter.
They've got a laundry list of partners already lined up,
Denarii Global bringing their D shares to allow stock trading.
They have a tokenization partner, they want to bring real
estate on chain. So there's more to it.
It it's a big vision, something that's going to take years to to
execute. But I mean, I think you have to
be happy that you know they have the vision and they're just
going to put their money where their mouth is and effectively
lock everything up until they begin to execute on this.
So. He's what I've realized about
him more than I think most is that he's definitely, he's got
his ear to the ground of crypto. You know, he's they didn't take
VC money really, right? They he kind of just got funds
from the community and has built a bit more community LED from
the start. So yeah, he's this doesn't
surprise me from him. I think to be able to do this,
you need to have like full control essentially and or at
least have more control. I'd, I don't think like if
you're AVC backed, you have this much ability to do these sort of
things or at least it's a lot, a lot more difficult.
Yeah, that that certainly gives them some leeway as well.
I think that takes us through the most of the the crypto
markets, not a ton of action on the NFT side of things.
I think the the biggest headline is punks are just continuing
this, this downward, this downward trajectory.
We see the floor below 25, eight for the first time since 2021.
Not only is it below 25, it's there was 8 sales, maybe 11
sales at like 21.8 ETH on blur this morning.
Farmers dumping them into bids. So it it looks like the the the
pain isn't over just yet. We did see a little bit of a
rebound in the broader ETH in a tea market.
So the pudgy Penguins did hit 7 during this kind of loan crisis.
Loan spiral on bend down. I don't think we were totally
out of the woods yet. Saw Lucanetz post the reverse
Uno card meme last night. That does seem to have helped
spirits a bit. I'm not sure exactly what
happened, but we saw some buys, it jumped 13% back up to closer
to 80. And I think there's less loans
in liquidation. I think I saw 115 versus 150
plus. So some progress on on the loan
front. It's not the prettiest picture.
Out there, man, it's fucking wild out there.
Like what is going on with the FTS?
It's like. Almost like them.
No one's to buy them and they got hyper financialized at the
top, right. So you have all these massive
amounts of loans and yeah, I don't know, like that just
looks, I mean, board agents are at 8, they're at 8, Pudgies are
at 7. Like it is, I don't, I, I really
do not know what to make of it, but it, it really does feel like
we need them to return to being NFTS again.
I feel like a lot of this stuff, if you take a step back, this
has really been damaged by like the over financialization.
I think of them like the fact that they all got turned
basically into fungible tokens for farming and then loans
around that, those fungible style tokens.
And we we kind of move completely away from some of the
digital identity digital, I know uniqueness of them, I think has
really damaged them. Like I still really love those
trends. And it just feels as though
playing with this sort of stuff is really 3 going to come back
up. This doesn't feel like it's
going to fix itself. This isn't something that oh,
you know, like, oh, we're going to rally 5%.
Like there's still huge amount of of loans outstanding on a lot
of these. Also.
They're also a lot of them are in the bad hands.
They're all in these farmers hands that were but are farming
them for the last year and a half or whatever it is.
So definitely doesn't look good. Like particularly the weird
thing is it feels almost worse at the top for the top
collections because those are the ones that people were
farming the most. So yeah, yeah.
I just don't know. It really doesn't.
It's really getting ugly. More pain to come is my read on
all this. It's going to take a while for
the the whole farmer situation to settle.
Even if you think it's over at blast TGE and the incentives are
going to go away, which is still pretty, is still an unknown.
And I'd say it's probably unlikely that there's no ETH NFT
incentives still on the table, but just that the unpacking of
all the former bags is going to take time.
And then changing the sentiment like you, you mentioned, like
part of the, the reason the NTS got hot in 2021, we wanted to
Rep them as our PFPS as like the social signal.
Right now, it's a negative signal for a lot of these
collections. Like the, the status part of it
is like totally gone. Now it kind of shows like you're
aligned to groups that some just don't want to be aligned with.
There's a lot to to unpack and like the aspect of the deadline
goods, they're they're just not as attractive when the price is
going down. Like it's just a harsh reality
of it. And like it's happening with
punks before our eyes. Like punks were still pretty
pristine through most of the bear market with respect to
their status as the top NFT, still think they're there.
But when when they were holding that 48th floor basically
throughout the bear market, I think folks, they really felt
like they were untouchable and they were the the premier NFT.
And now like now that they're down at 25, like the folks don't
want to buy them at 25. Now that the targets keep
getting lowered, there's. There's a huge amount of loans
surely as well out on punk. So I can only imagine that
there's a huge amount of loans because I remember that from
like NFT 5 and that, you know, you could always get a loan on a
punk, but that's because they never moved.
So yeah, it's and I, you know, I, I really like punk because
we're obviously going to survive.
But they're a prime example again of how, you know, you
catch a cold as an AFT project. You can really, you can really
get hurt because of all this added leverage and and bad
incentives in the system. So.
Yeah, probably have to wait for it to to get shaken out or just
closed it to a large extent here before things really rebound.