1 00:00:00,280 --> 00:00:05,280 All right, GMGM, good morning. Good morning, everybody. 2 00:00:05,280 --> 00:00:09,920 It is another beautiful day to have a beautiful day. 3 00:00:09,920 --> 00:00:12,280 The sun is shining here in Chicago. 4 00:00:12,280 --> 00:00:15,640 Just a beautiful morning. We are in the 70s after this 5 00:00:15,640 --> 00:00:18,800 heat wave has been battering us in the 90s every day. 6 00:00:18,800 --> 00:00:26,320 So it is very nice outside. Welcome to episode 142 of FOMO 7 00:00:26,320 --> 00:00:28,800 Hour. Today is Thursday, June 20th, 8 00:00:28,840 --> 00:00:33,760 2020. Still no Farrokh, He is not back 9 00:00:33,760 --> 00:00:36,720 with us just yet. Hopefully we have him back 10 00:00:36,720 --> 00:00:39,240 tomorrow. He is deep with the Rug radio 11 00:00:39,240 --> 00:00:43,960 team doing these panels over in Cannes, but huge. 12 00:00:43,960 --> 00:00:48,120 But Mando is back. We have missed him dearly these 13 00:00:48,120 --> 00:00:50,920 last few days, but he's back live with us here this morning. 14 00:00:50,920 --> 00:00:53,320 Mando, Jim, how you been? I'm great, man. 15 00:00:53,320 --> 00:00:54,920 Yeah, Sorry, I missed the last couple of days. 16 00:00:56,160 --> 00:00:57,240 I thought Ferret was going to be here. 17 00:00:57,240 --> 00:00:58,440 I didn't. I didn't realize he was. 18 00:00:58,480 --> 00:01:00,040 He was fully off during this period too. 19 00:01:00,040 --> 00:01:04,000 So you got double rugged? Double rugged, but but we got 20 00:01:04,000 --> 00:01:07,320 through it. We had my editor in chief Logan 21 00:01:07,320 --> 00:01:08,600 Hitchcock. He joined us on Tuesday. 22 00:01:08,600 --> 00:01:10,120 We ran through the news then bread guy. 23 00:01:10,400 --> 00:01:12,800 We went deep yesterday on some of bread's latest. 24 00:01:12,800 --> 00:01:15,040 So we we tried to hold down the Fort. 25 00:01:15,560 --> 00:01:19,320 But we are are super happy to to have you back. 26 00:01:19,320 --> 00:01:21,000 I think the markets are are happy. 27 00:01:21,000 --> 00:01:23,240 We were bleeding without you on the show. 28 00:01:23,680 --> 00:01:27,040 And so we're we're thinking that maybe we maybe we flip things 29 00:01:27,040 --> 00:01:30,680 around. Here's the flame sailor's buying 30 00:01:30,680 --> 00:01:34,160 Stocks are booming, but from what I'm seeing at the open. 31 00:01:34,640 --> 00:01:38,360 Up only right Nvidia's up another whatever 4% today or 32 00:01:38,360 --> 00:01:41,600 whatever the hell it is. It's it's getting pretty wild 33 00:01:41,600 --> 00:01:44,200 out there in stocks. Feels like we're heading towards 34 00:01:44,200 --> 00:01:47,520 a blow off top or at least we're already in the middle of one. 35 00:01:47,520 --> 00:01:50,960 But yeah, it's very, very bullish period right now for for 36 00:01:50,960 --> 00:01:54,960 the stock market. Crypto not having again like it 37 00:01:54,960 --> 00:01:57,800 was we were rallying today and then there were reports that the 38 00:01:58,000 --> 00:02:01,800 the German government are coming out and selling hundreds of 39 00:02:01,800 --> 00:02:03,720 millions of Bitcoin and that took us lower. 40 00:02:03,720 --> 00:02:07,200 So not sure what to make of that. 41 00:02:07,840 --> 00:02:10,840 I didn't even see that one. Yeah, I think that's the one 42 00:02:10,840 --> 00:02:15,440 that's taking us lower. They've they, they've got a a 43 00:02:15,640 --> 00:02:17,240 decent amount to sell it looks like. 44 00:02:18,920 --> 00:02:22,360 That'll do it and they're counteracting sailor just 45 00:02:22,520 --> 00:02:25,680 showing up to the table with with 800 million bucks, but it 46 00:02:25,960 --> 00:02:29,400 may not matter. We'll we'll dive into it all in 47 00:02:29,400 --> 00:02:32,640 Mando's market report here in a few minutes folks. 48 00:02:32,640 --> 00:02:35,400 We'll talk about these old whales are selling as well as as 49 00:02:35,400 --> 00:02:37,760 the German government sailors buying. 50 00:02:37,760 --> 00:02:40,120 Funding rates are at least looking nice, some of the best 51 00:02:40,120 --> 00:02:42,920 we've seen in months. I'll walk us through quickly 52 00:02:42,920 --> 00:02:46,200 some of my Tyler's big 5 or 6. So we've got this pretty ground 53 00:02:46,200 --> 00:02:49,520 breaking Jupiter proposal to slash their FTV. 54 00:02:49,520 --> 00:02:52,960 That's an interesting one. The layer 0 token claim did go 55 00:02:52,960 --> 00:02:55,200 live this morning with a forced donation. 56 00:02:55,200 --> 00:02:58,200 A little bit of fun on that. The token hasn't been doing 57 00:02:58,200 --> 00:03:02,680 super well just yet. Security firm certic exploits 58 00:03:02,680 --> 00:03:06,680 and extorts cracking that. That was a a wild headline on 59 00:03:06,680 --> 00:03:09,760 the day we saw the friend token rebound 28% after the team made 60 00:03:09,800 --> 00:03:14,480 the the token transferable ahead of the L2 friend chain launching 61 00:03:14,480 --> 00:03:19,520 here in the near future. This DJT token saga just keeps 62 00:03:19,520 --> 00:03:21,960 going. It rebounded huge overnight, 63 00:03:21,960 --> 00:03:24,840 like plus 60%. So I'll check out Mando, see if 64 00:03:24,840 --> 00:03:26,960 he's been following this one. We'll see. 65 00:03:26,960 --> 00:03:29,160 Punks are below 25 ES pudgies are rebounding. 66 00:03:29,160 --> 00:03:31,920 Maybe we'll talk about those, maybe we won't. 67 00:03:32,400 --> 00:03:36,800 Before we dive in, had to give a quick shout out to our monthly 68 00:03:36,800 --> 00:03:38,760 partner. So this show is powered by moon 69 00:03:38,760 --> 00:03:42,360 pay to buy and sell crypto with PayPal, download the moon pay 70 00:03:42,360 --> 00:03:47,000 app and follow fair side network on Twitter, wallet coverage for 71 00:03:47,000 --> 00:03:50,360 drains, scams and more. Shout out to our partners. 72 00:03:50,360 --> 00:03:54,040 Also reminder today is an inter seller giveaway day, so there 73 00:03:54,040 --> 00:03:57,480 will be a code on our stream lookout for that. 74 00:03:57,480 --> 00:04:01,000 We'll be drawing a live winner near the end of the show. 75 00:04:01,320 --> 00:04:04,280 To make sure you're ready, go sign up at points dot after 76 00:04:04,280 --> 00:04:08,240 seller dot IO and enter the code to be eligible. 77 00:04:08,840 --> 00:04:11,160 All right, I think that takes us through the housekeeping Mando. 78 00:04:11,160 --> 00:04:13,440 I don't know if we're going to have the Jingle today, but I'll 79 00:04:13,440 --> 00:04:16,680 I'll turn it over to you. Catch us up on what's been 80 00:04:16,680 --> 00:04:19,760 happening in the markets here. Yeah, It just looks a little bit 81 00:04:19,760 --> 00:04:21,959 weak. But since we've broken that 82 00:04:21,959 --> 00:04:28,640 support on Bitcoin, so we broke 66 K roughly and then we we fell 83 00:04:28,640 --> 00:04:31,080 out of bed pretty aggressively. But Bitcoin just hasn't really 84 00:04:31,360 --> 00:04:37,240 reclaimed that ETH is doing OK. So there continues to be 85 00:04:37,240 --> 00:04:40,600 positive centre about ETH. Obviously it looks like the 86 00:04:40,880 --> 00:04:45,280 court case has been dropped and there are some rumours that even 87 00:04:45,280 --> 00:04:48,800 the Coinbase court case was also dropped by the SEC under 88 00:04:48,800 --> 00:04:50,840 pressure from Biden, but that that's just rumours at this 89 00:04:50,840 --> 00:04:55,000 stage. And but the old coin market's 90 00:04:55,000 --> 00:04:59,320 not trading that well, I think. Interesting. 91 00:04:59,320 --> 00:05:04,080 It's ETH alts have done OK, but Solana broadly all memes and 92 00:05:04,080 --> 00:05:06,280 particularly some some of our meme coins have had a pretty 93 00:05:06,640 --> 00:05:11,080 weak few days, it looks like. And a lot of no, I think a lot 94 00:05:11,080 --> 00:05:13,200 of questioning of memes right now in this market just like, 95 00:05:13,240 --> 00:05:16,240 oh, will this continue the the big rally? 96 00:05:16,240 --> 00:05:20,280 Like even on where ETH rally, for example, ETH memes didn't 97 00:05:20,280 --> 00:05:23,280 really rally that much. And that's the first time I've 98 00:05:23,280 --> 00:05:26,880 seen that in a long time that, you know, normally when ETH 99 00:05:26,880 --> 00:05:30,240 rallies, you see Pepe, you see Mog, you see all of these coins 100 00:05:30,280 --> 00:05:32,880 absolutely moon. And they haven't really, which I 101 00:05:32,880 --> 00:05:37,720 think got people a little bit a little bit worried that, you 102 00:05:37,720 --> 00:05:40,280 know, we might be in here for a little bit of consolidation, a 103 00:05:40,280 --> 00:05:42,600 little bit longer consolidation of meme coins. 104 00:05:42,600 --> 00:05:45,040 And that's after them getting beaten up. 105 00:05:45,040 --> 00:05:47,880 So yeah, that's not great. Although you did see some of the 106 00:05:47,880 --> 00:05:51,000 other Eve beaters. So some of the alt coins rally a 107 00:05:51,040 --> 00:05:53,480 decent amount. So maybe this is a period where 108 00:05:53,480 --> 00:05:55,400 memes kind of take a bit of a step back. 109 00:05:55,400 --> 00:06:00,880 Alt coins come a bit more to the front and we're really still 110 00:06:00,880 --> 00:06:05,040 just hoping for for Bitcoin, Ethan and Solana to gain a, a 111 00:06:05,040 --> 00:06:09,120 stronger footing. I, I looked at it today and I, I 112 00:06:09,120 --> 00:06:12,320 like the market though, like it did feel to me like funding's at 113 00:06:12,320 --> 00:06:15,120 a low level. Maybe not for memes. 114 00:06:15,120 --> 00:06:16,240 I don't love the market right now. 115 00:06:16,240 --> 00:06:18,360 I do think memes probably going to hit be a bit more 116 00:06:18,360 --> 00:06:21,680 consolidation period here. Typically you need things like 117 00:06:21,680 --> 00:06:24,680 Pepe and whiff to be rallying for the rest of the market to 118 00:06:24,680 --> 00:06:26,760 rally. In my opinion, they haven't 119 00:06:26,760 --> 00:06:28,960 really bounced in the way that you'd want them to. 120 00:06:29,560 --> 00:06:34,080 But yeah, I do look, I did look at ETH, Solana, Bitcoin and was 121 00:06:34,080 --> 00:06:37,880 like, you know what, this, this felt like a bit of a bounce or 122 00:06:37,880 --> 00:06:42,240 we could see a period where at least Solana, right? 123 00:06:42,240 --> 00:06:45,480 Solana's at 1:34 and just like hanging out there like that, 124 00:06:45,480 --> 00:06:48,640 that really surprised me. But even for ETH, it felt like 125 00:06:48,640 --> 00:06:51,040 that could that could have a bit more of a positive bounce on the 126 00:06:51,040 --> 00:06:55,400 back of that, on the back of those headlines about the cases 127 00:06:55,400 --> 00:06:57,920 being dropped. But then when this German 128 00:06:57,920 --> 00:07:00,400 government headline came out, I think everyone freaked out. 129 00:07:00,640 --> 00:07:06,240 They've got about 3 billion of Bitcoin that they own and 130 00:07:06,240 --> 00:07:10,520 they've been, they looks like they sent over 1000 Bitcoin to 131 00:07:10,520 --> 00:07:12,840 exchanges yesterday and they've begun to send more today. 132 00:07:12,840 --> 00:07:17,000 So yeah, that's that. That definitely put a dampener, 133 00:07:17,000 --> 00:07:18,960 I think on on the idea that we might rally. 134 00:07:21,200 --> 00:07:24,320 That's I didn't realize it was the German government, but I saw 135 00:07:24,320 --> 00:07:28,520 the story I decrypt ran with this yesterday actually that 136 00:07:28,520 --> 00:07:33,800 these these Bitcoin whales have taken $1.2 billion in profits in 137 00:07:33,800 --> 00:07:36,520 in the last two weeks. So I think there's been this 138 00:07:36,520 --> 00:07:39,440 question like I think I've seen a lot of people put it out 139 00:07:39,440 --> 00:07:40,560 there. It's like, why aren't we 140 00:07:40,560 --> 00:07:43,520 rallying this? The macro bullish headlines just 141 00:07:43,520 --> 00:07:46,840 keep pouring in. It seems like week after week 142 00:07:47,080 --> 00:07:49,800 stocks have been pumping and now it seems like we might have some 143 00:07:49,800 --> 00:07:51,800 of the answer. And it's a little unclear 144 00:07:51,800 --> 00:07:55,680 exactly, you know, who is in this cohort and like the data is 145 00:07:55,680 --> 00:07:58,920 from crypto quant and they're calling it long term holders. 146 00:07:58,920 --> 00:08:01,600 And their definition of long term is just 155 days. 147 00:08:01,600 --> 00:08:04,840 So not exactly like, you know, your true ancient whales who've 148 00:08:04,840 --> 00:08:08,600 been holding this, you know, for, for a decade or something. 149 00:08:08,600 --> 00:08:12,520 But it does seem like there is something there perhaps. 150 00:08:12,520 --> 00:08:14,880 And that is what what's, what's keeping things down? 151 00:08:14,880 --> 00:08:16,720 I think the question is how? How much more have they got? 152 00:08:17,280 --> 00:08:20,880 They've got a lot they've got in the Billings of Bitcoin. 153 00:08:20,880 --> 00:08:22,240 They're one of the biggest holders. 154 00:08:24,040 --> 00:08:28,360 And this is apparently from like an illegal streaming website, 155 00:08:28,360 --> 00:08:31,920 which they confiscated it from. But there had never really been 156 00:08:31,920 --> 00:08:33,600 much talk. This is the first time that I 157 00:08:33,600 --> 00:08:36,960 have heard ever that the German government owns all this much 158 00:08:36,960 --> 00:08:39,159 Bitcoin. I knew the US government owned a 159 00:08:39,159 --> 00:08:45,840 bunch from Silk Road and a couple of other confiscations, 160 00:08:45,840 --> 00:08:49,120 but this is the first time I've heard it and it's a lot. 161 00:08:49,280 --> 00:08:51,080 It's a lot. So if they they are going to 162 00:08:51,080 --> 00:08:54,560 start selling this then 3 billion, you know, it's not, 163 00:08:55,240 --> 00:08:58,160 it's a lot of inflows to the ETF to kind of get out of that. 164 00:08:59,200 --> 00:09:00,360 Yeah, this seems slightly different though. 165 00:09:00,360 --> 00:09:03,120 The long term holders stuff. I think a lot of this is miners. 166 00:09:03,640 --> 00:09:06,320 So there's been a lot, it's been very public that miners have 167 00:09:06,320 --> 00:09:12,320 been selling their inventories. I don't know because what I've 168 00:09:12,320 --> 00:09:15,240 been seeing is that Wales are in a like the what you class as 169 00:09:15,240 --> 00:09:18,240 Wales is an accumulation, but that may have been not like 170 00:09:18,240 --> 00:09:21,040 super long term holders like this, this, these, these feel 171 00:09:21,040 --> 00:09:23,440 like holders that have owned it for several years. 172 00:09:23,440 --> 00:09:26,240 It looks like that are the ones selling. 173 00:09:26,640 --> 00:09:28,600 Yeah, they actually do clarify that. 174 00:09:28,600 --> 00:09:31,880 So it does seem that like the general bucket of Wales, I'm 175 00:09:31,880 --> 00:09:35,400 trying to find it here. They are still in an 176 00:09:35,400 --> 00:09:41,680 accumulation phase, but at a less accelerated pace than they 177 00:09:41,680 --> 00:09:44,160 were here it is in March. So looking at all Bitcoin whales 178 00:09:44,160 --> 00:09:46,920 cohort is continuing to accumulate so that that's 179 00:09:46,960 --> 00:09:50,000 positive. But man, yeah, if the miners are 180 00:09:50,000 --> 00:09:52,720 selling and the the government, this German government is 181 00:09:52,720 --> 00:09:56,440 selling, I mean that's the set up for sideways or. 182 00:09:56,920 --> 00:10:00,160 Well This is why they they often say it's like a post halving 183 00:10:00,680 --> 00:10:04,120 sell off because normally when you after the halving a lot of 184 00:10:04,120 --> 00:10:09,120 miners exit. Really the pool of miners get 185 00:10:09,120 --> 00:10:12,600 smaller each time. So that's generally why you have 186 00:10:12,600 --> 00:10:16,800 this like sell off period often after after the after the 187 00:10:16,800 --> 00:10:18,880 halving. But yeah, the German government 188 00:10:18,880 --> 00:10:20,160 coming in and doing that is not great. 189 00:10:20,160 --> 00:10:25,760 And this is on top of the idea. We also have Silk Road that has 190 00:10:25,800 --> 00:10:27,360 I think has still got some to sell. 191 00:10:27,360 --> 00:10:32,480 And then we have Mount Gox, which will be selling at some 192 00:10:32,480 --> 00:10:36,720 point over the next few months. So yeah, I don't know, like 193 00:10:36,720 --> 00:10:40,520 suddenly a pocket of Bitcoin which I didn't know I had to be 194 00:10:40,520 --> 00:10:42,960 sold is suddenly there now. And I'm like, oh, that's not a 195 00:10:42,960 --> 00:10:44,680 small amount. I mean, I don't know what 196 00:10:44,680 --> 00:10:49,840 inflows have been for the last month in the Bitcoin ETFs, but 3 197 00:10:49,840 --> 00:10:54,440 billion is definitely a decent amount in terms of inflows, so. 198 00:10:55,120 --> 00:10:58,720 The The sellers are are turning into David Gagan's out here this 199 00:10:58,720 --> 00:11:00,880 summer. Is what it seems like. 200 00:11:02,800 --> 00:11:04,880 They're relentless. I I, I do want to just quickly 201 00:11:04,880 --> 00:11:06,840 maybe for folks who aren't as familiar. 202 00:11:06,840 --> 00:11:09,520 So you posted this morning that that this funding chart. 203 00:11:10,480 --> 00:11:13,600 So like I'm not personally super versed into what this means. 204 00:11:13,600 --> 00:11:16,240 Can you give us this like the quick beginner primer on like 205 00:11:16,240 --> 00:11:18,640 what we're looking at with the the funding is the lowest in 206 00:11:18,640 --> 00:11:20,120 three months. People getting shaken out like 207 00:11:20,120 --> 00:11:21,800 what this means? How to interpret it? 208 00:11:22,400 --> 00:11:27,800 Yeah. So funding is normally when it's 209 00:11:27,800 --> 00:11:34,720 normally positive in crypto because there are more, there's 210 00:11:34,720 --> 00:11:38,440 more demand for people going long than there is going short 211 00:11:38,800 --> 00:11:45,160 essentially. And in times of frothiness, that 212 00:11:45,160 --> 00:11:48,080 funding gets very, very high. It's in like so many people 213 00:11:48,080 --> 00:11:51,080 trying to go long and you often get these like liquidation 214 00:11:51,640 --> 00:11:54,960 periods where it can smash lower and everyone gets liquidated, 215 00:11:54,960 --> 00:11:58,640 all that sort of stuff. Now it's the lowest it's been 216 00:11:58,800 --> 00:12:01,400 in, in a long time. In fact, it's negative in 217 00:12:01,400 --> 00:12:04,560 certain spots, which points to the cuts concept that people are 218 00:12:04,560 --> 00:12:07,520 coming in, they're shorting the market and that would point to 219 00:12:07,520 --> 00:12:10,880 the opposite. So the idea that we could have a 220 00:12:11,240 --> 00:12:16,840 significant bounce on, on any sort of headline, in my opinion. 221 00:12:16,840 --> 00:12:19,480 So for me, this market doesn't look like a market that's going 222 00:12:19,480 --> 00:12:25,040 to cascade lower by any means. Even the sell off has been 223 00:12:25,200 --> 00:12:27,040 relatively orderly. You know what I mean? 224 00:12:27,360 --> 00:12:30,280 No, maybe not for old coins, but for Bitcoin. 225 00:12:30,280 --> 00:12:33,040 Like we're not sitting here and seeing some horrific sell off. 226 00:12:33,040 --> 00:12:39,280 It's we're 65 K So yeah, my guess is that, and this is a 227 00:12:39,280 --> 00:12:42,520 point where Bitcoin on exchanges is at the lowest in three years. 228 00:12:43,200 --> 00:12:46,520 So barring what seemingly as had been happening with the German 229 00:12:46,520 --> 00:12:48,480 government, I kind of felt like this was going to be a really 230 00:12:48,480 --> 00:12:50,880 good set up to bounce. But that headline I think will 231 00:12:51,080 --> 00:12:52,760 will keep in the back of people's minds. 232 00:12:52,960 --> 00:12:56,520 It'll be interesting to see that how that develops because like I 233 00:12:56,520 --> 00:12:58,760 said, 3 billions not or not a sailor came in and bought what, 234 00:12:58,760 --> 00:13:03,280 750 million? Yeah, exactly. 235 00:13:03,280 --> 00:13:07,080 So yeah, this is this is five sailors. 236 00:13:09,920 --> 00:13:13,520 Big Mike, we, we need you to to find some friends or to to do 237 00:13:13,520 --> 00:13:15,400 another. Exactly. 238 00:13:16,680 --> 00:13:19,400 I'm not, I mean, I'm not worried about the market, but basically 239 00:13:19,400 --> 00:13:24,120 what I'm saying, but I maybe people will wait before buying 240 00:13:24,120 --> 00:13:28,760 into hearing about that, that sort of headline in my opinion. 241 00:13:29,480 --> 00:13:32,320 The mean market seems a little more worrisome. 242 00:13:32,320 --> 00:13:36,280 Maybe worrisome's a strong word, but it's not showing a whole lot 243 00:13:36,280 --> 00:13:38,880 of signs of strength like with, with, as you mentioned, like 244 00:13:38,880 --> 00:13:42,160 they're not really moving along with with the, the rallies here 245 00:13:42,720 --> 00:13:46,640 kind of flatlining. It's kind of hard to see the, 246 00:13:46,640 --> 00:13:50,360 the, the narrative for what sparks things here in the in the 247 00:13:50,360 --> 00:13:53,000 near term. So like, are you kind of on the 248 00:13:53,000 --> 00:13:55,920 sidelines or are you still looking at or are you still 249 00:13:55,920 --> 00:13:57,200 drinking in and out of these things? 250 00:13:58,120 --> 00:14:05,840 I would say 80% of My Portfolio is is JLP, which is the basket 251 00:14:06,880 --> 00:14:09,960 token for ETH, Bitcoin, Solana and stables. 252 00:14:09,960 --> 00:14:14,320 And then and then the rest of it is kind of in is still in memes, 253 00:14:14,400 --> 00:14:17,400 although majority of that is in is in Pepe and then obviously 254 00:14:17,400 --> 00:14:20,960 the duck. I don't own that many memes 255 00:14:20,960 --> 00:14:22,840 here. I don't own that many low cap 256 00:14:22,840 --> 00:14:28,920 memes for sure. And even some of the medium 257 00:14:28,920 --> 00:14:31,280 ones. I think it's just you need the 258 00:14:31,280 --> 00:14:32,920 top ones to be rallying, in my opinion. 259 00:14:32,920 --> 00:14:35,440 Like people need to feel as though the meme coin cycle is 260 00:14:35,440 --> 00:14:43,240 continuing and right now it feels as though it's it's not 261 00:14:43,240 --> 00:14:45,160 really happening. Even the celeb coins, right, 262 00:14:45,160 --> 00:14:49,280 they haven't really stuck. Like Andrew Tate, Tate's one has 263 00:14:49,280 --> 00:14:50,640 gone all the way back, back down. 264 00:14:50,640 --> 00:14:53,680 Mothers kind of blow comfortably below 100 million now. 265 00:14:53,680 --> 00:14:57,400 Like I think people are getting a little bit worried about about 266 00:14:57,400 --> 00:14:59,960 the situation. I don't know that that's and 267 00:14:59,960 --> 00:15:02,000 that's someone who hasn't honestly, for the last few 268 00:15:02,000 --> 00:15:04,480 months, I haven't really been trading that that many memes. 269 00:15:05,360 --> 00:15:08,640 I've been bullish on them, but I haven't really been trading that 270 00:15:08,640 --> 00:15:11,280 much because I've just been so busy with the with the duck 271 00:15:11,280 --> 00:15:13,520 stuff. But I can just feel it on the 272 00:15:13,520 --> 00:15:16,080 timeline, and I can feel it on the timeline that people are a 273 00:15:16,080 --> 00:15:21,880 little bit like, oh God, like this, maybe I'm overexposed here 274 00:15:21,880 --> 00:15:23,520 and all that sort of stuff. What have I done? 275 00:15:24,040 --> 00:15:27,200 Yes, that's just the general. Syndrome I'm seeing, but that, 276 00:15:27,200 --> 00:15:31,480 that maybe I'm just parroting that and I just thought it was 277 00:15:31,480 --> 00:15:36,680 very interesting today that when you saw rally and Eve Pepe 278 00:15:36,680 --> 00:15:43,440 wasn't the top performer and that was the case even with 279 00:15:43,440 --> 00:15:45,680 Solana as well. Like if you look at like bring 280 00:15:45,680 --> 00:15:48,200 up the Solana whiff chart, it's not a pretty one. 281 00:15:48,640 --> 00:15:54,160 So yeah, I'm, I'm just not sure I, I feel like people are maybe 282 00:15:54,200 --> 00:15:57,960 just not sure if this is kind of a period where memes need a 283 00:15:57,960 --> 00:16:00,880 little bit of consolidation and they're seeing better value in 284 00:16:00,880 --> 00:16:04,080 some of the, the old coins have been beaten up, like, you know, 285 00:16:04,640 --> 00:16:07,080 all coins have been smashed. It's not like it's some crazy 286 00:16:07,080 --> 00:16:09,800 amazing altcoin season. It's just that out of all the 287 00:16:09,800 --> 00:16:12,600 stuff that's gone lower, maybe people are saying, you know, 288 00:16:12,600 --> 00:16:15,600 now's maybe the time to buy some of that stuff on a on a bounce. 289 00:16:17,760 --> 00:16:21,680 I think you're you're nailing the timeline since a minute and 290 00:16:21,680 --> 00:16:23,800 I'm I'm feeling it as well. I think there's some concern 291 00:16:23,800 --> 00:16:26,720 like it is this meme coin cycle going to keep going? 292 00:16:27,080 --> 00:16:29,480 I think there's also a question, even if you believe the majors 293 00:16:29,480 --> 00:16:32,640 are going to make it, does that mean all these micro caps are 294 00:16:32,640 --> 00:16:37,040 are still going to be around and relevant in like Q4 if that's 295 00:16:37,040 --> 00:16:38,680 when things really start to heat up again? 296 00:16:39,280 --> 00:16:42,200 And if the answer is no, folks might just be cutting ties with 297 00:16:42,200 --> 00:16:43,680 the bags. And like you mentioned, mother 298 00:16:43,680 --> 00:16:45,960 like so mother, like Iggy Azalea, she announced this 299 00:16:45,960 --> 00:16:49,360 winter mute partnership partnership in quotes yesterday. 300 00:16:49,360 --> 00:16:50,920 We don't really know the details of it. 301 00:16:51,480 --> 00:16:54,200 It barely moved like it it pumped briefly. 302 00:16:54,200 --> 00:16:57,760 I think it jumped like 20%, you know, on the on the gun and it 303 00:16:57,760 --> 00:17:00,920 sold off a little bit. So like, I don't know, it's hard 304 00:17:00,920 --> 00:17:05,000 to get super inspired to to buy in right now. 305 00:17:05,000 --> 00:17:07,839 I guess the the other story in the meme coin market while we're 306 00:17:07,839 --> 00:17:09,920 here. Have you been following this DJT 307 00:17:10,040 --> 00:17:12,920 saga and this $100 million Oh, A. 100%, I've been following all 308 00:17:12,920 --> 00:17:15,800 of that, yeah. I mean, it's a wild story. 309 00:17:15,800 --> 00:17:18,839 So I was, I was out a little bit yesterday, Juneteenth. 310 00:17:18,839 --> 00:17:21,200 My kids were off. So we went to the pool. 311 00:17:21,200 --> 00:17:23,960 I I didn't catch this latest round of spaces that Skrille was 312 00:17:23,960 --> 00:17:27,280 on, but apparently like Ansome is plugged into this now we've 313 00:17:27,280 --> 00:17:29,640 got Roger Stone coming out and formerly commonly. 314 00:17:29,840 --> 00:17:34,320 Involved. It's just so classic. 315 00:17:35,360 --> 00:17:37,880 I think we all said like just take a little bit of time out. 316 00:17:37,880 --> 00:17:39,800 It doesn't need to get involved in this one as well. 317 00:17:39,800 --> 00:17:42,240 Like, you just don't need to be the main character for a little 318 00:17:42,240 --> 00:17:45,000 bit. Ansome Yeah. 319 00:17:45,000 --> 00:17:49,240 What do you think? I think firstly, I think there's 320 00:17:49,240 --> 00:17:51,480 clearly some truth in what Shkreli's saying. 321 00:17:51,480 --> 00:17:54,480 I'm saying I don't like the guy, but I think he clearly was 322 00:17:54,480 --> 00:17:58,040 contacted by somebody who's close to their team or involved 323 00:17:58,040 --> 00:18:00,160 in it. But also, Baron Trump's like a 324 00:18:00,320 --> 00:18:04,000 17 year old kid. Like, feels as though he was 325 00:18:04,000 --> 00:18:06,360 probably keeping some pretty bad company if he's spending his 326 00:18:06,360 --> 00:18:09,160 time speaking to Andrew Tate and Martin Shkreli. 327 00:18:09,160 --> 00:18:12,720 Like, I kind of feel slightly bad for him because I feel like 328 00:18:12,720 --> 00:18:15,920 people have kind of taken advantage of him or maybe he's 329 00:18:15,920 --> 00:18:19,640 just like, naive and got caught up in in this. 330 00:18:23,520 --> 00:18:25,760 Yeah. I think it's clearly said that 331 00:18:26,240 --> 00:18:32,440 that now Baron Trump has got like some of the private keys, 332 00:18:32,600 --> 00:18:36,480 like owns, has ownership of this in some way, which I didn't. 333 00:18:37,000 --> 00:18:38,440 That would be wild if that's true. 334 00:18:38,840 --> 00:18:41,200 But then Roger Stone came out and said there's like no links. 335 00:18:41,200 --> 00:18:44,760 So. Yeah, like there's like a laptop 336 00:18:44,760 --> 00:18:46,520 involved. And now? 337 00:18:47,320 --> 00:18:49,760 Here we go like. Yeah, that like, so now there's 338 00:18:49,760 --> 00:18:51,800 two laptops, there's the Hunter Biden laptop, and now they're 339 00:18:51,800 --> 00:18:53,840 debating Trump laptops. So like, there's a chance that 340 00:18:53,840 --> 00:18:56,360 like the media really starts running with this thing. 341 00:18:57,040 --> 00:18:58,960 I don't know. I think that's partially why 342 00:18:58,960 --> 00:19:02,400 Roger Stone jumped in. I mean, the market, I, I thought 343 00:19:02,400 --> 00:19:04,720 it was over. I, I really thought the trade 344 00:19:04,720 --> 00:19:07,720 was over yesterday. I mean, we, we saw it go down 345 00:19:07,720 --> 00:19:11,800 like 70% and then like during the, the Mario Knollfall spaces 346 00:19:11,800 --> 00:19:15,720 yesterday, it started a rebound. I mean, it's up, I think it got 347 00:19:15,720 --> 00:19:18,080 to like 80 million. So it, it, it went up a full 348 00:19:18,080 --> 00:19:23,360 100% off the bottom. I guess my take on it is like, 349 00:19:23,400 --> 00:19:26,120 I, I think Ghreli's probably right. 350 00:19:26,120 --> 00:19:28,920 I think had they made the bet, he would win the the bet like in 351 00:19:28,920 --> 00:19:31,360 the fine print. Like I do think there is 352 00:19:31,360 --> 00:19:34,280 probable that probably some ties to Baron Trump and all this and 353 00:19:34,280 --> 00:19:36,040 he probably had receipts for that. 354 00:19:36,520 --> 00:19:38,760 But I don't know if the market cares like. 355 00:19:39,000 --> 00:19:41,440 It doesn't care. Are you going to consider this 356 00:19:41,440 --> 00:19:45,040 the true Trump coin just because there's DMS that Baron Trump had 357 00:19:45,040 --> 00:19:48,840 some ties to this thing? So that's that's why I feel like 358 00:19:49,040 --> 00:19:53,480 the the upside is capped on this and it's still expensive at 359 00:19:53,680 --> 00:19:55,640 146,000,000. So I think it's a less 360 00:19:55,640 --> 00:19:58,560 interesting trade. And even if it was Baron Trump, 361 00:19:58,560 --> 00:20:01,040 it's not Trump. Do you know what I mean? 362 00:20:01,040 --> 00:20:03,520 Like, it's not actually Trump. I think there was an idea that 363 00:20:03,520 --> 00:20:05,840 Trump was going to come out and do this coin. 364 00:20:05,840 --> 00:20:09,600 And if it's like Baron Trump may have been involved in the setup 365 00:20:09,600 --> 00:20:13,680 of this coin doesn't necessarily feel like the same thing in my 366 00:20:13,680 --> 00:20:15,440 opinion. So my guess is that this 367 00:20:15,440 --> 00:20:18,560 bounces, but I don't really see like a super long term future 368 00:20:18,560 --> 00:20:20,480 for this. And like, there's plenty of 369 00:20:20,480 --> 00:20:25,880 Donald Trump coins right now. To be clear, I think Roger Stone 370 00:20:26,360 --> 00:20:31,000 is somehow affiliated with MAGA. I've seen him go on spaces for 371 00:20:31,000 --> 00:20:35,280 MAGA so I don't know if he's like the most reliable witness 372 00:20:35,280 --> 00:20:37,440 in all of this. Who's layers to this? 373 00:20:38,080 --> 00:20:39,440 Right. Yeah, like, so I don't know if 374 00:20:39,440 --> 00:20:40,800 he owns MAGA. Well, that's the stuff. 375 00:20:40,800 --> 00:20:42,400 And obviously Maga's been destroyed. 376 00:20:42,920 --> 00:20:45,680 And if you actually take a step back, the reason why GCR stepped 377 00:20:45,680 --> 00:20:52,400 in was because he he's a huge MAGA holder as well, right? 378 00:20:53,160 --> 00:20:55,000 He's like the number one MAGA holder, so. 379 00:20:55,720 --> 00:20:59,680 I saw that, yeah. Are you talking to the Trump 380 00:20:59,800 --> 00:21:01,160 like the the primary Trump company? 381 00:21:01,240 --> 00:21:03,320 Yeah. Yeah, he's like a huge holder of 382 00:21:03,320 --> 00:21:06,640 this as well. So I think everyone's got bags 383 00:21:06,880 --> 00:21:11,040 is basically what I'm saying. So I don't, it's difficult to 384 00:21:11,040 --> 00:21:14,840 work out the truth. But for me, none of them, yeah, 385 00:21:14,840 --> 00:21:16,840 it doesn't really feel like this new coin's going to be accepted 386 00:21:16,840 --> 00:21:20,920 as the actual Donald Trump coin. I, I'm a bit worried that it's, 387 00:21:20,920 --> 00:21:24,080 it's ruined all the Trump coins at at this point. 388 00:21:24,880 --> 00:21:27,640 Like they, they had momentum. It felt like Trump was the 389 00:21:27,640 --> 00:21:29,480 leader. Then you had Trump on Solana. 390 00:21:29,480 --> 00:21:32,000 You had Bowden as the one poking fun at Biden. 391 00:21:33,040 --> 00:21:36,200 And then now it feels like there's so much speculation that 392 00:21:36,200 --> 00:21:38,160 there will be like a real Trump coin. 393 00:21:38,160 --> 00:21:39,960 It's like, why do you hold the others? 394 00:21:40,400 --> 00:21:42,560 That and like they've become a huge risk. 395 00:21:44,120 --> 00:21:45,400 Yeah, they've all been absolutely smashed. 396 00:21:45,680 --> 00:21:49,400 I still I don't own it, but the one I like the most is Tremp 397 00:21:49,840 --> 00:21:53,520 because I feel like Trump is going to get elected and it will 398 00:21:53,520 --> 00:21:58,680 probably swing from owning a pro Trump coin to just like he 399 00:21:58,680 --> 00:22:00,360 becomes a bit more of a jokey character. 400 00:22:02,000 --> 00:22:04,720 I mean, I remember when Trump was last president and people 401 00:22:04,720 --> 00:22:06,200 would take the piss the whole time as well. 402 00:22:06,200 --> 00:22:09,360 So I kind of feel like Trump has has a shot and it's down 403 00:22:09,960 --> 00:22:14,240 whatever it is 70%. But I guess take a step back. 404 00:22:15,040 --> 00:22:18,200 It feels as though memes, a lot of them have this sort of chart 405 00:22:18,200 --> 00:22:21,160 right now. You know, this isn't just like, 406 00:22:21,160 --> 00:22:22,840 oh, we don't like, we don't like this coin. 407 00:22:22,840 --> 00:22:25,120 Like you've gone to deck screen at the moment and it's it's 408 00:22:25,120 --> 00:22:27,040 tough. And I think even with right, 409 00:22:27,040 --> 00:22:31,480 like bring up the whiff chart, whiff was whiff was trading at 4 410 00:22:31,720 --> 00:22:36,560 about 3 weeks ago and it's now at two and there's just been no 411 00:22:36,560 --> 00:22:40,040 bounce. Like that is a horrific chart. 412 00:22:40,560 --> 00:22:46,960 Like that's the biggest meme on Solana and it's down 50% in 413 00:22:47,440 --> 00:22:48,320 three. Weeks. 414 00:22:48,920 --> 00:22:52,320 But that is that's a proper sell off that. 415 00:22:53,120 --> 00:22:56,200 Yeah, it's it's pain that that this explains the the sentiment 416 00:22:56,200 --> 00:23:01,640 on the timeline, why everyone is so upset right right here 417 00:23:01,640 --> 00:23:05,320 because it's Bitcoin's down 10%, but the leading meme is the 418 00:23:05,320 --> 00:23:09,480 leading meme on slot is down 50% Yeah, in just a few weeks. 419 00:23:09,840 --> 00:23:11,760 And it hurts. People are wondering like are 420 00:23:11,760 --> 00:23:14,240 are they going to rebound now? I mean we're seeing it just like 421 00:23:14,240 --> 00:23:16,880 across market. So in the other news from today, 422 00:23:17,160 --> 00:23:22,160 the layer 0 token came out. It's a chart is abysmal here 423 00:23:22,160 --> 00:23:25,200 this morning as well, unfortunately. 424 00:23:26,000 --> 00:23:28,760 So you can ignore the FTV and market cap numbers. 425 00:23:28,760 --> 00:23:31,200 I don't, I don't think are right here on this, this decks page. 426 00:23:31,200 --> 00:23:36,440 But at $3.65, I believe that equates to a $3.65 billion FTV. 427 00:23:37,080 --> 00:23:43,080 That's notable because the Layer Zero company raised $120 million 428 00:23:43,080 --> 00:23:47,120 at 3 billion valuation just a a few months back. 429 00:23:47,320 --> 00:23:49,400 Wow, did they? Yes. 430 00:23:50,040 --> 00:23:54,480 So now the token is trading at at just a slight premium to that 431 00:23:54,480 --> 00:23:57,640 raise. And I guess it's probably 432 00:23:57,640 --> 00:24:00,080 unclear will it continue to trade above that level just 433 00:24:00,080 --> 00:24:06,120 based on what we've seen in in these markets, I guess any 434 00:24:06,120 --> 00:24:08,640 reactions to this early price action on on zero? 435 00:24:08,640 --> 00:24:11,800 I'm not sure if you saw some of the how they launched it with 436 00:24:11,800 --> 00:24:16,280 the the donation. That's all that I mean, people 437 00:24:16,280 --> 00:24:19,320 are just trying to find things to find like who cares for me, 438 00:24:19,320 --> 00:24:24,840 that seems very marginal, but I why you why do you own layer 0 439 00:24:24,840 --> 00:24:26,600 token? I think is is really the problem 440 00:24:26,600 --> 00:24:29,720 here like and that's the case for a lot of these things. 441 00:24:29,920 --> 00:24:33,640 It's just people are in it for the AirDrop and everyone's like, 442 00:24:33,640 --> 00:24:37,800 oh, price at this level. But then in a month's time, you 443 00:24:37,800 --> 00:24:40,040 have to think to yourself, like maybe not even on the day 444 00:24:40,040 --> 00:24:42,440 because I think people trade it around around this at the time, 445 00:24:42,440 --> 00:24:44,600 But in a month's time, who's buying that token? 446 00:24:44,600 --> 00:24:49,360 I think is the real question. And that's they, they do have 447 00:24:49,360 --> 00:24:52,080 good tech and it probably be used throughout crypto for a 448 00:24:52,080 --> 00:24:57,840 long time, layer 0. But bridges aren't like the 449 00:24:57,840 --> 00:24:59,880 biggest revenue generators in crypto. 450 00:24:59,880 --> 00:25:05,440 So I think it can be a more difficult a long term story for 451 00:25:05,440 --> 00:25:09,680 sure. Yeah, a a bit of a a longer term 452 00:25:10,040 --> 00:25:12,400 battle here. We'll certainly see quick shout 453 00:25:12,400 --> 00:25:14,520 out to the interstellar code is on screen folks, if you're 454 00:25:14,520 --> 00:25:16,160 watching the streaming is 1 bottle. 455 00:25:16,480 --> 00:25:18,880 So go head over to points dot interstellar dot IO to enter 456 00:25:18,880 --> 00:25:22,040 that to enter our giveaway we'll give we'll be doing the spins 457 00:25:22,040 --> 00:25:24,800 here probably in in just a few minutes. 458 00:25:25,280 --> 00:25:27,560 Hey man, just coming back. The final thought on this zero 459 00:25:27,560 --> 00:25:30,680 chart is wormhole was 16 billion FTV. 460 00:25:31,160 --> 00:25:34,160 How how crazy is that in hindsight? 461 00:25:34,160 --> 00:25:37,120 This is 25%. What do you think the? 462 00:25:37,120 --> 00:25:40,360 Blast. It's Blast isn't. 463 00:25:40,520 --> 00:25:41,400 High. It's blast isn't high. 464 00:25:41,400 --> 00:25:44,200 I think people quit crypto for the summer, but it's like, you 465 00:25:44,200 --> 00:25:47,480 know, I'm out. I still, I think it's hard like 466 00:25:47,480 --> 00:25:50,840 we all we do is like we compare everything and I don't know 467 00:25:50,840 --> 00:25:53,200 these are necessarily that that great of comparisons. 468 00:25:53,480 --> 00:25:57,600 And I still like I'm still in the five to seven billion FTV 469 00:25:57,600 --> 00:26:00,600 range for Blast and we're less than a week out. 470 00:26:00,600 --> 00:26:03,840 So we're we're in the final Sprint and I still like, I think 471 00:26:03,840 --> 00:26:07,280 people are just discounting like the price action that can happen 472 00:26:07,280 --> 00:26:09,080 on day one once the incentives launched. 473 00:26:09,080 --> 00:26:12,560 Like we, we saw that the blur token like soar in, in early 474 00:26:12,560 --> 00:26:15,680 trading when it launched like a year and a half ago. 475 00:26:16,200 --> 00:26:19,000 And then it did go pretty much down only after that. 476 00:26:19,920 --> 00:26:22,600 So I got I don't know what blast is going to hold at from a 477 00:26:22,600 --> 00:26:25,080 longer term perspective, but it does feel like day one. 478 00:26:25,600 --> 00:26:29,920 I think it's got a real shot at, at coming in that five to seven 479 00:26:30,520 --> 00:26:32,320 FTV range. And it wouldn't shock me because 480 00:26:32,320 --> 00:26:34,160 of 10, you know, at least briefly. 481 00:26:34,800 --> 00:26:36,200 Yeah, that I actually agree with that. 482 00:26:36,200 --> 00:26:39,840 I don't, I, I have very little view on what blast can be on day 483 00:26:39,840 --> 00:26:41,640 one. That's what I, that's basically 484 00:26:41,640 --> 00:26:44,640 my view is that it's, it's difficult on day one because 485 00:26:44,640 --> 00:26:47,520 things you don't know what the FDB, you don't know what the 486 00:26:47,520 --> 00:26:51,600 circulating supply is. You don't know how the air drops 487 00:26:51,600 --> 00:26:52,920 going to go. You don't know if they're going 488 00:26:52,920 --> 00:26:56,080 to boost incentives or have some weird staking like you don't 489 00:26:56,080 --> 00:26:58,920 know. So, but my guess is that long 490 00:26:58,920 --> 00:27:04,280 term it's between 5:00 to 7:00. Where's where is Where's ZK now? 491 00:27:05,600 --> 00:27:11,200 Yeah, let's check. So ZK is down at 4 looks like. 492 00:27:12,240 --> 00:27:16,160 Yeah, $0.20 what? Whatever that I, I don't have 493 00:27:16,160 --> 00:27:18,520 the. Yeah, it's four 4.2 it says 494 00:27:18,520 --> 00:27:21,040 here. That seems about right. 495 00:27:21,160 --> 00:27:22,240 Maybe. Maybe it should be a little bit 496 00:27:22,240 --> 00:27:26,840 lower as in ZK should be lower. So they're yeah. 497 00:27:26,920 --> 00:27:30,040 So they're it's trading kind of right in they're trading right 498 00:27:30,040 --> 00:27:31,640 in mine that that is interesting. 499 00:27:32,280 --> 00:27:37,800 Like the other news somewhat adjacent to this was what meow 500 00:27:37,800 --> 00:27:41,280 from the Jupiter team. Not sure if you saw this, but 501 00:27:41,280 --> 00:27:42,800 this is a pretty interesting one. 502 00:27:42,800 --> 00:27:44,880 He writes this little essay, not quite proposal. 503 00:27:45,000 --> 00:27:49,320 It's gonna become a proposal, but the idea is three parts. 504 00:27:49,320 --> 00:27:54,120 They're gonna reduce the supply, so they're going to slash 30% of 505 00:27:54,120 --> 00:27:57,480 the team's tokens and future emissions to effectively reduce 506 00:27:57,480 --> 00:28:01,400 the FTV on this. They're going to extend, do two 507 00:28:01,400 --> 00:28:04,560 more seasons of Jupiter. And then this whole community 508 00:28:04,560 --> 00:28:07,440 eats first mindset and what they mean by that. 509 00:28:07,440 --> 00:28:09,600 And they're they're putting their actions where their words 510 00:28:09,600 --> 00:28:11,000 are. They're going to lock up the 511 00:28:11,000 --> 00:28:15,960 team tokens 100% staked for two years saw the market respond. 512 00:28:15,960 --> 00:28:19,800 Jupiter token jumped about 1012% on the day, I think 513 00:28:19,960 --> 00:28:22,960 outperforming most of of the other alts. 514 00:28:22,960 --> 00:28:25,120 So clearly the the market likes it a bit. 515 00:28:25,320 --> 00:28:29,280 It this is an interesting one. Is this how you attack the the 516 00:28:29,360 --> 00:28:34,880 the this anti low float high FTV, you know, negative 517 00:28:34,880 --> 00:28:36,440 sentiment that that's been out there. 518 00:28:37,120 --> 00:28:39,640 Yeah. Yes, before I I don't recall 519 00:28:39,640 --> 00:28:41,560 seeing something this drastic really. 520 00:28:42,320 --> 00:28:45,560 Yeah, no, it definitely seems aggressive, but it seems like an 521 00:28:45,560 --> 00:28:49,880 interesting, interesting move. I think Jupiter's got huge 522 00:28:49,880 --> 00:28:51,880 potential. You know, it's, it's a really 523 00:28:51,880 --> 00:28:56,840 great app in the crypto and I really get great swapping site 524 00:28:57,080 --> 00:28:59,280 and I think they're going to build out this whole RWA 525 00:29:00,080 --> 00:29:01,880 ecosystem now or they're going to try to. 526 00:29:02,440 --> 00:29:05,760 So I think I think this is this is interesting. 527 00:29:06,720 --> 00:29:10,480 I it's not like D5 coins have really done ever done that well, 528 00:29:10,720 --> 00:29:13,200 they can often just end up with baggage in my opinion, like look 529 00:29:13,200 --> 00:29:16,600 what happened with Uniswap. So I don't know if he's even 530 00:29:16,600 --> 00:29:20,280 like unbelievably motivated by the token himself. 531 00:29:20,600 --> 00:29:23,440 Like maybe he's motivated by the fee revenue and what they 532 00:29:23,440 --> 00:29:27,640 actually paid to the team. So maybe he he is fully 533 00:29:27,800 --> 00:29:31,160 altruistic in trying to make sure it has the best value 534 00:29:31,160 --> 00:29:35,120 possible because he realises that like, you know, like trying 535 00:29:35,120 --> 00:29:38,360 to do it like Uniswap or any of these others hasn't exactly led 536 00:29:38,360 --> 00:29:42,520 to a lot of value. So hi I I I welcome this for 537 00:29:42,520 --> 00:29:45,240 sure. This feels like a a good option. 538 00:29:46,080 --> 00:29:48,920 Yeah, I mean, it feels like they the other aspect going on with 539 00:29:48,920 --> 00:29:51,520 Jupiter here, it feels like they want to be more than just like 540 00:29:51,520 --> 00:29:54,440 this Defy protocol. So I don't know if folks recall 541 00:29:54,440 --> 00:29:57,160 they announced this giant unified market initiative their 542 00:29:57,240 --> 00:30:00,240 their gum initiative where they basically want to bring all 543 00:30:00,240 --> 00:30:04,040 assets on to Solana, index them on Jupiter. 544 00:30:04,040 --> 00:30:06,800 So the same like tokenization push that we're seeing on ETH 545 00:30:06,800 --> 00:30:10,280 and ETH is certainly getting more traction is talked about 546 00:30:10,280 --> 00:30:13,000 more in the headlines like the the Jupiter team wants to drive 547 00:30:13,000 --> 00:30:16,720 all this on Solana. They have this gum alliance. 548 00:30:16,720 --> 00:30:19,640 Again, the goals on board more assets, create liquid markets, 549 00:30:19,640 --> 00:30:21,120 integrate these markets into Jupiter. 550 00:30:21,120 --> 00:30:24,400 They've got a laundry list of partners already lined up, 551 00:30:24,400 --> 00:30:27,760 Denarii Global bringing their D shares to allow stock trading. 552 00:30:28,240 --> 00:30:30,240 They have a tokenization partner, they want to bring real 553 00:30:30,240 --> 00:30:33,800 estate on chain. So there's more to it. 554 00:30:34,360 --> 00:30:38,480 It it's a big vision, something that's going to take years to to 555 00:30:38,480 --> 00:30:40,440 execute. But I mean, I think you have to 556 00:30:40,440 --> 00:30:43,000 be happy that you know they have the vision and they're just 557 00:30:43,000 --> 00:30:45,560 going to put their money where their mouth is and effectively 558 00:30:45,560 --> 00:30:49,280 lock everything up until they begin to execute on this. 559 00:30:50,560 --> 00:30:55,880 So. He's what I've realized about 560 00:30:55,880 --> 00:30:59,320 him more than I think most is that he's definitely, he's got 561 00:30:59,320 --> 00:31:05,280 his ear to the ground of crypto. You know, he's they didn't take 562 00:31:05,280 --> 00:31:09,680 VC money really, right? They he kind of just got funds 563 00:31:09,680 --> 00:31:12,600 from the community and has built a bit more community LED from 564 00:31:12,600 --> 00:31:15,960 the start. So yeah, he's this doesn't 565 00:31:15,960 --> 00:31:18,520 surprise me from him. I think to be able to do this, 566 00:31:18,520 --> 00:31:22,160 you need to have like full control essentially and or at 567 00:31:22,160 --> 00:31:25,000 least have more control. I'd, I don't think like if 568 00:31:25,000 --> 00:31:27,840 you're AVC backed, you have this much ability to do these sort of 569 00:31:27,840 --> 00:31:30,520 things or at least it's a lot, a lot more difficult. 570 00:31:31,680 --> 00:31:35,480 Yeah, that that certainly gives them some leeway as well. 571 00:31:35,920 --> 00:31:37,960 I think that takes us through the most of the the crypto 572 00:31:37,960 --> 00:31:42,600 markets, not a ton of action on the NFT side of things. 573 00:31:42,600 --> 00:31:46,120 I think the the biggest headline is punks are just continuing 574 00:31:46,120 --> 00:31:48,800 this, this downward, this downward trajectory. 575 00:31:48,800 --> 00:31:52,440 We see the floor below 25, eight for the first time since 2021. 576 00:31:53,440 --> 00:31:58,440 Not only is it below 25, it's there was 8 sales, maybe 11 577 00:31:58,440 --> 00:32:01,680 sales at like 21.8 ETH on blur this morning. 578 00:32:01,680 --> 00:32:06,280 Farmers dumping them into bids. So it it looks like the the the 579 00:32:06,280 --> 00:32:09,200 pain isn't over just yet. We did see a little bit of a 580 00:32:09,200 --> 00:32:10,960 rebound in the broader ETH in a tea market. 581 00:32:10,960 --> 00:32:15,240 So the pudgy Penguins did hit 7 during this kind of loan crisis. 582 00:32:15,240 --> 00:32:17,600 Loan spiral on bend down. I don't think we were totally 583 00:32:17,600 --> 00:32:20,360 out of the woods yet. Saw Lucanetz post the reverse 584 00:32:20,400 --> 00:32:24,440 Uno card meme last night. That does seem to have helped 585 00:32:24,800 --> 00:32:27,040 spirits a bit. I'm not sure exactly what 586 00:32:27,040 --> 00:32:31,280 happened, but we saw some buys, it jumped 13% back up to closer 587 00:32:31,280 --> 00:32:33,960 to 80. And I think there's less loans 588 00:32:33,960 --> 00:32:36,920 in liquidation. I think I saw 115 versus 150 589 00:32:36,920 --> 00:32:39,680 plus. So some progress on on the loan 590 00:32:39,680 --> 00:32:42,120 front. It's not the prettiest picture. 591 00:32:42,800 --> 00:32:44,720 Out there, man, it's fucking wild out there. 592 00:32:44,720 --> 00:32:46,440 Like what is going on with the FTS? 593 00:32:47,040 --> 00:32:49,280 It's like. Almost like them. 594 00:32:50,440 --> 00:32:53,760 No one's to buy them and they got hyper financialized at the 595 00:32:53,760 --> 00:32:57,080 top, right. So you have all these massive 596 00:32:57,080 --> 00:33:03,800 amounts of loans and yeah, I don't know, like that just 597 00:33:03,800 --> 00:33:09,560 looks, I mean, board agents are at 8, they're at 8, Pudgies are 598 00:33:09,560 --> 00:33:14,880 at 7. Like it is, I don't, I, I really 599 00:33:14,880 --> 00:33:19,040 do not know what to make of it, but it, it really does feel like 600 00:33:21,320 --> 00:33:24,360 we need them to return to being NFTS again. 601 00:33:24,360 --> 00:33:29,560 I feel like a lot of this stuff, if you take a step back, this 602 00:33:29,560 --> 00:33:32,560 has really been damaged by like the over financialization. 603 00:33:32,560 --> 00:33:34,360 I think of them like the fact that they all got turned 604 00:33:34,360 --> 00:33:39,640 basically into fungible tokens for farming and then loans 605 00:33:39,640 --> 00:33:42,040 around that, those fungible style tokens. 606 00:33:42,520 --> 00:33:45,640 And we we kind of move completely away from some of the 607 00:33:46,680 --> 00:33:53,520 digital identity digital, I know uniqueness of them, I think has 608 00:33:53,520 --> 00:33:58,960 really damaged them. Like I still really love those 609 00:33:58,960 --> 00:34:01,000 trends. And it just feels as though 610 00:34:01,640 --> 00:34:04,400 playing with this sort of stuff is really 3 going to come back 611 00:34:04,400 --> 00:34:05,400 up. This doesn't feel like it's 612 00:34:05,400 --> 00:34:07,280 going to fix itself. This isn't something that oh, 613 00:34:07,280 --> 00:34:09,360 you know, like, oh, we're going to rally 5%. 614 00:34:09,360 --> 00:34:13,880 Like there's still huge amount of of loans outstanding on a lot 615 00:34:13,880 --> 00:34:14,840 of these. Also. 616 00:34:14,840 --> 00:34:16,719 They're also a lot of them are in the bad hands. 617 00:34:16,719 --> 00:34:19,760 They're all in these farmers hands that were but are farming 618 00:34:19,760 --> 00:34:22,840 them for the last year and a half or whatever it is. 619 00:34:22,840 --> 00:34:29,000 So definitely doesn't look good. Like particularly the weird 620 00:34:29,000 --> 00:34:32,080 thing is it feels almost worse at the top for the top 621 00:34:32,080 --> 00:34:33,560 collections because those are the ones that people were 622 00:34:33,560 --> 00:34:40,280 farming the most. So yeah, yeah. 623 00:34:40,280 --> 00:34:42,360 I just don't know. It really doesn't. 624 00:34:42,840 --> 00:34:48,040 It's really getting ugly. More pain to come is my read on 625 00:34:48,040 --> 00:34:49,920 all this. It's going to take a while for 626 00:34:49,920 --> 00:34:52,159 the the whole farmer situation to settle. 627 00:34:52,159 --> 00:34:56,320 Even if you think it's over at blast TGE and the incentives are 628 00:34:56,320 --> 00:34:59,400 going to go away, which is still pretty, is still an unknown. 629 00:34:59,400 --> 00:35:02,440 And I'd say it's probably unlikely that there's no ETH NFT 630 00:35:02,440 --> 00:35:07,800 incentives still on the table, but just that the unpacking of 631 00:35:07,800 --> 00:35:09,600 all the former bags is going to take time. 632 00:35:09,600 --> 00:35:11,720 And then changing the sentiment like you, you mentioned, like 633 00:35:12,320 --> 00:35:15,040 part of the, the reason the NTS got hot in 2021, we wanted to 634 00:35:15,040 --> 00:35:18,520 Rep them as our PFPS as like the social signal. 635 00:35:18,800 --> 00:35:21,360 Right now, it's a negative signal for a lot of these 636 00:35:21,360 --> 00:35:23,560 collections. Like the, the status part of it 637 00:35:23,560 --> 00:35:26,880 is like totally gone. Now it kind of shows like you're 638 00:35:26,880 --> 00:35:29,480 aligned to groups that some just don't want to be aligned with. 639 00:35:29,600 --> 00:35:33,240 There's a lot to to unpack and like the aspect of the deadline 640 00:35:33,240 --> 00:35:35,400 goods, they're they're just not as attractive when the price is 641 00:35:35,400 --> 00:35:37,880 going down. Like it's just a harsh reality 642 00:35:38,280 --> 00:35:39,880 of it. And like it's happening with 643 00:35:39,880 --> 00:35:43,440 punks before our eyes. Like punks were still pretty 644 00:35:43,440 --> 00:35:46,240 pristine through most of the bear market with respect to 645 00:35:46,240 --> 00:35:49,920 their status as the top NFT, still think they're there. 646 00:35:50,360 --> 00:35:54,280 But when when they were holding that 48th floor basically 647 00:35:54,280 --> 00:35:56,760 throughout the bear market, I think folks, they really felt 648 00:35:56,760 --> 00:36:00,480 like they were untouchable and they were the the premier NFT. 649 00:36:00,480 --> 00:36:04,320 And now like now that they're down at 25, like the folks don't 650 00:36:04,320 --> 00:36:06,800 want to buy them at 25. Now that the targets keep 651 00:36:06,800 --> 00:36:09,320 getting lowered, there's. There's a huge amount of loans 652 00:36:09,320 --> 00:36:11,400 surely as well out on punk. So I can only imagine that 653 00:36:11,400 --> 00:36:13,080 there's a huge amount of loans because I remember that from 654 00:36:13,080 --> 00:36:16,840 like NFT 5 and that, you know, you could always get a loan on a 655 00:36:16,840 --> 00:36:18,840 punk, but that's because they never moved. 656 00:36:19,960 --> 00:36:26,160 So yeah, it's and I, you know, I, I really like punk because 657 00:36:26,160 --> 00:36:27,120 we're obviously going to survive. 658 00:36:27,120 --> 00:36:31,520 But they're a prime example again of how, you know, you 659 00:36:31,520 --> 00:36:36,880 catch a cold as an AFT project. You can really, you can really 660 00:36:36,880 --> 00:36:41,880 get hurt because of all this added leverage and and bad 661 00:36:41,880 --> 00:36:43,240 incentives in the system. So. 662 00:36:44,240 --> 00:36:46,960 Yeah, probably have to wait for it to to get shaken out or just 663 00:36:46,960 --> 00:36:51,360 closed it to a large extent here before things really rebound.