Good morning, good morning GMGM folks.
Welcome to another episode of FOMO.
Our day is Monday, February 17th.
It is present day all day in the USA.
We were almost going to be off for today, but we could not be
off today. Folks, there is a famous quote.
There are decades where nothing happens and there are weeks
where decades happen. And this week slash weekend was
a decade moment for crypto, or at least the meme coin sector.
That's certainly how it feels here.
This morning we had a scandal that reached a president of one
of the largest countries in the world that has rocked the entire
crypto ecosystem and has rocked the Argentinian stock market.
The impacts are wide and the story is getting deeper by the
hour. We are going to break it all
down on today's show. No Faroque, sadly, he is out in
Asia. I think Mando is going to be
joining us. He's not on just yet.
Want to hear from him? He broke down the story this
morning, but I've got Logan on with me to Crypt Rider,
previously editor in chief over at Secretary.
Logan GM How are you feeling after this weekend?
Hey, good morning Tyler. How am I feeling?
My my head is in a a mess of chaos and frenzy, yet I don't
know how else to describe it. It's been a wild, wild what?
Last 486072 hours? It's just been bonkers.
No, no other way to describe it really.
Bonkers indeed. We've got Mando now and the
shirt is on. I need it this morning.
Mando, Jim, how are you? I'm doing good man.
How are you? I'm doing good.
I think I might have aged another year this this weekend,
but I posted this last night. I feel like this whole situation
went so fast and we'll get into it in a second.
It feels like we're already starting to maybe come out the
other side of this thing. Like it was anger and depression
and now it's almost like some of the vibes are starting to flip a
little bit and we actually might see a path out of this.
So we'll talk about that, folks. What are we going to talk about
on today's show? Well, I think we got to start
with the the Libra scandal. It was the story of the weekend,
arguably the story of the year, maybe even the cycle, what
happened, who's involved, the coffee zilla interview and then
market impact. What happens now?
What happens to Seoul? What happens to ETH?
What happens to the meme coin sector?
We'll get into all of that. Plus we got to talk, share some
positive news. There were several actually
really positive macro bullish headlines on Friday that have
already been totally forgotten about.
We also got some big news out of Kaito this morning.
It looks like that Kaido AirDrop might be as soon as this week.
So some surprising acceleration from that team.
So there is a lot to get into before we do that.
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Mando. If you're ready, let's get right
into it. Who is the man Macro Daddy of
the land. Can you dig it?
Yeah, GM everyone. So it has been a bit of a
weekend. I actually was kind of checked
out this weekend. I came back from Paris.
As I was landing, the Argentina coin dropped and then it kind of
was pretty. By the end of my taxi to my
house, it was clear that it was already like semi rugging.
And then I just like occasionally went back on CT
this weekend. So I, I, I did largely miss like
the back and forth and the drama, which is why I did like
ATLDR today. But it's, it's very, very tough
to separate kind of them even the macro move today from this
because it's AUS holiday. So obviously there's not a lot
going on in macro. There's there's some light stuff
going on. Like, it does feel as though,
you know, the Ukrainian situation is kind of coming more
to a head slash resolution on 1/2.
You have the US and potentially Putin trying to negotiate this
kind of separate to Europe and Ukraine.
And then you have Europe essentially trying to reorganize
right now to have a say in what's going to happen.
There's been a lot of talk about them potentially putting troops
in Ukraine. And that one's just kind of,
it's coming to a head though, basically Ukraine, like it's
very, very clear that we're going to have some sort of AI.
Wouldn't know if it's going to be a resolution, but things are
starting to get done, which is going to be an interesting one.
And even Argentina stock index is down 7 or 6 or 7% on the back
of what's going on today with this Libra coin.
But elsewhere, it's like, it feels like a bit of a, a non
event in macro. There's some big raises going on
in AI, it looks like, but like this week's very quiet from,
from even from a, from a data standpoint.
We get FOMC minutes on Sun on Saturday.
I think it's a German election, but largely it's, it's a, it's a
very quiet week, which means we can just kind of talk about
crypto a lot this week, apart from some of those geopolitics
stuff and, and, and like different leaders meeting each
other. But yeah, this, this coin
happened on Friday. And obviously a big rug.
Obviously, maybe I won't go into all the details of it, but the
ramifications have really been that a lot of people calling to
the end of like the Seoul casino, a lot of bearish takes
on Solana. It looks like Solana is down
about 1010% since I got out of that taxi ride.
It was over 200 then and it's now a decent amount lower than
that and kind of hanging out in the mid one 80s at the moment.
ETH is is higher. So a lot of people moving into
ETH. You obviously have the unlock
coming up for or have a few unlocks during these months,
which people are also taking advantage of.
And but it it feels as though the main thing is just been a
bit of a sentiment shift, like the casino is a little bit
rigged, whereas I think pump fun, you know, the vibe of pump
fun since the start has been like fair launches, you know,
this sort of stuff. And even with if like team
members or in that sense insiders got in the sense of
like the rugging here seems seems pretty high and it seems
kind of institutional levels of like ringing at several levels.
And I think people have been really annoyed about the whole
like hyper rotation meta when it's clear that like this stuff
has been going on at the same time.
So I just think like a lot of people have just bit have just
come out of this weekend being like, right, I don't want to be
involved in Solana anymore just because it's just a gambling
Jane and I've had enough of gambling because I've been
losing money for too long. So a lot of movement, it feels
like away from that into Eve BNB Bitcoin and part of that is
matched up is matched up with with some positive developments
for those other majors. So you've had Bitcoin Abu Dhabi
revealed that they have a large amount of of Bitcoin.
This is a this is a sovereign wealth fund with with Billy and
hundreds of billions of dollars potentially to invest.
You've had you have obviously, like I said, the the ETH
unlocks, sorry, the Solana unlocks.
But there's been some talk at least from ETH side about
increasing gas limits and just a resolution to some of the SEC
cases against people like Coinbase unit swap that there's
a movement even for that for XRP as well too, pretty, pretty
clearly at the moment. So maybe some of the fuds
surrounding some of the other changes is alleviating at the
same time that people are getting annoyed about the Solana
casino. So I don't know how long this
has last. Generally, I, I'm not, I don't
think this is a nail in the coffin for Solana, but I think a
lot of people have lost a lot of money.
And this is this leaves a really bad taste in the mouth for for a
lot of people to the extent that they kind of are looking for
trades where they can just set and forget it now for a little
bit. And there's not a lot of that
on, on Solana. Like Solana was the hyper
rotation chain, which you can make a lot of money on.
But like now people are just completely giving up on that.
It feels like and, and, and, and moving on.
So it'll be interesting to see how this one develops.
The bigger the biggest movers on the back of this have have been
ETH, but also some of the like the legacy ETH memes.
So like MO Mog is up a decent amount today.
Pepe's up. Some of the BNB memes have been
doing slightly better, but that that's what I've that's what
I've generally seen is interesting to see like money,
even like the more D Gen. money is is flowing in there.
And then for majors, it seems to be seems to be ETH ETH is the
the main outperformer, although, although BN BS doing decently
well too. So yeah, I I don't know whether
how this is this one's going to develop from here.
I reckon we'll hear a lot more, but but this doesn't feel again
like a cycle top to me. This feels like a is Solana
still the trade of the rest of the cycle rather than a nothing
about nothing about the flows again, stable coin usage,
general usage of the blockchain, even the way the market is
reacting right now where it's not like everything's dumping.
Like if this is FDX, everything would have dumped, right?
And it's not. It's not.
In fact, I think crypto total market gap is probably pretty
much the same as where it was at the start of the weekend, which
tells you that like it's really just a reassessment of of where
we are and what to earn. Yeah, I think that's spot on.
And I want to get into that the downstream market impacts of
this. I think, Amanda, we have to talk
a little bit more about what happened with with this story.
So you actually did quite a nice job summarizing this.
So I was curious how plugged in you were this weekend.
It felt like maybe you were unplugged.
I was going to be unplugged. Yeah, it was a good weekend to
be unplugged. You didn't age as much as the as
the rest of us. So effectively, kind of what
happened, they're starting to be growing chatter about this
Argentina coin launching on Friday and then.
Have you heard about it? I had not heard a single word,
but I was in Paris, so. I had one chat group say that
they had heard rumors of some kind of Argentina coin and that
was early Friday afternoon. No other details beyond that but
but that right there shows you how wide this one was.
Because like I am not a well connected trenches.
So like this was a very public rumor at this point in time.
It was Valentine's Day. So I went on stage for Friday
actually a little bit. It's Valentine's Day.
Actually, the markets were pumping on Friday.
Like hype was over 27, like Fort coin was up.
Like a lot of the, the tokens were green And like it felt
like, OK, maybe we're starting to round the, the bottom on some
of the, the recent depression and then that the Libra coin
launches. I was actually at dinner with
the, the family when this all dropped.
And so I, I kind of missed the two hour window that this all
really ran up and then immediately back down.
So this coin launches, I think Logan, if you were maybe jump
in, I think it it opened basically at a dollar you could
not which was a a billion dollar market cap.
You really could not have gotten in much cheaper than that.
I don't think. So you got in there, it ran as
high as four. And then like you can see that
this is the one hour chart. So in the second hour of trading
it already went from 2:50 down to to sub $1.00.
So within the first two hours, anyone who bought was already
down on the token. And you kind of lay out some of
the events here. So Malay, the president of
Argentina, tweeted about it. I think that the idea of the
token was to help fund business development in Argentina.
People started kind of rallying behind the, the 'cause even
though there's a lot of questions about why you would
crowdfund in via a meme coin like this, there were some loud
voices on the timeline who were promoting this.
And then, you know, quickly things started to go South.
Malay tweeted again that he had nothing to do with this.
And that's what really effectively killed the, the
token. And then like the, the rest of
the, the weekend, the, the story just really got deeper.
So it seems like this Kelsey or ventures Hayden Davis person
deep into it. He was kind of was Portnoy the
one who exposed him, you know, for the first time.
I don't think so. Portnoy protected his own ass
there. Really.
Right? Seems very, very clear that he
told one side of the story and then it turns out he was
reimbursed $5,000,000. Like that's wild to not to like
not say that bit of the story when he when he tries to
describe that he was the good guy in all of this.
Yeah, so, so Saturday was all spent just trying to unpack
this. It was a lot of speculation,
like, OK, who were the insiders who was involved in this?
And then Portnoy comes out Sunday morning.
He's like, hey, you guys want to hear a story?
And he runs up the spaces and and tells his side of the story.
Effectively he was told about the token because he was
actively researching who'd potentially help him launch his
own, he had info about it, he traded it on the gun and he lost
and he was reimbursed $5,000,000 from Hayden.
He also was offered tokens to promote Libra, which he denied
because he wanted to be able to in the post disclose that he was
being paid and they didn't want him to do that.
So he said he, he he could not do that, which some have kind of
pointed to, to Portnoy, you know, putting him on a pedestal
as the only honest person in the trenches.
I think perhaps that's a, a side conversation path we could go
down. But that's really what kind of
to blew the lid off all this. So Portnoy was the the first one
to really speak up, I would say. And then this basically everyone
immediately realized, OK, there were insiders who got tokens.
There were insiders who knew about this before.
And then what happened last night, coffee Zilla landed an
interview with Hayden. I have actually not had a chance
to listen to this. It dropped last night after I, I
went to bed and I was busy this morning not able to, to catch up
on it. But I think Hayden effectively
told the the whole story. I listened to it.
I listened to it all. Yeah.
What were your takeaways? Oh, yeah, you wrote about it,
too. He missed the sniping.
He still has $100 million, which he's kind of using as leverage
here. What are your takeaways, Mano?
I mean a lot of this stuff I think if you're not familiar
with with meme coins will be shocking.
Like the whole like, oh, he bought a ton of the supply at
the same time. I feel like most people in in
meme coins kind of know that's going on.
Maybe not to the extent I think the shocking stuff was that this
appears to have been a repeat a group that was like a repeat
offender, right? Repeat offender, some of the
biggest coins. So he was involved.
He said it's basically he was involved in millennia and that
they exited basically, he says. And then that wallet has since
been since been linked by bubble maps to a bunch of other rugs,
which is kind of what I saw the moment it came out.
I remember like a lot of people say, hey, this wallet, this
deployer wallet's been linked to like tons of rugs.
If you remember, like that was like the first bit of thought it
was like, hey, he's look into this deployer wallet.
And then the other thing is it is the bit about Trump.
So he said that people have been asked to had been able to get in
that $500 million. I don't know if that's Mark
Current or, or FTV out of dinner, which kind of matches
up. Like we knew there was those
dinners beforehand. I'd be very unsurprised if the
if like the links there go back to the Bitcoin magazine team,
you know, like the Bitcoin team that we're like organizing all
of those dinners. I would be very unsurprised if
that's like the the, the insiders that are being spoken
about here. Then what else is there?
Yeah, just like the brazenness about it.
So like the brazenness around the, the idea that some of these
these influencers were getting allocations plus tip offs.
He's basically just like, yeah, that's how that works.
He does point the finger like more broadly at like obviously
the token launching platforms that are like there's a lot of
people who stand to benefit from these coins doing well.
And that he also maybe points to the question like, how do we
expect these teams to make money?
So like, how do we expect the Trump team to make money?
How do we expect the, the Argentina coin to make money?
Which I, I actually, you know, like in all of this, I do agree.
Like people want to launch coins and say they make money, right?
And we we still don't really if they're going to be the
launcher, that's what we don't like.
That's why we've kind of coalesced around this concept of
like adopting a existing coin. Do you know, like that's why
people felt better about Portnoy and all this sort of stuff.
But that's not going to be the case for everyone, right?
So like, if Trump wants to launch a meme coin, he's not
just going to adopt A current meme coin and say, this is my
meme coin. So maybe there isn't a proper
resolution there, but it's very, very clear that if he's trying
to shroud like muddy the waters and be like, hey, there's no
perfect way to launch. The way that they did.
It was like the 100% worst way to launch.
They basically one sided LP and then started producing liquidity
as it went higher. Like that is the number one way
to extract. So the idea that somehow like,
oh, everything is as bad as each other is not the case.
Like the the the way to do it is maybe fund it with stables at
the start or if you are going to do 1 sided then then you have
to. If you're going to reduce the LP
you want to buy some you know as their cell pressures.
If you're going to reduce the LP buy some as the cell pressure or
add to the LP as it goes higher. They did the exact way to like
perfectly rug a coin here, which I think is should be noted.
Yeah, that's a big part of why things went South and why this
became such a a scandal. Maybe everything is totally
different, you know, if if they actually market make this a
little more properly. Well, I've seen market makers
come out and say, yeah, this is the exact opposite of how it
should be done. The other thing is like he's
doxed living in LA like this feels very LA vibe.
This feels like an LA rug and part of Behance to like an LA
number of rugs. Let's let's say I I I don't
know, but what's clear to me now is that there's a number of
different people who look implicated.
I would say the most obvious ones are are some of alongside
obviously Kelsey, who's like basically putting all his cars
on the table. Everyone else has denied, right.
Everyone else has seen to be like, no, I didn't know anything
about it. Or if I did know about it, I
didn't get paid from it or we weren't insiders.
And that includes Meteora, that includes Jupiter, that includes
moon shot, that includes that includes all the influencers.
And I think we're going to see a lot of stuff come out now about,
about people who, who not just this, but other ones.
It's it's very, very clear that like there's motivations both
from like media organization, people like choose, choose Rich
Nick, I'll just Nick nasty Nick all like trying to get
screenshots of like what was said and when and all this sort
of stuff. So I think we're going to we're
going to get a lot of stuff from from different people.
Here it is now, you know, a lot of people made a lot of money on
these coins and it was the same people each time and they aped a
disproportionate amount relative to what they ape other things.
Yes. And I think it's now that's more
than now a pattern of behaviour when this now comes out, like
you need to be whiter than white, in my opinion, to, to be
like, I, you know, I, I wasn't involved in any of this.
Like, why were you yoloing $1,000,000 into this coin,
right? Or I don't know how much, but
like, let's say hundreds of thousands.
And then you're, you're saying that that wasn't the case for
like all the other ones. This doesn't really like this
can't have been the only one in my opinion.
Like I think, I think it's now pretty clear what was going on.
And I think people are very, I, I, I think people are 100%
justified to be furious about this, like absolutely furious
because the meta was always rotate.
There's a new runner each day, same people winning, the same
motivation to get into the coins, like big screenshots or
this sort of stuff. And and then it turns out that
like it was completely rigged and people had insider knowledge
or they would maybe like Portnoy was given money, just given
money. I, I, it makes me think that
like, yeah, the people just don't want to buy a new coin.
And and there's people have been feel like they the tables have
been rigged for too long now. That that's the big take away
and Logan, I I want to hear from you here in a second, but this
meme coin game has been going on for a few years.
I mean, technically since Doge, but then like Pepe and Mog and
then I think it really blew up on Solana with whiff starting in
Q 4/20/23. It felt like more of a fair game
for quite some time, but it's felt worse and worse over the
last quarter. And this scandal just blew off
the top that in fact, everyone has been playing a rigged game
on at least on these major launches.
And people don't want to play a rigged game.
And now they're starting to point fingers at, OK, who was
complicit in the rigged game and who benefited from it the most?
And it seems clear that investigations will go deeper
and and it seems clear that there was a large group of
tokens like we know for sure Melania is involved.
It's clear that Trump was involved the Trump token and
very likely some of the other recent high profile saw a coin
launches. But Logan, curious man, I got to
jump in. And Logan.
Slightly. That guy Champtogram was
literally on the board for this fucking group, right?
You remember that guy from NFTS? I'm not familiar.
You don't know champtogram. Champtogram.
I think I know what you're talking about, but.
Chelsea, right, like he's like very high influencer friends
with them all. Yeah, like it's I think, I think
we're about to find out a lot of stuff because these guys.
The other thing is, if this does turn criminal, then you're going
to find out everything because the one way to yourself from a
criminal trial is to basically start ratting.
And I think that's that's the next stage of this, right?
Is that like this Kelsey guy clearly, clearly has dirt on
everyone. Right.
And he's talking. We've got a Diddy Diddy
situation on our hands, you know we.
Asked about one thing and just jump in here.
Yeah, I was going to say, Mando, to your to your point about
Portnoy speaking up, I mean that that's the the one thing you can
say here is that he was the first to willingly chat about
this and sort of kicked off a lot of what has come to
transpire over the course of the last 24 hours in particular.
So for that, I guess a small kudos is owed to sort of getting
the ball rolling here. You mentioned talking about, you
know, just why would you randomly ape this stuff?
I think, you know, when compared to some of these other high
profile launches, this was the most questionable.
Maybe if you disregard the CAR, the Central African Republic
one, this was the most questionable in terms of
legitimacy right out of the gate.
You have the deployer stuff, right, which was highly
questionable. And then also too, if you just
did even a minute of research, like click the website in the
tweet from Malay. The thing about applying for
funding is a Google form. The support address is like just
randomly Kip protocol something support@gmail.com.
I mean, these things are are things that typically would have
been major red flags to everyone.
Yet somehow, some way many people allege that they that
this was real right out of the gate.
Like, how are you willing to take that chance that it's real
right out of the gate if you don't know something else?
Just it was, this was crazy, the whole thing.
I mean, I don't need to add too much to summarize the actual
events themselves, but there, there's a lot here and.
And everything's going to come out.
Yeah. And I look forward to consuming
that content when it does. That was what jumped out to me.
It's like Banks was gone very publicly defending himself.
He said he aged 500,000 on the gun or something along those
lines. And then he, he shared his
thesis that that this would be bigger than the Trump coin was
his upside like what you thought, like this Argentina
coin that has a Google form to, to fundraise for businesses was
going to be bigger than the the Trump coin?
I just think, I think a really dangerous precedent had been set
in the last few weeks, you know, over the course of meme coins as
well. It's just like the willingness
to engage with things that likely aren't real anyway.
Like we don't care actually if it's real or not.
Like that's a really horrible game to play.
It's actually, it's one of the reasons I didn't do that well on
Trump. It was because I was trying to
figure out if it was real or not, right?
Like as, as a lot of people were like, is this real or not?
I, I'm not willing to take the chance personally.
And I, I didn't gamble on whether it was real.
And then you missed it. It was gone.
And it seems like we all those things just went out the window
there. There was no more caring about
whether it was real or not. If the tweet stayed up for a
long enough time. I started to see those things
like, well he also posted on Instagram like we haven't seen
500,000 other accounts get hacked on all social platforms.
Look at the chill guy thing. Like every social platform that
guy owned got hacked. It's just it's really dangerous
bad precedent that hopefully starts to wash itself out with
the rest of this stuff. But just a a wild timeline.
There's a lot of ways we can unpack this, man.
I know you, you've got to run here in a little bit.
So I'm curious for your thoughts on the meme coin market.
Some people are calling it dead forever.
Like I've I've already seen some folks who are a little bit
perhaps more realistic. I kind of like this, this tweet
from Dime here saying basically we were at peak of Mount Stupid
2024. We're now entering the valley of
despair. It does see a path out of it.
I'm I'm curious for your read on where the sector of the market
goes near, near term. Yeah, look, I think I think we
have to appreciate the the the how the meme market has evolved.
Like you just said, originally it was, you know, like die hard
communities or like OG memes. Then it moved into cults, I
would say like the the the ear of Murad.
And then it moved into the hyper rotate.
You know, any coin goes after Trump.
OK, I, I, I would be unsurprised is if after a period of, of,
let's say just peeling, we, we move back into either one or two
like the, the, the 1st 2. Like I'll be unsurprised if Pepe
does well in a market like this, like genuinely, I'll be
unsurprised if Mog does well, the coins that maybe have been
around for a little bit longer. I can I'll be unsurprised if I
doge did well. Do you know, I still think
people are looking for Bitcoin plus returns.
You know, there's no way you have $240 billion of stable
coins and bitcoins at 100K And you're telling, you're telling
me that like people are just going to stop trading memes.
This is not the case. But what I do think is that like
maybe the era of, of what we have just seen, which is like
Internet capital markets into buy the coin of the runner of
the day into hyper rotation. I, I think that era may be a
little bit dead. And I don't think people will
necessarily want to play that. And I think a lot of that is on
Seoul. So I think and and that leads to
questions about Solana use that leads to questions about Sol D5
that leads to question to a lot of stuff like this was a just
the way the the multi layers of scams to this just feels bad.
Like this wasn't just a, you know, melee backed out it it
then I unveiled a a layer of Kols and systemic rugging that
just like I think people for like hundreds of millions of
people just do not feel good around.
It seems that some of the this is a legend.
It feels like there are people working at some of the protocol
teams that were perhaps plugged into this.
I'll be very curious if more information on that comes out.
And it's a tricky 1 because like we, I don't, I do think the
protocols need to have the information added like they need
to be ready. Like if we're, if we're thinking
about what are the processes and controls to put in place to fix
this, like we want, I mean, ideally some level of diligence
done from protocols like this as a way, you know, to, to prevent
major, you know, scandals like this.
Now that's a larger debate on like how much onus should be on
them. They have the resources to do
that, so on and so forth. Now you're not talking about
open markets necessarily anymore.
So it's a bit of a longer discussion.
But like the moon shot team, for example, Decrypt had a nice
write up about this. It was eye opening.
Like they borrowed $160 million to have.
A. Moon Pay, sorry, $160 million to
have enough capital on hand to support trading at launch.
Like that makes sense. And they helped facilitate what
was a successful launch. So you can, you can go into the
merits of the, the token itself, perhaps separately, but like
that makes sense to me. It makes sense to me that
Jupiter would have information so they could verify a token
address or not if they're sharing that information with
the outside parties ahead. Of course, that's where where
things get really tricky. And I do think it has eroded
some confidence in these protocols.
And we talked about on the show how, you know, one way to play
this market was to play the picks and shovels.
And it's hard to, I, I feel like they're not going to be spared.
You know, if the, if we're going to get a reset in meme coins on
Solana, which I do think we will, it's a question of how
long it is. I think that's going to impact
the pick and shovel plays as well.
Logan, I feel like you were going to jump in there.
Feel free to. No, I was just, I was just
clarifying on the moon pay thing.
And that was actually it was, it was during the the whole thing.
So it wasn't, you know, necessarily before the launch,
Keith Grossman indicated that he didn't actually know the Trump
coin is coming. But nevertheless, I mean, these
these protocols worked together in that instance to ensure that
things operated smoothly. And I'm totally for them knowing
or at least some of the parties they're knowing and doing as
best as they possibly can to protect consumers.
I'm, I'm totally for that, you know, so someone at Meteora is
probably needs to work with somebody, somebody at Jupiter
probably needs to work with somebody.
And they are taking small steps. You saw like the Jupiter organic
score thing that they're working on.
It's not perfect. Nothing's perfect.
Nobody has the answer right now and how to do these things in
the best possible way. But one thing that can't happen
and should never have happened again, this is all alleged, is
that these people are taking that information that they do
have and they're acting on it, right?
And they're creating advantages for not necessarily themselves,
but their friends or other folks close to them.
And that that's a huge, huge problem.
That's a very simple like, no, no, that unfortunately has
seemingly has gone on for a long, long time.
I think Mando may have said this in the beginning.
It felt like this stuff had probably been happening, not
maybe even related to these coins that we're talking about
today, but like sort of had this sense that insiders were always
winning. But this is just kind of the
unveiling of that in a very, very major fashion that.
OK, yeah, we knew we were playing a rig game before, but
like, the dealer just showed us the rigged cards.
It was the scooby-doo. They pulled the mask off
exactly. Oh who the the scooby-doo bell
on this man. Now before you go, can ETH win
here is very one of the biggest winners.
Easily, there's there's an obvious win for for that, in my
opinion. If there's any time for for East
to regain the culture, it's this, if I'm honest, like you
have the Solana unlocks this month, which already made it
look slightly precarious into into what just happened here.
People still want to degen, you know, and I don't think ETH is
the place to degen, but I think in a period where people want a
bit more stability, ETH can win with some of those battles.
Pentoshi is calling for all season.
There's a few voices on my timeline who are continuously
calling for all season. I've seen some folks who said, I
got to go, sorry guys, keep going on the ETH Bitcoin bottom
was is in you look at that chart.
I mean, this is not a great looking chart.
It's hard to to sugarcoat it. I mean, unless you really think
it's just going to go down forever.
It does feel like this could have been an inflection point.
So not only did we have like the implosion of the Solana casino,
we have the staking ETFs getting approved.
That was the storyline that was largely kind of brushed under
the rug this past week because of everything else that
happened. And, like, that feels like a big
deal. And, you know, who knows, maybe
the Solana ETF is delayed a little bit because of this
international crypto scandal. Like that could be an impact.
Yeah, I'm sorry. I'm only laughing just because
of the absurdity of the situation.
I man, it does feel like, and I don't really hold any.
I, I was making the consensus trade that everybody else was
and it felt like, like, why, why hold the East?
Like what was the point in holding ETH over the course of
the last year or so? I wasn't actively participating
on the chain. I was doing all that everything
we were doing right, we were doing on Solana.
And that's largely the case, you know, Bill, but the tailwinds
are are there and and quite obvious.
You know, the staking ETF stuff, as you mentioned, Trump's own
kin buying and building a defy or, you know, whatever you want
to call their world liberty financial on largely via
Etherium's rails and you know, acquiring Etherium assets you
have. And then this major, major
narrative shift over the course of the last few days.
It was a big thing for a long time.
You remember months ago founders suggesting that they were moving
from Etherium to Solana or considering watching the thing
on Solana because of, you know, the community, because of the
activity, because of like the warmness that was coming from
these protocols and the founders and they weren't getting that on
Ethereum. And now you've got this point
where it's like, oh boy, there's a chance that some of the the
protocols are not operating as faithfully as they should be.
You have participants feeling scorned and burned.
Things might, you know, feel a little greener back on the other
side at this point in time. It does feel like you said
inflection point dog, at least from that perspective of
sentiment on my timeline, it feels like this weekend was a
major shift towards you know what ETH hasn't rugged us in a
while. And that's that's a.
That's a old faithful. Of course, Bitcoin is is the
real old faithful. But if you think there's going
to be any kind of an old season, it does feel like Ethereum is
probably now back front and center.
Of course, also while we've been talking that Ethan's been
selling off, it hit like 2840 before the show is back down to
2780. So.
So who knows how this will play out.
Logan, I we got Mando's thoughts and what what are your thoughts
about? Like are, are memes going to
come back? How soon?
What what's your current like mental model?
You've been in the trenches? A.
Little yeah. I, I, I, I don't think memes are
going anywhere. It's, it's developed its own
ecosystem at at this point. And I think it operates, of
course, it, it's very closely tied to what everything is
happening in macro and is impacted by that.
But it's its own little bubble of activity that's not going
away. And as long as you have things
like pump fun and other token launch pads that make it easy as
possible and, and nearly 0 cost to build tokens, there are going
to be many, many more tokens, millions more tokens created
that are going to be traded by ourselves and everybody else for
the for probably a while. At the very least.
I do think it's going to need a little bit of a reset.
One of the big questions has been how do we keep launching
these? How do we do the big ones, but
also like, how do we just keep launching them to make it fairer
for people? One of the things that both
Coffeezilla, Hayden and I think many, many other folks recognize
and talked about is like there is an unfair advantage beyond
the insider information. There's also an unfair advantage
for, you know, the technical acumen and the sniping of
contracts as soon as they're live in the blockchain.
People getting the tokens and astronomical amounts of tokens
prior to anybody's, you know, any real person's.
Opportunity to buy them and creating, you know, just
completely unfair advantages in that way.
And yes, it's a skill issue in some way, right?
I don't know how to do the technical things that those
folks are doing using whatever they're using, right to to make
those purchases, whatever you want to call that.
But at the same time, like if you want to create fair launches
and and pre sales, to many people don't think pre sales are
the best fair launch either. Like we got to, we got to find
some other way, find a happy medium of sorts so that it
doesn't feel like only insiders are winning.
Insiders are always going to win, you know, for the
foreseeable future and probably ever.
But like, you got to, you got to shift down the win percentages a
little bit to like, you know, maybe they're not winning 98% of
the share. They're winning like 70% of the
share. I I don't know what it is,
Tyler, but we got to do something slightly different
about the token launches to make it a little bit more fair.
Or else this doesn't exist in the same way.
And then you do, I think, go straight back to Murad's list
and and the cult communities, because that's literally the
easiest and at this point in time, probably fairest way to
just kind of back a meme and and feel OK going.
You can't feel OK going to bed with any meme coins right now.
Not on Solana, no way, not a chance.
Maybe, maybe far coin, but like that has not been that has not
escaped the last few weeks. I know it's just starting at at
basically this final level of support.
Even Kobe waited on the conversation yesterday, right?
And he said it is a self correcting problem.
And I agree it is a self correcting problem.
He also, you know, says there there are actors here who are
just going to always do this stuff.
And even later on in this post, he even like jokes about
launching a coin and then people someone launched it, people
traded it, which just proved that the point that the casino
is is not going away. So I think there's a lot to
unpack if, if we're being realistic about all of this, I
see the take that folks are going to rotate to true
builders, you know, more real projects.
Of course, I'm, I'm rooting for that.
I, I want that to happen at the same time, like they have to be
priced correctly to where folks think they're going to be able
to get a return on that. And if a new great protocol
launches, but if it launches at $3 billion, it's probably not
going to be that appetizing, you know, for the guy who's got 2 to
$3000 to, to play with. Yeah, I think it's naive to
think that that that person isn't going to likely look back
downstream. So I do think that the meme
market will continue to exist. I love Mano's point of perhaps
we can erase the last few or move past the last few
iterations of the cycle where like we're just trading phrases
and news events and country coins and perhaps get back to to
to the OG days when we're when we're it was actual memes and
you can actually go to sleep and maybe things moved a little bit
slower. And then of course the cycle is
going to play out again. So even if we reset, it's silly
to think that we're not also going to do this because this
happened last year. We had Q1.
We saw like with run up to about 3 1/2 four billion.
Then bone came out. Bone was the top the bull off
top weekend. Then Slurf came out and it was.
Small. And again.
It's the descending loops. I mean, it really is none of
those things. People are always going to keep
trading those. Next time Elon changes his
handle, people are going to be trading those coins.
And I think it's totally fine to be trading those coins.
You just got to know where we're at.
We are at the very bottom loops of those like ephemeral news
event things. You know, we were talking about
this last night that Echo the Dolphin thing that Kobe tweeted
about. That would have been a $20
million coin like maybe even 2 weeks ago.
And I think last night, like one of the hundreds that launched
made it to like maybe 2 million or something.
Like just know, just know, know where you're at.
I think it's OK to keep trading those if that's what you like to
trade. Like if you're quick to identify
things that are happening in the news or whatever and you have
fun trading that stuff, like the opportunity's there.
There's not much of it right now.
There's not a lot to squeeze out of it, but I don't think that's
ever going way. The tokenize everything thing
that much. That cycle continues to chip
away like we everything is getting tokenized in some way or
another right now. It's our attention.
And yeah, it's it's it's wow. I would I would love a reset.
I'm tired. Everybody, you know, everybody's
tired of this current iteration of memes.
The one thing about that like ephemeral news headline thing,
which has been a a big piece of this last meta is it the speed
at which it operates, you know, and that's that's a part that is
just like really difficult to continue to participate in when
you can't feel like you, you run away that the runner from 1 to
50 million in a day and you miss it.
You can't look away from your phone like that stuff sucks.
I I do hope that stuff's behind us for the most part.
That's the reason why people like the Marad memes and like
the whiffs and the Pepe's because there was you didn't
have to trade it in the first four hours to get in.
Like whiff was available for weeks, sub 20, sub 50 million,
even far coin and far coin was at sub 50 for a month.
I mean the the second one up a little bit, but there there's
time. The Marad coins were dead for
nine months. Go look at the charts like you
could have entered at whatever price you wanted and seen
tremendous returns. I do think that's where we'll
get back to. I think Marat might still be a
big winner in all this, and it's funny, he had all the pitchforks
aimed at him not too long ago. I sort of hope so.
I don't have any of those bags, so maybe I shouldn't hope so
much, but like I kind of at this point sort of hope.
Well, for many reasons, you know, beyond this, right?
He keeps saying everything's going to be higher and whatever
as he keep backing up his timeline like all time highs in
February, all time highs in. Marking all time highs every
month for a little while more out as much as we want that to
happen. SPX is 650 million, MOG is 350,
gig IS300. So these are still fairly high,
Marcus, but of course down a lot from people.
We've got a few minutes left in the show.
We did 50 on Libra and rightfully so.
I think there was a big piece of news this morning.
Folks probably have seen this, but Kaido has been the talk of
the town. They had last week.
They introduced their token. The news from this morning was
they've taken the snapshot. Let me try to find the
announcement here. Yeah, snapshot 4 yaps has been
taken 4:00 AM UTC, and they're doing a snapshot for the NFTS
4:00 AM UTC tomorrow. So that's what, 11:00 PM Eastern
tonight. So this will be the, you know,
probably the last big day of trading for those NFTS for for
quite some time. What makes this even more
interesting perhaps is in their next tweet that they're talking
about these new pre tge projects going live on their launchpad.
Voting will begin next week integrating Yap votes and Kaido
on chain holding votes. Some folks are saying maybe
those are the votes from the NFTS, but my initial
interpretation of this was does that mean we're actually going
to get these Kaido tokens in the next week?
So it feels like the TGE could actually be happening.
We saw some of the perhaps early info on this cane Leo Canelo,
however you want to say it, share this info yesterday, do
some on chain sleuthing. It looks like Kaido is going to
be on base 1 billion supply. There's three buckets of tokens,
57 percent, 10% and 33.3%. And folks are starting to
speculate what that actually means.
So we do not know that 33% is going to an AirDrop, but it's
likely 33% or 10%. It's probably one of those two
buggers. And of course we don't know what
this blitz are in there. Loki, what's your, what's your
reactions to, to, to Kaido? We've seen some wild price
speculation going around the timeline this weekend.
Do you think that we're going to get the token this week and and
where do you think it's going to come?
Out yeah, I do I I think you'll get the token.
I don't see any other way to interpret really the on chain
nature of that post. You know, tokens are
consistently used as governance for or for governance purposes
and voting and whatever. So it would make a lot of sense
to refer to it in that way. And then, you know, to provide
it, especially if you do a snapshot and, you know, the the
deployment has already been done and and basically confirmed by
is his name. You miss, I'm going to mess up.
Yeah, Yeah. So I do think he'll get it this
week. The really cool part.
I mean, kudos to Kaido in the fact that like, you know,
there's lots to be said about the quality of the tweets and
the yap earning and all that stuff.
And I'm a skeptic for much of that as well.
But like, the willingness to just kind of do this and not let
it play out anymore has been has been nice.
It was like, what yaps were put out there in early December,
maybe be late November. Yeah.
So like a couple months. And it really started to do to
crescendo where people started to farm it much, much harder
maybe in the last two weeks, at least on my timeline.
And it was becoming overwhelming and overbearing, like the amount
of stupid yap tweets and the yap the same thing happens with
every AirDrop. You know, I don't blame the
people, but it's the hopeium about like, if it's this, this
is how much you'll earn those things.
And you know, probably this was already planned, But if it
wasn't to put the kibosh on that is a is a real cool move.
So I, I'm excited to see what happens, but I, you know, I
don't have many apps. I think I finished with like 21.
So I wish selfishly, I guess I wish it would have extended out
a little bit more, but I'm not, I'm not mad.
I'm, I'm excited to see what happens.
And I think that's cool that they kind of, you know, shut it
down in like a A2 month span while it sells.
Many other farming programs have lasted years.
I thought it was going to go at least another month if I'm being
honest. I I want to shout out Ultra for
finding this. So he went through their GitHub.
Again, this is unconfirmed, but he's laid out some speculation
for what he thinks Kaido will be.
He basically said this is just an early warm up stage.
They're going to turn into a decentralized data network.
They're going to monetize it that way.
And he's laid out how miners and validators will be able to
participate and earn rewards in that ecosystem.
Rewards here being Kaido tokens. I still unclear exactly what
what all of this means. And he says they're going to
generate revenue through sponsors, users paying for
premium features and search services.
It's not a stress to me that that people would pay for this
data. Yeah, I I don't think so either.
And actually like as an aside, I was looking up, you know,
decentralized data network, you know, decentralized data Big
Lots of buzzwords, right. But like GRASS for example is a
big decentralized data protocol if you want to.
Call What kind of data does GRASS?
So that's your excess Internet bandwidth, right?
I'm not, I'm not a tech guy here.
So I might be misinterpreting something and and
misrepresenting it. So I don't mean to, but all I
want to do, relatively speaking, is that this is a decentralized
data. My understanding of it is it
decentralized data and you're trying to kind of cut out some
middle men, much like Kaido would be doing in this way, if
I'm interpreting that post correctly and rewarding users
for it as opposed to somebody in the middle, right, That's
aggregating it. I'm just using this as a frame
of reference, $1.57 billion FTV for something similar.
At least in buzzword, not perhaps in actual, you know,
actionable, technical, whatever, cahoots.
I don't know. But I looked at that and I, you
know, when I see that and I see all the buzz around Kaido and
then I see those things that are unconfirmed.
Of course, this is just speculation from the GitHub.
It doesn't seem as outlandish to me that it would be a $1.5
billion FTV type protocol. I don't know.
It's tough. It's tough for me to to make up
too much else. I mean, we're speculating.
We're like 5 layers deep on the speculations to get to that
point. But what seemed more outlandish
to me previously seems less outlandish at this point in
time, I should say. So now the Coyote tokens turning
$1.20 on AVO pre pre markets it was up at 240 over the weekend,
but actually on decent volume. So it had one and a half million
in volume. But now it looks like the volume
is off a Cliff. It's getting on like 50K in
volume. So what's that give it?
FTB yeah, these these are FTB. So it's trading at 1.21.16 FTB
right now. That seems that seems OK based
on again, a lot of a lot of like really weird back of the napkin
math type stuff. But like, I've seen worse of
course. In Legendary, he did an OTC deal
with Lucify, paid $30. That real that's.
Real. That looks like it's real.
So we'll see if that bet pays off.
But he is putting money out that he thinks he has to be worth
more than $30.00. So there's been some outlandish
price takes out there, I think on purpose to generate views and
whatnot. They're not going to be 100.
Could they be 30? I mean, clearly Legendary thinks
they they will. I'll be happy with anything over
10. I think at this point, hopefully
more than a dollar because something people will be
disappointed if it's a dollar. The great thing about the way
you did it, Tyler, though, is like you didn't, from my
understanding, really go out of your way to be farming this.
You know, you acted kind of on Twitter like you would act.
So this is a bonus for everything you're doing.
Anyway, that's awesome. Well, and that's how I thought
you can even make the argument that the system gets degraded
the longer the farming is open, and perhaps that's why they shut
it down so fast. It was already getting degraded
pretty heavily like 15 people made the same tweet on my
timeline and 15 smart people made the same tweet and and
whatever that happens with big news and stuff.
But like you can tell that a little bit of it was, you know
kind of related, which is which is unfortunate.
I am very happy to not see the I've earned X amount of yaps in
the last 24 hours tweets. I'm glad they'll be off my
timeline. The real signal for Kaido was
when people were organically tweeting about topics and you
can see where actual mindshare was and who was driving
conversations and that data got distorted during farming.
And hopefully we get a reset here and we will see who was
just speaking up to earn yaps and who actually cares to to be
in these conversations. So I am excited for that, though
I think there's going to be more seasons.
I think there's also likely going to be vesting of some
kind. Before we wrap up, I know we're
over. Let's recap our myriad bets we
had. We had some success over the
weekend. So Diamond Hands Poker played
out on Saturday. Looks like there ended up being
10 markets at least 6,000,000 Pingu bet.
So I'm, you know, pretty happy with the overall pot sizes.
Our boy Farouk crushed it. So he he won the largest pot.
So that bet was a winner. No on four of a kind hit.
That one was a little bit of a a sweat because I think someone
may have been dealt it, but they didn't they didn't play it and
so it didn't resolve. And then there was 72 did was a
yes, that was an underdog bet. Yeah, our analysis was spot on.
Unfortunately, I cannot participate in these.
Otherwise the Faroque 1 was my top bet from the stream on
Friday. I would have been able to cash
in. It was like what, 40% or
something, 45% when we were talking about it.
Yeah, that's a + 150% gain slogan.
Gave everyone the alpha. I gave everyone the outfit.
Yeah, well, hopefully so. Hopefully some people made that
bet. I did not watch the stream, so I
can't suggest that the analysis I provided, which was that pro
could be a little more gun slingy than Luca.
I don't know that that's actually what transpired, but
I'm going to tell myself it did. So yeah.
Well, the the results were, were were good.
Love seeing some real money markets on me and exciting for
more to come. Folks, we're going to go ahead
and wrap things up there. Thanks to our listeners for
tuning and thanks to our partners as always.
We'll be back tomorrow at 10:00 AM Eastern.
Until then, go make today a great day.
Goodbye.