Good morning, good morning everyone GMGM and welcome to
another episode of BOMO out today Tuesday is Friday or coin
Friday, Friday, May 23rd .25. Folks, it it was shaping up to
be a glorious morning wake up, Bitcoins humming along.
All are soaring on the day. Our memes are green, and Trump
wakes up on the wrong side of the bag and announces new
tariffs on the EU. Markets tumble, but we're
already rebounding. And the question is, are we in
for a green weekend? We're going to break it all down
on today's show. We've got Farouq and Mando back
with us. Boys.
GM how you doing? Good morning.
How you guys happy? Happy Farquaid Friday.
I'm fucking good, man. My bags are up a lot.
Fantastic well wrestling he he was watching Rocky 3 last night
and watching the far coin one second chart.
I couldn't sleep like I was in bed at 10:30 PM and I slept at
like 1 because I was watching Rocky 3, Rocky four, and the far
coin chart. That's a fun day.
Yeah, I was led to all these
side events and I was like, I'll just watch the far coin chart.
Far coin suddenly feels strong, doesn't it?
Suddenly. Suddenly.
Well, I feel like it it, it would it, it didn't hasn't had
like a outperformance period for a while.
It's just kind of like kept. Up.
And now it feels like it's the strongest meme out there
suddenly. But would you guys agree?
Like some other memes are moving much more than far coin.
And then suddenly now it feels like, OK, well, this is the one
to own. It's still $2.00.
It's still getting outperformed, that's the thing.
It's not even like Pepe and Bonk both moved more. $2.00 Yeah, so.
There's room to go higher faster, and then maybe we'll get
it today on Fartcoin Friday. Folks, we've got a big show in
store for you. We're going to start with the
market report. This quick Bitcoin dip, it's
already gone. There's a lot of calls for all
season on the timeline. Are they out of pocket or is it
for real this time? I want to talk a bit about
Solana's big week at Solana Accelerate that the hyper liquid
FOMO is ratcheting up as it hits a new all time high.
We've got major banks looking to enter the stable coin game.
The CFTC teasing legal per futures, cracking on some
tokenized stocks. Salaam, we talked about that
yesterday. Longs coin continues to pivot. 3
pivots yesterday. I think they might have set a
new founder record for amount of notable pivots in a day.
And ruins are green pups up? Pups are going up again, folks,
after this latest crack integration.
So we'll talk about all that and more.
Before we dig in, we're going to give a shout out to our partner,
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If you're ready, let's get into it.
Let's get into. can you dig it?
So volatile. I would say today we were all
the way up just just north of 111 K and then it felt a little
bit soggy in certain spots, let's say, although like fart
coin was strong and a few other things like it was it was it was
feeling as though maybe stuff it had like a mini top just before
that news headline came out, funding had gone high on a
number of different coins. And then Trump basically came
out today and said EU is going to get going to get it.
It's going to get 50 to 60% tariffs or something like that
for I guess 60 if you include the existing 10.
And you know, I did say that I think the EU would be a tough
negotiator. I, you know, we've seen this
play, but before, you know, feels like everyone wants to buy
a tariff related dip. But on a broader macro level,
there is a lot of like worry at the moment just because bond
yields just keep going, particularly in Japan and that
continues to like make people very fearful about some sort of
major global blow up essentially.
So maybe tariffs plus that was not going to be the greatest day
for stocks, at least in terms of crypto.
I thought we had a very strong day in terms of headlines again
yesterday. We obviously have the
tokenization headline out of Kraken, which I think was
strong. You, you had a story out that
major U.S. banks are going to be considering a stable coin, that
this is to be vastly expected. I thought they'd all do separate
ones, but they've, they've decided to potentially join
together and you could tell that would get some sort of
favourable treatment in the US if they did that.
This would be tried by getting the crypto for sure through
this, away from that. You had strategy said they're
going to buy some more Bitcoin. You had the CFTC coming out and
saying, we spoke about PIPE yesterday, but they, they came
out and said, look, we we might get perps in the US soon, which
was a good sign. I don't know if they'll be
decentralized perps. They may be very regulated on
centralized exchanges, which I think is maybe something to pay
attention to. But it was a good sign,
definitely a good sign to see. And and hyper liquid has been
the best performer again out of L1's on the back of that as a
headline hit an all time high of 37.
So 37 billion definitely. I think flip Doge, I think I
don't know if it's flipped, it's getting close to must must be
getting close to Siri now in terms of market cap or is it
overtaking Siri in terms of I guess you can't you can't see
the the it's. Right there 30 Oh wow, been 1
billion. Holy shit Hyperliquid is a top
ten coin? Yeah, it's coming.
Wow. So big, big move in hyper
liquid, obviously still racking up a ton of fees at the moment
and it's been a very popular trade I think throughout the
timeline. Interestingly, I saw a headline
today which is the Bitcoin long short ratio is at a three-year
low lows from September 2022. What does that mean?
Well, I think that tells you that could be indicated that
like people aren't as long as you would expect them to be.
Oh, but it is. That's good.
But I think it would also tell you that there's a lot of basis
trades, huge amount of basis trades because of that.
So some people are like, oh, we're going to see a short
squeeze. Like the market's not even long.
I don't know if it's that, but it is really surprising to see
Bitcoin at an all time high and the long short ratio to be at a
three-year low. So that's I saw that and I was
like, wow, we could have gotten a lot higher if that's the case.
But then it's so much of this data is being is being affected
by the by the basis trade. Like we had a massive influence
at Bitcoin ETF yesterday, one of the biggest in months and it's
you just don't know. It's like, I think a lot of that
is the basis trade. So like the long short ratio is
probably low because of that and people buying the buying the
ETF. So it's really difficult to
judge on these sort of things, but it's certainly not bearish.
It's just how bullish is it really, I would say.
So basically and. Explain that.
So basically money is coming into the Bitcoin ETFs and spot
and then you know, perps are a futures product.
They're they're going short the same amount to like to capture
the spread. Yeah, spread is one way to look
at it or, or or capture the yield like to actually if you've
ever gone long on futures, you might realize that like you have
to pay some money every four hours and that money is paid
from the longs normally to the shorts.
And at certain times when the market, everyone, you know,
thinks we're going to break an all time high, the, the amount
of money you have to pay to be long, which James Wynn knows can
be, can be pretty high. So what they do is they buy the
spot Bitcoin ETF and they short the futures, which means they're
getting paid, they're getting paid from James Wynn
essentially. And they, they capture a risk
free income stream there because they own the spot and whatever
happens, they've basically got the same position, but they're
just taking in a, an income stream.
So it's popular, it's popular whenever it gets above like 5%
and it and it you can now do it with ETH and with Bitcoin
mainly. So that's why for the last,
since the Bitcoin ETS became large, we haven't really seen
funding rates spike at any time. They've remained relatively low
because this money money comes in to do this trade.
But what you do see is that whenever it feels a bit frothy,
which it has done the last couple of weeks, let's say, and
funding starts to go high, you actually see very big inflows
into the Bitcoin ETF. And people might read that as,
oh, everyone's going along the top, but actually people might
be putting on, we would call them the delta neutral trade.
It's like it's doesn't really mean anything what they're
doing. That makes sense.
And like I'm I'm one who loves to race to cheerlead and
celebrate the ETF info numbers, but it feels more and more like
it's is that basis training we should it would be nice if we
had access to to exceed the specifics on that.
But what is notable, it looks like we just lost Mando.
What is undeniable is that like the bid was on U.S. market open.
We should go into hyper liquid just just to give it like an
example for people here a little bit.
It might be useful because if if you're if you're really D Gen.
you don't have to do this with Bitcoin.
So if you go into hype or go on to yeah, hype's not a bad one,
sort them by funding rate, maybe sort.
Can you sort them by funding rate?
On perps. On perps, yeah sort them by
funding rate I bet I get I bet the other way yeah so far coin
for example, if you hover over the 8 hour funding for far coin,
it might tell you what that is annualized.
Sometimes they do, but you could effectively go long far coin
spot and short far coin futures here and earn nought point
nought 8% every 8 hours. So what's that everyday?
Let's say that's nought .25. Well This is why FAR coin is
doing the most absurd perps volume.
Have you seen the perps volume on far coin on on coin market
cap? Right, so you can earn nought
.25% a day doing that. That is an annualized yield of
91% APR. It was much higher on an APY
basis. So that is a risk free trade.
Like Perot you own farcorn spot right now.
You could just you could just sell off into the sunset and be
like, look, I'm just going to short farcorn parts for the next
month and if this goes on for another month, I will earn what
is that a month? But to be fair, this works.
This works mostly on the chopping period, no?
This works mostly on a frothy period.
Frothy. So this work, the market
suddenly goes to all time highs and people are willing to just
be long fartcoin perps at any, any sort of funding, you know,
because they think it's going to go so much higher.
So like I said, you could, you can actually just chill if you
wanted to right now and just be like, look, I just want to earn
10% a month now for the next month, assuming that.
But but obviously this is dynamic far coin, far coin
funding is not always that high and it may go all the way down
for like at any at any one moment.
But right now if that was to say as elevated for the rest for the
rest of the year, then you would earn like 100% doing that.
You'd like to earn your money, but that's why that's why far
coins raise so much volume. Like if you look on core market
cap, far coin perps on Binance have done 600,000,024 hours, 500
million by bit 500 million. Some like all these little like
scummy and weird exchanges as well.
And then you have hyper liquid like it's doing like billions of
dollars of perp volume. Yeah, that would be 24 hours.
If you're giving up your outside.
So if he did that and far coin ripped to $2.00 he would be
missed that. Of course, but you could do a
bit, you could hedge like 50% right now, right And be like, so
instead of selling far coin, you you could just short far coin
and actually that can be a better trade.
Or don't realise. Don't realise capsule gains and
you capture the funding. Well, this is what the market
makers do, right? I speak to them all the time.
Like this is like they all do that.
Like I have a homie that does. Is that one of the top wallets
on hyper liquid? Like we're talking like a
ridiculous amount of like really, really, really, really
ridiculous amount of volume, and that's all they do.
Yeah. I mean it's, it's the things to
manage it. So I said, you know, you're
going to get 100%. Well, actually that depends on
how much capital you put up, right.
So like if you did like a 10X or 5X short, right, you're actually
going to put up some capital to do that.
So that eats into your return over both pools of capital.
And then you have to worry about liquidation risk.
So like if fartcoin got a spot listing at at finance tomorrow,
like you're probably going to get liquidated.
And then that's like that. That can be really bad because
perms often have big Wicks. So it's something that you do
have to like manage, but there are this is this is a very
common trait. This is this is what Athena is
doing on Bitcoin and and ETH. But you could do it on Falcon
yourself right now. And you know, I don't think it's
the the worst idea that if like Falcon hits $2.00 to like put on
this trade, right? And then you can just chill for
the summer far oak and not really have to worry about that
much. So.
Yeah, well, Falcon's going to $10 this summer and I won't have
to worry about that either on a yacht in Ibiza, so you know you.
Can give it upside my friend, to get safer play.
I mean, one of the clear winners of what you're talking about is
people who are running this strategy on chain.
Yeah. They're doing a hyper.
I wonder if James win like even that big you called him what?
I was watching the clip of you guys big.
Game, James. Big game James Oh my, that clip
of you and Mando is so funny from yesterday.
I, I would say I started laughing, but big game James, I
was talking some obviously was topic conversations at at dinner
here, right, because it's like the biggest position in crypto.
And a lot of people are saying that he's just probably like
hedging, like he's just doing this in public.
But there's, you know, he's probably doing what Mando's
saying somewhere else or not. I think he's just like the most
degenerate human being we've ever seen.
But you could just do this. You could do this on hyper
liquid dish yourself right now because you can trade.
A lot of people are doing it. Yeah, yeah, yeah.
A lot of people do it with small size, too.
Like I think Stats was talking about it at some point, right?
Like, you don't need like a ton of money to do what Meadow's
saying. It's great advertisement for
Hyper Liquid. It's amazing.
I mean, that's why it's top ten. I think this is.
Insane Hyper Liquid's raking in the fees right now.
I think I saw that they made three and a half million in the
last 24 hours, which they're they're piling back in the
buybacks of their token. Look at the TVLTVLS just
soaring. Now it's up.
What was it, 400 million on the April bottom, 350 million now
what's up? I mean, it's basically up as
much as the hype token is up. I mean, these charts mirror each
other, but it it feels like it's different this time and what I
mean. What a chart.
FOMO was kicking in the group chats.
People are trying to figure out how do we bridge the hype?
What's the hyper EVM play? Should we buy these NMTS over
there? Should we buy the hype means
over there ahead of a potential hype EVM season, which is the
next leg of this potential trade, right?
So so far it's been making this run just based on its perps
product and the fees they generate.
And the EVN hype EVM has basically been a 0.
That's a big unlock. I think that's got to be a part
of the bull case. And I mean the the price action
is enough marketing on its own up 4X now off the April 7th
bottom, one of the single fastest horses in crypto right
now. I think this this kind of leads
back to one of our talking points today is all season for
reals. This time growing chatter.
It was it was it was widely mocked.
It's been widely mocked for what feels like 2 years.
We've got folks like blunts calling for it.
I mean, I guess. I mean Mando's saying ETH
running to 4K like that would be an alt season.
Any kind of an ETH running would certainly be a part of that.
I think we're all on board with the idea this could be, this
could be a little bit of a of a move here, but I would just be
wary of thinking it will last for that long.
Like all seasons people are like, oh, everything's going to
run to all time high everything. You know, I don't think that's
going to happen. And I think we said yesterday, 4
weeks is kind of how long they often last.
So I think you could see that Bitcoin dominance is still at
64%. So it's not like sitting there
and like it's like unbelievable Aqua in season.
But do I think that we could have strengthen notes for four
weeks? Yeah, Yeah, for sure.
This chart looks pretty damn strong.
So I mean, you got to be a great like you got to be really
thinking this is going to shift significantly to be like really
pounding the table right now. I'm not talking about you, man.
I'm just talking about others who are just like kind of
screaming alt season now on the timeline.
But for I feel like you're kind of positioned for alt season.
Like what what have been yesterday, like Mando asked me
about my book a little bit. I kind of went into it like
what? What have you been?
I have the best portfolio in crypto bro.
Yeah, I have a lot of my liquid net worth in far coin, but
that's been very public position for a while.
I have not touched it actually. I've only bought more.
So I'm not touching, I'm not selling and I'm not adding
either. I'm just going to wait.
I'm convinced we go to $5 at least.
So I'll just wait for that. That's my OSF with trade, you
know, I mean, it's going well so far.
And then I moved a lot of my Sonic position, a lot of it.
To Pepe and Mog a couple nights ago, so before this other leg
up. So I'm eating on that as well
because even on this downtrend, it held better than alts and I
never touched my rec position. So I'm still top 25 holder of
rect. So that's going very well for
your boy. And that's it.
Just. Quick shout Direct 120 million
FTB. Yeah, it, it, it, it stopped at
all time high yesterday. It literally stopped there.
It was. It was brought to break the ETH
at 1:25 and it stopped. And so, so that's it.
I'm, I'm I my, my levered BTC soul is fart coin because I
think fart coin is kind of like a leverage on like Bitcoin
itself, which is crazy to say and and and Solana and then on
Ethereum, Pepe Mog rect has proven to be the three winners
and rect has been the leader. And then Pepe and Mog have
similar setups. But I think Pepe is ready for
big leg up. And I agree with Mando that
Ethereum had quite a big run and I think it's that runs going to
keep it's got to go back to 4K, right.
So if it goes back to 4K, Pepe breaks all time high.
Like Pepe to me is still like I think I've been saying it for
since 2023. Like Mandoli and I, when we were
early on Pepe, we've been saying this, but like, I generally
think Pepe is a top 20 token and the cycle's not over.
So my beliefs has it's changed. So think if I can write that,
I'm happy with that. Yeah, yeah.
And, and like a lot of them look good.
Like Bonk and Pepe have the same setup.
Like Pepe, Ethan Mogg has the exact same structure right now.
Like the exact same. Like the charts are the same.
Mog moves actually a little more than Pepe did the other day
after I bought which was nice, but I don't.
Know MOG? I like it here.
I'm looking at MOG right now. Yeah.
It's prime. It's going to make, it's going
to make a rec move. I think rec.
LED, that's the one that looks like it could move, right?
Yeah. So.
So it's high all time high was 4.
So they all know the all time high for MOG is $1.5 billion.
That was really the day of the rug house.
Yeah, the party, Party. Yeah, at the party with Blondish
DJ Pico Top. Yeah, the day after Coinbase and
so to me, a coin with so much strength and look, you guys know
how much I love mug this that's like my family right, and it's
just like I just it's just so obvious to me.
It's like rags. It's like so obvious.
It's not like they left like K money is like are one of the
greatest shillers of this fucking cycle undeniable.
So you know, while rect is running with brankorn narrative,
Mog is like the culture coin, the culture coin and Pepe is
just the king of the cycle. There's no you know, Pepe is the
undeniable king of the cycle. It it's such a nice clean set up
on the ETH, like if you think ETH is going to move and the
betas are going to move faster, it's like Pepe mog rect is just
like so like they're standing out.
But the other one I have to. But we got to give a shout out.
SPX is in the conversation, right?
Exactly. So I'm, I'm, I'm Pepe Margaret.
But like SPX is another one, right?
Like this is like doing really well.
It's just like, I don't, you know?
Yeah. What, what do you think of this,
of this Robin Hood listing yesterday for Mudeng and MU?
Are we about to see other bit of a listing cycle here?
That's a lot. That's what came in my mind.
And then the obvious coins there are are far coin.
You could argue Mog I I. Don't like Doggy Mogg, right?
MOG is on Coinbase and on bank but no it's not.
Oh it doesn't have Binance spot yet by the way MOG it was on
listen alpha. Don't forget that Mogg listed on
alpha Binance a few weeks ago. Don't sleep on that like.
Oh I didn't know that, I just assumed it was already on
Binance. No, it's on alpha, So like keep
that in mind, like that mog move too highs and once that break
the highs, like I think wrecked is going to destroy its highs,
right. If you look at the mark chart
and the rec chart, I think Mark's going to pull what wreck
did. But like on that type Mendo, I'm
not going to call insider here, but that move, they move up and
then all of a sudden you get a fucking, you know, news on Robin
Hood. That's a that's a classic.
But hey, we like those. I think who who do you guys
think? Like FARC one is is I think FARC
1 is the best product for the West for like a western listing.
You know what I mean? Like I don't know.
So I see it obviously super backed buys.
I saw that and I was like, right, is this what we kind of
saw in November a little bit where suddenly we're going to
start to see a few of them? Do they do they think that's
enough? Far coin seems like an obvious
one here with what we just said. Like if I was buying it right
now, I'd recognize that far coin is driving a lot of the interest
right now in hyper liquid and be like, right, let's let's list
this and then for. Oh, you're right about that.
The other coins, it just feels like the time doesn't it feels
like the time to maybe push some of the I look at Mooding and
even go like this thing can this thing can go like that's a
pretty attractive. It's got Robin Hood.
It hasn't got Binance yet. It hasn't got buy bit.
It's a couple of can we, can we talk about for a second that two
weeks ago Mooding pumped out of nowhere and did a 7X.
Well, it's not nowhere. Now you know why.
Now it's on Robin Hood's spot 2, two weeks later.
You know why? I mean, he's.
Correlated in any way? Went to mute candles.
Went to mute candles, literally. I looked at it and I was like,
that's it's, yeah, I don't know. Can they call me next time like
I'm? I'm interested right now.
I like it sad to cook. I think Cook cooked on that and
I don't know if Rasmer still has his Moodang position, but they
these two guys, they are like obsessed with Moodang Rasmus.
Sold it for sure. Anyone who held through this
period though, like if you held through.
That mental illness you deserve the win yeah, I think like you
know, like you have like all these like yesterday I was
looking to add some on the Solana side like I I was
honestly looking to add some popcat because that's a good
setup and like it's the other one, but like I don't want to
move any farccon and I think my farccon position is so big that
I'm done with the Solana side like it's just but if I had to
add like popcats looking really good like and that's another
strong one Mendo like in terms of listings and community and
all that. How to start with with looks
good here. Well.
That's good here. I mean, there was, yeah.
But Jenny, like the dog with the hat actually does look good.
Like, you know, if you look at it on like Trading View, I know
like this, it doesn't look good. But on Trading View it looks
fucking amazing like so I don't know.
This is pretty good, yeah. Are we just going to run back
all of these memes? But to me, there's like 2
schools of thought. So if you think we're like
selling May and go away, which I don't think any of us do really.
Well, yeah, that's that's proven wrong, right?
Then. I think you've got until mid
June. Yeah, I agree.
So. Maybe 10th of June I would want
to be severely reducing. I'm taking a lot of positions
off mid June, that's my goal. And that's all that is, a short
time frame. I mean it's a short time frame,
but for maximizing it's like this time frame is a lot.
I, I know what you're saying and, and the data backs this up.
They the data backs you up and we were looking at it yesterday.
The explosive meme move, for instance, that took place last
year happened from. The Trump candle on Solana was
fucking like. Overnight it was a month.
A meme move was a month, so four or five weeks.
And if you're arguing that the move is already started, then
you're right, the clock's already started.
So we've got three to four weeks left.
But. And then, but then we run it
back in Q4, then we run it back in Q4.
Which I would be comfortable with, I'd be perfectly happy
with that. But it kind of like part of me
feels like, man, it's like this new, this new meta, this new
cycle is just starting. But, and that's why it's hard
for me to get fathom like, oh, this is going to be over in four
weeks. That's just like my personal
emotional feel with, you know, not taking a, a hard look at all
this. But it's, it's good advice.
And to keep that in check that you need to start thinking about
that. It could very well play out like
that. And back to your Robin Hood
point. And they need to get going on
some of these things. We need to get some of these
spot listings coming in soon. It's going to be an interesting
early summer, or I guess late late spring technically.
I think like people know like people want to buy shit in
summer, like give the people what they want, like list the
tokens, make your fucking fees like Coinbase and all those
companies like make your cash, you know but.
We're we're talking about. Coinbase right now I list all
people's favorite meme coins just from a pure media
standpoint because they've taken such a beating on the back of
this. Like like in terms of PRI
fucking list the biggest memes just to give people something to
chew on while we're getting chewed out in social media
straight up. So what P Rs that point?
What are we saying at the end of this conversation?
Which ones do you want to own? What are your top three other
than fart coin or like other than your?
Coin, actually, that's OK, That's not in our bag, Doge.
Especially the Solana thing that happened yesterday, I think it's
pretty cool. And it's just sitting at $23
billion talking about the king of memes.
So we're talking three. That's not in our bags.
OK, Doge. I don't want to say Floki, but
these memes always pump again like it's stupid, but you know,
so let's keep it safe. What do you think, Tyler?
OK, I'll say those pop cat and let me think about the third one
while you guys think. And Trump.
Oh wow, some pile takes. What?
Are you going to get for doge 2 XI got I'm happy I'm happy
skipping the doge trade here. I think SBX looked that SBX
looked good. I think MOG looks really good
and one of the wild cards like a token like Pingu.
Yeah, Pingu, Pingu. Making a run for.
Sure. It's 80% off all time high
still. Luca just went up on stage
yesterday and said there's a there's the biggest announcement
of the year still coming. So, OK, if we're talking to
smaller ones, like, not like, yeah, like Popcat Penguin, like,
I don't know, another one. What do you think, Mando?
Yeah, I think looking at MOG again, just looks like that's
the one to me right here. Like it, Pepe's had a decent
move now and I think MOG has got another 2X in it here basically.
Yeah, 3X feels pretty realistic. What no one's talking about is
the number one runes, the dog token just quietly at 500, five,
120 million with a cracker integration on the way.
So every everyone's still still fitting the top runes, dog.
I'm I'm so tired. You know what?
I'm even tired of the runes thing.
I'm I'm like, I like I looked at pops right now and like bitcoins
at 1:10. This thing is like still raging
at 30 million. You know what, like at this
stage, like my quarter $1,000,000 in pops that once
was, it's probably worth like 15 K.
I'm going to sell it and like buy myself an insane vacation
this summer with it. Like like that's a great fucking
10 day and like a five star resort was my girl and I'm just
going to drink it away. Yeah, probably get better.
Yeah, better rely on life we've. Been watching Brooklyn.
What we haven't talked about is alts.
So like we've been talking about memes for alt season.
We talked about hype, but other than hype, like are you looking
at any of these other more traditional alt plays?
So like World Coins been on a tear.
It's up 32% this week. Jupiter had a big announcement
yesterday. They're rolling out their Lynn
product. They're up 20%.
Nice. Tao's been hanging out.
It's doing all right. I kind of pointed this.
I feel like it's it's still like it feels like it's AI and memes.
What up with the believe eco? Talk to us about that.
Yeah, yesterday was a very messy day.
Yeah, look at the the launch coin chart and looked amazing
and then in one day got new from 260 to like 160.
What happened? Yeah, the total market captain
believes 280,000,000 right now, launch coins at 177.
It's kind of hanging out at support right now. 180 million
has been its support level messy day from founder Ben Pasternak
yesterday. So about a day ago I believe
that came out and said we're going to make a few changes.
Launches using the launch corn handle are temporarily paused
due to a surge in non like non legitimate like try to get rid
of like the trash tokens, the scams they're launching kind of
made sense. Then a change to their verify
this new feature. They're going to go live
throughout the day. They immediately got pushed back
on that. So a 30 minutes later, Pashmik
says, OK, we're going to make change based on the feedback
here. Give us 30 minutes.
And then a few hours later, sorry for the chaos.
Live iteration is tough. Staying stagnant is not an
option. We got to keep evolving.
And then 8 hours later he makes another pivot and says believe
will not be the arbiter of truth.
No more featured verification at all.
So they're, they're throwing out the verified launches, which was
kind of like the hallmark of this app.
So anyone could launch on believe, right?
And that's how we had 15,000 launches in the first week.
But part of the core bull case is he was going to be able to
like round up real builders with real products and then they
would launch them in a more like, in a verified fashion so
that you know, like, OK, this is like a legit launch to watch.
And now they're, they're, they're kind of throwing out
that responsibility. And it happened in a very knee
jerk way. So like I was following all this
in real time and it's like we're doing this thing, then this
thing, then this thing. And I, I hate this as a market
participant because it's, to me, it just shows that you're very
reactionary. You're making knee jerk
decisions and you're not sitting down and making like a, a
thoughtful plan and vision for your ecosystem.
It's like I I've panned the bowl case on this show, but I have to
be very objective here. Like this was a bad, I thought
this was a very bad look from Pasternak and the Believe app
and, and the markets kind of showing it.
A lot of the recent believe launches, like they're pretty
low. Like let's look where, where are
the market caps at? Yeah, we've got 3 coins hanging
out over 10 million, but they're all below 15 now.
Pretty a lot. Of stuff down on the day, there
was another messy one of the recent launches, Clad Like the
Family, got his Twitter deleted. There's so much drama, dude.
Like I looked at the comments and then I'm like, then people
are pissed at like password Act has not been like supporting the
unicorns. They're kind of fucking them off
when they were the biggest in ecosystem and this and that.
I'm like, I don't know what is. This a more predictable thing
than what is going on right now. I know I was just going to say
this, man. I was like, I tried to believe
it. I'm looking at it like fuck,
like it's the same thing all the time.
Exactly. With AI16Z, what happened with
virtual? It's like if you're trying to be
some sort of like gated launchpad and like you've got
the secret sauce to launch good things.
It worked at the start and then it just gradually gets worse and
worse. I mean, AI16Z went to 4 billion
sort of virtuals, right? But we're not in that.
Market. We're not in that market.
People come by AI like this was just, this was literally just
the guys that stuck around deciding we were going.
To buy it was the IT was the ACC Zeke people.
Yeah, what I will. So and I I shared my negative
outlook, the potential upside paint the bull case, it's still
at support. So one 180 million is holding
and I mean they could like the bull case of them is still
bringing in founders and having a viral launch is still on the
table. Yeah, and it's still only two
weeks old. I'm still not, like writing this
to like, send it to 0. That's not what I'm saying by
any means. I just my advice to Ben is just
to like take a long weekend. Yes.
Sit down with your team like, think about like how you want
this to go and just stop making. And please don't crash out.
Three hours. And please don't crash out.
So that would be that's the natural evolution of the
founders. They usually crash out next at
that's. Coming out to Anthony, we do
reactionary here's our go forward plan here's our
potential flywheel here is like the the set of X founders that
we think are going to be able to come launch products with us
this month and I think it would it would do a lot to inspire
confidence he he. Should come on the show on
Monday. Tuesday.
Sorry. ICM summer?
I don't know. I'm not sure if I'm ready for
ice if I call an ICM summer. It's Solana summer.
Let's talk about Salon this summer.
You're an Accelerate. There's been a lot of chatter
about ETH on the timeline. The sole chart looks pretty damn
good to me. I'm betting on sole being a
faster horse than ETH if we get an off season this month.
And part of us, the momentum coming out of accelerate broke
your your boots on the ground. What's been your experience?
Listen, I'm the founder of an EVM aligned company.
I want to put this forward, but but Solana every time, you know,
look so excited. It was electric.
It was a great conference. It's still going on today.
I just happened to have to I have to leave, but or else I'd
be there. There is a lot of energy.
All the this goes, all the creators are there.
Then you have it's I was telling someone yesterday, but I like
what Solana is like. There's a really cool culture.
So you have all the like the creator folks.
Then you have the nerdy devs, let's say.
Then you have just the consumers, the participants that
come and chill. And then you have the big
founders. They're all here, by the way,
like the big dogs. Like there's a lot of big folks.
As you can see from the from the people who are speaking, the
panels are packed. Every booth is packed.
It's not a huge venue. It's perfect, right?
It's a Pier 36 in New York by the water.
And it just, it's, it's so long in a nutshell.
Like it does a little bit of this and a little bit of that.
And it was a great conference. I'm really glad that Ledger
brought me out here. I'm very happy I came.
It's like going to a cool like Apple conference.
Like I don't know how to explain.
Like it was just really good energy.
So a lot of people that I knew and a lot of the creators
etcetera as well. And and this I it reminds me why
I'm bullish on the Solana ecosystem and I have been
bullish from the sequel since Q 4/20/23 and I've not once been
bearish on it. I was pissed off during the
Libra scandal, but I was never bearish on Solana as an
ecosystem. And I think it's to recover very
well from that. And what I love about Solana is
that while a lot of people like to take the piss on it, saying
it's just a meme coin ecosystem, it's so not.
And I think that's been proven since there's a lot of great
things being built on it, whether it's deep in RWA,
etcetera, a lot of great apps and, and it's still the most
attractive place to build as a founder.
And that's a fact, you know, and, and I think that it's
great. And I think that there's some
good notes that can be taken from the theorem and it's, it's
foundation. I too think that they will
probably like do it, but I do think that, you know, I see the
appeal in Solana still and it makes me it just keeps me
bullish on it, right. Solana Accelerate is great
conference. It's really, really good,
actually. So very glad I came.
And we've seen some of the big updates.
So we had Solana Alpengloss, that's the next network upgrade.
It's going to be 100 X faster. We had the Kraken stock
tokenization coming to Solana News.
We had the largest meme coin, Doge bridging over to Solana.
I think that's more of a minor one.
We've got Jupiter, Jupiter rolling out new products as it
becomes it's lend, as it becomes a more comprehensive D5
protocol. And then Solana mobile betting
more, betting bigger on its own token, just a broader mobile
ecosystem. So it's it's just different.
It's just different. Like Solana is going to be the
like, I don't like the whole thing going on right now.
The whole hype will flip. So it's stupid.
Hype should have aspired to flip Binance.
That's the narrative, right? Solana should aspire to flip
whatever the fuck, right? Like the next Solana wants
probably the next Uber, Airbnb, et cetera to be built on Solana.
And it will the next like Helium right now, right?
It's mega right. The next AT&T is being built on
Solana, literally as a matter of fact, I'm pretty sure they work
with AT&T right. So these things right the next
social even forecaster announced that they have the swan
integration right now. So as soon as that right swan's
like the Apple right, that's the like swan aspire to flip Apple
as a company. You know, like that to me,
that's what it is and hype is completely different right than
that. And and I think that's just how
it's always going to be from here.
Ford, I think salon is a multi cycle major.
Not only is it still the token of this cycle, I think it will
continue to be like one of the greatest, the biggest tokens in
this ecosystem. And just undeniably, I think, I
mean, numbers don't lie and you know, the volume doesn't lie
either. I'm with you.
I just I'm comparing and contrasting just says again,
someone who's on the timeline as a market participant.
And I don't know if it's like the hype is just kind of gone
from, from ET, like the ET conferences, you don't have
these splashy announcements. Maybe that's because like the,
the development is coming out of so many different parts of the
broader ecosystem. It's, you know, it's, it's
across L twos and not just ETH mainnet.
And maybe Solana is just more centralized.
So you get these pockets, but these pockets wouldn't roll out.
That's always been the case with these these like SUI 8 like they
always can have a conference because it's way more The
foundation just takes a more active role in BD when the ETH
foundation doesn't barely does any PD it just it's.
I think it's going to change, you think, But yeah, you're
right. I feel like it's just sat, it
just sits as an arbiter of like politics, almost like it's like
it's these foundation is a very different sort of foundation to
other blockchain foundations. I know whole.
Feel of it, it's just very, it's not around business.
You're right, you're right. And I I hope this changes.
I think the new people in Church Foundation are good and I think
that's going to change. But you know, that's why someone
is ahead and it's working. Broke thinks Ethan is.
He's still bullish, Ethan, I mean.
Well, I just what I did is I I was bullish Heath.
So what I did is I barbelled with Pepe and mog on top of my
racked. So I'm pretty much only have
exposure not to like Ethan soul via meme coins.
We're going straight, I'm back to 100%, pretty much 100% meme
coin portfolio and I like it. Yeah, All right.
Well, I think we we. I'm just a genius.
Gone around at the talking points.
This was just quick reactions to a couple of headlines.
Then we're going to go to far coin Friday.
You'd spend so just in one minute CFTC perps trading.
I feel like this is kind of mixed.
I think some people said this is this is good for hyper liquid
because it means they will face less regulatory challenges.
The flip side is this is perhaps they'll have more competition.
Curious Manda, did you have a read on this and potential
impacts to or or either of you? A.
CFTC is a governing body. They are basically saying we can
allow pups to trade, but they'll be needs needs to be regulated.
And I don't know what that means for a, for a pup dex versus a, a
pup sex, let's put it that way. They've been pretty, they've
been pretty aggressive against dexes doing this just because it
comes down to that rule of the CFTC is the commodities
regulator, right, Right. So they are saying we can allow
commodities perps to trade. But if you're going to come in
and be like, look, we're going to list the long tail of perps
here, then they might be like, well, we're not going to allow
you to do that in the US because it's not, we can't regulate it.
So I think what you'll see is that the ones that basically get
ETFs will be available to trade as Pups in the US And that will
happen relatively soon, I think. But I don't know if a platform
like Hyper Liquid necessarily will be the one that that
benefits from this. It will be like Coinbase is able
to, to, to, to trade more. I don't know though.
Like I really don't know. Yeah, that's what I'm kind of on
the fence as well. I don't think the reason hype
pumped yesterday was on the back of this news, just to put that
out there. I think it's other drivers, but
I don't think my point is I'm not sure that this is
necessarily a slam dunk bullish headline for hyper Liquid.
So just just one to watch and the other one banks getting into
stable coins. We kind of this has been like we
kind of known they were thinking about it.
This isn't like a formal thing. They're just, they're still just
kind of potentially planning. It does feel like it's a direct
threat to Circle. It feels like Circle needs to
sell ASAP. What was my take away from from
this one? So yeah, I think that's very
fair. We'll we'll continue to see
before. They'll be a buyer physical.
I think XLP will try and buy them.
Why wouldn't they? They have to stop quick.
If I was them, I'd just dump this company, make 5 by $5
billion, and so also sunset stable coins.
Everyone's gonna launch a stable climbing.
Even Iran at this stage is gonna have a stable coin.