Good morning. Good morning, GMGM everyone.
Welcome to the other episode of Homo Power Today.
Today is Wednesday, October 16th point folks.
It is a cooler fall morning again here in Chicago.
Today is downright cold outside. We are in the 30s right now.
This is crazy. Not quite ready for this, but
folks, the market is not cold. It is downright hot.
Bitcoin is grinding up, The memes are popping, NFTS are
moving. And the nudes desk, the news
desk, folks, is as busy as it's been all year.
We're going to break it all down on today's show.
No, for Oak, he's about busy interviewing moguls in Paris.
But we've got Mando back with us.
Mando GM, how you doing? Doing great man, how are you?
Doing fantastic another another day in paradise.
The coins are moving and we've got a lot to talk about on that
note folks, we've got Logan Hitchcock back on with us editor
in chief over at Lucky Trader Logan Jim, how are you doing in
Part 2? Was yesterday the busiest day of
the year that. You had.
I'm doing well, Tyler. Thank you.
It was very busy. It feels good to be back in the
trenches and be busy in that way, you know, where there feels
like there's a notable headline, you know, every couple minutes
or so, or at least something that, you know, people that are
alongside us in the trenches would want to know.
So felt good to be pushing out lots of tweets yesterday and
keeping people informed and hopefully it stays like that for
the foreseeable future. And folks, Logan hasn't just
been writing news stories, he's also been in the trenches
himself, a proud goat token owner.
So Logan, we might have to talk about that goat trade of yours,
which is looking better by the day.
So folks, what are we talking about on today's show?
Bitcoin continues to RIP up. It's knocking on 68 K.
Is Tesla going to stop this rally?
Are they going to sell their Bitcoin?
The SEC is targeting individuals after coming after Gotbid.
It looks like Trump and the Liberty 5 token disappointment
on day one. We've got Dowse introducing meme
coin trading and launching. Jupiter and Phantom are making
meme coin trading easier than ever.
We have to talk about GOAT. GOAT becoming the GOAT meme
source. Another 150% to 300 million.
We're going to do a quick NFT roundup.
There's some news featuring BMWX copy punks and Azure Games.
And then perhaps we'll finish with this Praxis and network
state headlines. They raised $500 million to
build a network state, so huge money at stake for them.
Plus we've got roll bit spins today, double spin.
So you want to make sure you stay tuned till the end for
that. All right, before we dive in,
shout out to our show partner Galaxis.
With seamless built in monetization tools, Galaxis
enables the development of sustainable long term
communities, fulfilling Bitcoins vision of decentralized freedom
and independence from centralized control.
Shout out to Galaxis, We are happy be partnering with them.
All right, that is our preview of today's show.
Manda, if you're ready, let's get into.
It GM, everyone looks like we've had another strong day, if I'm
honest. Bitcoin, obviously the main
gainer again, Bitcoin dominance is heading up towards 59%.
I think it's at the cycle high right now, right?
I think it's broke out, yeah. 58 was like quite a notable point
of resistance for even since the last cycle and we're now heading
up towards 59 to 60% It it looks as though there's been massive
inflows into the ETF over the last three days.
You had another 300 million in. So it's over a billion dollars,
I think over $1.1 billion even over the last three trading
sessions, which is, which is pretty massive.
Yeah, exactly. Look at those figures.
Big, big move. Interestingly, ETH actually
actually had an outflow yesterday at their ETF.
So it's, it's really just a Bitcoin trade, which is pretty,
pretty interesting. And that's basically been
showing up in the figures. Like we've seen Bitcoin
dominance rise, people realizing they don't earn enough Bitcoin.
It kind of reminds me of how it felt in in like February, March
time where everyone was like, oh, Bitcoin keeps rising and
Bitcoin was basically leading a lot of altcoins even then.
It it feels a little bit like that again right now where maybe
the average crypto user is underexposed to, to Bitcoin and
you know, Bitcoin up 1.2% and is beating most coins out there is
quite a it was actually in the, it was actually one of the top
games in the top 100 today, which I thought you barely ever
see that for Bitcoin. So, and the other ones were like
Litecoin because of that ETF and bitcoins Satoshi vision.
It was like a it was the coins that you only ever hear about
when bitcoins pumping and Bitcoin pumping alone.
So decent day, decent day There again, it's it's black.
It's it's inflows into the ZF, which I think is majority.
But I think the, the main driver of that is probably just still
this Trump trade. So Trump's odds continue to
rise. They they've hit over 60% it
looks like on Poly market on huge volume, huge volume going
through on volume market, huge volume going through on calci.
And it just it looks as though we're we're starting to to to
price in this sort of trump trade into the election and and
Bitcoin becomes one of the most obvious things to buy it.
It wasn't a stronger day estate for macro.
We actually saw a bit of a sell off.
Stocks had looked overbought by a few different metrics.
We had a sell off based on semiconductors.
There was some some more talk about the fact that the US was
going to restrict some of the AI chip sales that the the GP use
outside the US and that caused some of the major chip suppliers
to fall. You said ASML, which is one of
the biggest chip suppliers fall like 16% on the back of that.
But so if stocks don't have a good day and and crypto's still
breaking out. So we've seen that decoupling I
think a little bit here where crypto is starting to outperform
most of the asset classes right now, gold as well, like gold is
gold's doing well, but not as well as Bitcoin over the last
few sessions. So definitely an outperformance
there. And I think it's, it's mainly
this, this Trump move We're we're we're seeing more and more
like different firms challenging the the SEC here.
So you had Grayscale again, asking to upgrade one of their
funds to an ETF. You had Canary this, this new
ETF provider applying for the Litecoin ETF.
Think Coinbase also has been clapping back at the SEC over
the last 24 hours over one of their cases.
It just feels like the SEC is, yeah, they're dishing out still.
But at the same time, like some of these bigger firms are
definitely going, going after them.
And it'll be interesting to see how that dam dynamic plays after
the election, particularly if Trump gets in the Trump project
as well. Like, I don't know if we're
already going to bring that up, but that's only raised
11,000,000. They they were aiming to raise
300 million. I think aiming to raise 300
million is pretty high. I don't really know if it's like
worth it to raise 11 to raise 50.
You know what I mean? Is it even worth it to raise 50?
So like Matchy raised more than this like. 3 or 4 accidents,
right? Like Matchy was consistently
raising like 20 to 40 million. Matchy raised more than Trump, I
think is an interesting headline.
Yeah, within crypto circles. So people, people just not
getting into it. I mean, it had been widely
derided, I think within crypto circles just as like, what is
this? This doesn't feel like
necessarily the a great project. And I think a lot of people are
actually pro Trump think this is a big risk for him to to do.
And I'm kind of in that camp of I just think this is a big risk.
Like if he's this far ahead, particularly within the crypto
community, he didn't need this like not in my opinion at least,
but maybe maybe the plans around this.
I mean, Kamala has been consistently raising more than
him, right, for the last couple of months.
And maybe he he felt like he needed something like this to
like even the ad spend. But let's, yeah, let's see on
that one. But that's different, like the
macro stuff. Yeah, let's maybe dig into the
Trump stuff a little bit and then we'll maybe circle back
some of the other tokens. So you know fro to the spaces
with Trump that they talked about crypto, they talked about
world liberty five. He was there for the launch, but
it seemed like in the, in the days to follow that, that
perhaps the Trump family was going to be like at least
distanced somewhat, perhaps on paper.
But I mean, I don't, I don't think they could be distance at
this point. Like Trump did the launch video
for the token sale and, and tweeted it out from his page
yesterday. But I think you have to call it
a disappointment. So $11 million, they're trying
to raise close to 300 million and a $1.5 billion valuation.
So they're less than 4% of the way there.
I think there's a couple reasons we're seeing it.
And Logan, you pointed to something I'll throw to you here
in a SEC. I mean, a big one is that the
the non transferable for a full year.
I think that that certainly has given some folks some hesitation
that that's a long time to to be locking things up, at least for
like the casual investor, but casual investors aren't really
eligible for this. So, So Logan, I think you
pointed to some of the terms, right?
So remind us what those are. Yeah.
So if you take a look at the terms in particularly as AUS
resident, if you click on that, I think it's the left button on
the site. You have to be an accredited
investor, right? There's other terms and
conditions in there and and requirements that create, you
know, stricter prerequisites that perhaps, you know, I don't
know that the team really thought about in terms of
creating that raised number. Like are you gonna be able to
get 300 million out of accredited investors who are
willing, you know, this is you also need to have people willing
to hand over information about themselves, you know, prior to,
you know, providing any funds here.
I just those types of things don't really jive too well with
this audience, you know, at least in my opinion.
So I think that's one of those one of those things where you
could say that of course, this is a disappointment.
It's so far of a divergent from the number they're looking to
raise, but maybe a little bit less of a disappointment given
those, you know, restrict, sorry, strict constraints.
It's more of, it's actually like more of a, a traditional raise
in that sense, right? It's just to credit investors
your tokens are going to be, it's kind of like a SAFT raise
where you're, you're going to get your tokens unlocked after a
year. I think another big part of it
is the valuation like 1.5 billion evaluation on this.
We really still don't know a whole lot about what it even is
other than just like the high level, right?
Like it's going to be AD 5 platform that they have a three
phase road map. They eventually want to get, you
know, fractionalized real estate and and all that.
But that's a long way out. We haven't really gotten a
glimpse of much of the infrastructure.
What's Ave. Ave's trading at?
Let's let's see 2 1/2 billion FTV.
So they're coming in at 60% of Ave. off the gun.
Doesn't feel like there's a whole lot of near term upside at
1.5 million, at least for me. So I think I think that's that's
a big part of it. I don't know they're going to
raise much more than this. I mean, Mando, if you had to put
an over under on where you think this this thing comes in at here
perhaps at the end of this week, what do you think the number is?
And then do you think they're going to have to cap the sailor?
What do you even do when you try to raise 300 million and you
only have 15 or 20 in the coffers?
You call up all the people that with the Bitcoin conference and
you say hey do. You want this National League?
Yeah. That's what I think is going to
happen here. Like as far as I'm aware,
there's a number, there's a number of very senior advisors
to this project right within crypto circles, A lot of that
Bitcoin Magazine team plus others.
I don't know if that being as public about it, but there's
definitely senior people in crypto who are trying to make
this happen. This essentially just becomes a
pack, you know what I mean? Like in my opinion, like you,
that's how they're going to sell this.
So who knows? Elon just gave 70 million to
Trump, right? It looks like I saw the ACA 16 C
guys gave two and a half million today.
Yeah, maybe people just stop throwing money at it.
Yeah, I can see that. That's not a crazy outcome.
I'm not going to take the under on this because there, there's
so many ways they can pivot, I think.
And we're seeing that in the election market too, right?
Like there's some, some whales on the, on the Trump side.
And I, I don't have the tweets handy, but but folks have done
some research on this on some, some walls that have certainly
been been driving this up on the, the Trump side.
There's there's clearly more Trump whales than there are
combo whales at this point in time.
So it wouldn't be a huge shock if folks with with those bigger
pockets throw some of that action towards the WLFI token.
Wouldn't surprise me at all. So that'll be one story to
continue watching here this week, folks kind of pulling back
to the market. So we talked about, oh, Bitcoin
smashed through 68 wow 68,200 live on the show.
Another strong warning. But what jumps out is is Etha's
even slightly red on the day and so is Solana.
So to Mano's point, this is a Bitcoin only move and not really
a whole lot else. So the Doge was the was the top
leader on on the day of the the top 100 or so tokens.
Litecoin was next, as he mentioned.
So it's a pretty light day. Yeah.
So, so Bitcoin, yeah, Bitcoin's top 10 mover here on on the day.
So, so not a whole lot of action across the board.
Is that, is that concerning like Mando is it did you?
I guess for me, like I would have expected when this Bitcoin
rally came, I guess I kind of thought in my head that Solana
would probably move along with it like it had been and then
probably Ethereum as well, perhaps as much.
It's not surprising to me. I guess I've been saying this
for a long time. Like I think, I think going into
Q4 just felt like the L1 wars have become more competitive and
I think Solana has been keeping up with Bitcoin like broadly on
the week, right? Solana's up 10%.
So like sole BTC chart has been sideways for like a while now.
Like the sole E chart, Sorry, the Bitcoin ETH chart looks
horrific, but salon's just like keeping pace with Bitcoin on the
way up. But I think I preferred Bitcoin
as a risk reward in that world because, you know, I own salon
because I want it to be like a three XI don't own it for like
Bitcoin returns. So I think Bitcoin dominance is
actually going to peak around the election time, if I'm
honest, like I think I think we could, we could see it break out
here because also I think normies and by normies, I think
like non crypto holders, they'll buy Bitcoin into the election.
They'll be like, that's the trade.
I'll buy Bitcoin. They're not going to come in and
buy one of these old coins. So I just think you're you're
entering a period where a lot of normies will come in and buy
Bitcoin just for a trade around the election.
And that will probably mean Bitcoin dominance increases
around that time. And then afterwards, you know,
if, if Bitcoin's at 7580 K, yeah, we're going to start
sending some of these coins, right?
But but I do think Bitcoin dominance probably continues to
rise. That's probably my new mental
model for how we play out the next few weeks.
The only hiccup is, is is E1 and Tesla selling?
I think that would be a massive surprise.
I don't know that we ever really uncovered a reason.
Granted, it's only it's been less than a day, but the Tesla
wallets have apparently moved over $750 million worth of
Bitcoin. All of their Bitcoin it looks
like. He hasn't sold it though, right?
No, right. They have not sold it.
So they just moved it. So there's a chance it's it's
OPSEC there. There's a lot of different
reasons why perhaps they could have done it.
Yeah, they hadn't moved in two years.
So that this sparked some headlines we saw like Tier 10
tweeting about this. So it went around the horn, but
but clearly doesn't look like the market's too shipping up
about. It does.
Does does Elon sell Bitcoin just before the election?
Just doesn't feel like the right move for him.
That would make a lot of people question a lot of things that
have been happening. Just like he doesn't need to
grok, just raised what, 6/6? Billion.
Was it something crazy? Or raise a a crazy valuation.
It feels like Stalin, Contessa are all going to do fine.
Like, yeah, I don't think he needs to do anything.
Yeah, I'm trying. I'm going back through some of
their previous. So they they sold, they did sell
back in in 2022. I couldn't recall if they
actually bought back in, but it, it feels like that's likely
nothing burger. So, so don't be too worried
about that just yet folks. But I'm sure the time I'll let
you know if, if Elon does in fact start selling that Bitcoin,
I think that's a good round up on macro.
I I think we, we touched a little bit on memes, the meme
majors Doge is leading the way. We haven't seen that in in quite
some time up 9%. I think that move wasn't enough
to see. I actually tweeted this out
before the show. The overall mean market cap now
hitting a new higher high for the first time since early June.
So I feel like that's a a notable move for those who have
been tracking that. And then Logan, Logan that
euphoric wasn't sure if he's going to show up for work today
after the GOAT token had the night of its life.
Folks, this is up 150% at 300 million at the time of the show.
Yesterday it was 110. It dipped to 110.
It looked like perhaps the, the initial heater was over.
Narrator it it was not over. I, I think we saw a Marc
Andreessen tweet last night, which actually it was not an
endorsement, but he included the ticker in his tweet.
Perhaps I'll, I'll try to find that here in a second.
Maybe folks thought that was kind of a de facto endorsement.
But, but Logan, what's, why is this happening?
How how's GOAT becoming the number one new meme so fast?
Man, so fast I I can't explain the speed aside from people
looking for a a new meta and hoping to participate in
something a little bit different, right?
This is a slightly different than all the other animal coins
just given the lore behind it. But you know, I've seen lots of
tweets regarding the you know this is one of those true
manifestations and possibilities between AI and crypto, right?
You have the AI agent acting on its own on Twitter being
completely ridiculous, if you're following truth terminal at all.
And you have this endorsement of a, a meme coin, the crypto
component here that it's dedicated its life to.
If I, I don't know how to characterize that, but that's,
that's what it's been about. And I, I think people are kind
of zooming out a little bit. You have the, you have the met
new meta potential. You have the this is what's
possible potential. You have the people involved
like Andreessen, as you've noted here, there's just so many
little things kind of coming together and that's really all
you all you need from time to time to have something like this
take off. Yeah, it it feels like it was.
It's like a perfect storm. And Logan.
So tell us your story. So you got in this fairly early.
Are you still, are you still holding on to this thing?
And what's your? I'm still potential target.
Well, at this point I saw somebody say that the the Billy
goat thing, you know, seems like it has a good ring to it.
So I think a billion is a good target, but for right now
whether or not that's feasible, I have no clue.
I thought, you know, to be quite honest, I sold half of my stack
around 130 million thinking that kind of that 125 range was going
to be tough to breakthrough for a while.
It looked like a a good trade. Of course, it's since not looked
so good. But yeah, I got in around 2
million. I mean, we've been following
Truth Terminal from the the lucky lead days, Tyler, right.
We, we knew that Truth Terminal had mentioned potential coin
coming and so put notifications on for some time, turn them off
because again, if you follow the truth terminal, you scroll
through the feed, you'll understand why you would
potentially turn off notifications for it.
But was just in the right place at the right time.
Friend of ours, you know, shared that the they didn't create or
the AI Truth terminal did not create the coin, right, but
started to endorse the coin created based on this go CS
Maximus meme. And yeah, I was like, well, I'd
already previously said that I would be in on a coin like this.
I made a buy around, I think it was around 2 million.
I think my entry, which is pretty early.
I mean, it took off pretty early that that initial surge of like,
you know, pumped to two 5 million, whatever that that was.
That happened pretty quickly. And then I just got lucky.
I was busy this weekend as my fiance's birthday.
I got lucky. So I wasn't looking, wasn't
selling. And at at this point, yeah,
still holding a goat bag. Well, Congrats.
I I think, yeah, I think you had to buy the first day to get in
at 2 million. And yeah, that October 10th and
the time scale this is, is probably what's the most absurd.
So MU Dang recently ran to 300 million.
So there is precedent for a new runner to go this high.
But if folks remember MU Dang, it took about two weeks to to
get there. Goat just did it in five days,
so it launched in the afternoon of the 10th and it's now the
morning of the 16th at 300 million.
So I think this is one of, if not the fastest meme rocket
we've seen, I think since Bone that that's what was coming to
my head this morning. Have we seen a faster mover
since Bone? I don't think so.
Not, not that I can recall. I mean like the second Nero
maybe like that was pretty quick, right?
Not the first one, but the second one with the Binance
listing and stuff, but not organically in this way if you
want to call this organic. It feels more organic.
It's yeah, I mean, I'm not fading this.
I'm not thinking any target. You could tell me your target's
10 billion. And I'm like sure, sure, goat
could probably get to 10 billion.
Why not? I'm seeing a lot of screenshots
from folks who are already up a few 1,000,000 bucks on this one.
So I'm wondering when they're going to start taking their
profits on this. I'd be.
I'd be interested. I saw.
I'm sorry, Tyler, I saw somebody share that someone plugged it
into the Maraud formula, right. And this grades really well
based on Maraud's list and metrics.
I'd be interested to hear Maraud's target for something
like Go, given the absurdity of the targets he has on the rest
of his. You know, like, I don't know, 50
billion for GOAT or whatever, Who knows, Yeah.
It'd probably be his new number one.
Of course it wouldn't qualify for his list because it hasn't
been round long enough and survived the 70% pull backs.
So that'll be our test of GOAT if it never pulls back, who
knows if it will it it seemingly has inspired again another meta
of this like AI token. So now everything's getting spun
up. So dog AI was it is a trending
token right now. It's up 500,000% right now.
I think there's a few others. AI Dog, have you chased any of
the derivative plays or do you think that Meta has any legs or
is it just goat right now? Logan.
Yeah, I have not chased them. I've been following Medusa a
little bit. I think you talked about that on
the show yesterday, kind of running with a similar theme,
the first pump fun created by an AI.
This is yeah, this is already spiked.
When I first tweeted about it yesterday on the Lucky Trader
account, I think it was at like 12 million or something and it
it got up close to where it's 30 or something.
So I've been following this one a little bit, but the others
now, yeah, I've made that silly chase the derivative thing.
I've made that mistake 100 million times.
And I'm fortunate in this instance to actually own what I
deem to be the winner. Hopefully go so I don't need I
don't feel the need to chase downstream quite as much as
perhaps I would have last time, or any other meta where I've I
felt like I was trailing. Yeah, on on the winners, I will
say this Medusa chart looks pretty good.
I don't know any, but it looks like it could be getting ready
for a leg up. So I think that was the action
on Solana. I was kind of go around the horn
real quick. Maraud memes were largely red on
the day. Let's see, I Pooh was the only
one in green. I am curious if we're going to
see the I. I keep drawing the comparisons
to the Art Blocks curated run back in 2021 where we would pump
Thursday to Sunday, drawback Monday to Wednesday, and then
the weekend run would start. So I'm curious if we will start
to see some action on this board.
Folks visibly shaken by some of the pullbacks in these things.
I guess they thought these tokens would only go up for
forever, but what we will certainly see on the E board.
Let's let's take a quick look. What do we got?
Yeah, mostly chop. Not a whole lot of big action
here up top. So yeah, we'll we'll we'll see
if we get any more notable action here across the the rest
of today over in Runesland, there actually is a couple
interesting stories kind of going from meme coins to runes.
So Kota Fluffington, the the cat memes are are taking over Roon's
world. It, it seems like this was the
top mover. It's up 18X.
It's $3,000,000. So you had to get in pretty
early to catch that 18, that 18X, but pretty big volume 23
Bitcoin over 1,000,000. So it's the top mover on the
day. I think what's notable about
Gizmo, So Gizmo is the recent runner.
It's holding up 14,000,000. It is down about 40%, I believe,
from peak. Yeah, it's up around 28 sets,
though Bitcoin's gone up a bit since here.
But Logan, I believe there is a Ordinals mint coming.
Yeah. Could.
The kitten. I have not had a chance to dig
into, to understand the relationship between the rune
and the potential ordinal. So I'm not certain that there's
a connection there. But there is a Gizmo, the cat.
Yeah, I believe it's that account there.
Tyler Ordinal coming, I think. Tomorrow.
Yes, tomorrow that. You know, I imagine we haven't
had since this renewed interest in Ordinals and runes over the
course of the last few weeks. We have not had a new Ordinals
mint that I'm aware of with any sort of steam or interest.
Of course, the rune itself, about Gizmo, has already taken
off and done quite well. Wouldn't surprise me to see this
one do quite well either. I believe it's free.
There's three. Yeah.
You can see three phases there. Puppets.
I don't know what Sogs are. Is that just a name for
something? Short hands or something that's.
Their nickname for the last jet? OK, Yeah.
So we'll we'll see, we'll see this go off tomorrow.
I expect it will it'll do quite well.
It'll be really interesting to gauge.
You remember the the last big one that we were just trying to
create price targets for was probably Quantum cats, maybe
pizza ninjas, those types of things.
It'll be interesting to gauge where this comes out right off
the RIP. You know, is this a .02 Bitcoin
thing, You know, right away, is it nothing?
But we, we just haven't, we haven't seen anything.
We haven't been able to really even create any barometer for
ordinal success in the last couple months.
Yeah, the the timing is good for this.
So I think there's going to be a lot of demand.
Curious what the mint price is. Of course, it doesn't look like
we had that here. The fact that it's free.
Oh, OK, free mint. So that that was if it's free,
this is going to do pretty well. But with that being said, it it
is a it's a derivative like it's a sidekick and it's not from the
same team, right? This is not from the puppets
artist as I understand it. Correct.
No, I don't. I don't believe so.
And there's like there's some weird, I mean it feels a little
cryptic on this account and everything.
I would make sure this is definitely minting like on Magic
Eden and stuff like that prior to participating.
Yeah, definitely exercise caution with like hyped mints.
We just haven't had to issue that warning in a long time.
But assuming this mints on Magic Eden's launchpad and everything,
yeah, I expect it will do a couple multiples from free for
sure. Yeah, one to watch.
Certainly not an endorsement, but I think it could impact the
runes. So if if the Ordinals does well,
I actually wonder if that hurts the runes.
We're going to find out soon. I think one of the more
interesting stories from yesterday on the memecoin topic
before we we move on and get into some NFT headlines here was
out of dows dot fun. So I saw Imran Khan tweet about
this, but they're launching this new products.
It's called dows dot fun. Basically the way it works is
you can get together with your buddies to join, to form a
memecoin, Dow, to trade memes or to even launch them yourself.
You can raise up to 15 K, you can issue a doubt token from
there and then they will issue you a smart wallet that you can
control. Buy and sell tokens from there.
Like the one twist is that all of the dials come with an
expiration date. So you have three months to a
year before the the Dow gets automatically shut down with all
the the funds distributed out to members.
So a little bit of an interesting twist there.
I saw some interesting reactions to this.
And Logan, I'm curious for yours.
I think a lot of folks, I saw folks in my timeline kind of
talking about doing this on their own.
Like I saw folks like me say, like, would you, do you want me
to trade memes for you? And I'll take 25% profit?
And I saw more and more of that start to happen.
And this is very similar to what was happening with NFTS in 2021
where the numbers were going up and everyone started thinking,
OK, I should start an NFT fund. So now we're starting to see
that with memecoin funds. What are your reactions to this?
Do you think it's going to have some legs here?
And and then like how would it compare to any other products we
have? Yeah, I mean, you wrote it in
the last line there. It's it's like party Dow meets
pumped out fun. I love party Dow, if you haven't
checked that out. I mean, I don't think it gets
enough love for some of the cool little innovations that it's
done. So I think this is a really cool
idea. And I definitely like the fact
that, you know, this has some of that smart control, whereas, you
know, if you're just creating a hedge or sorry, a meme fund on
your timeline, right? There's not necessarily any
programmatic controls about the the dissolution of it, the
distribution of the profits or, you know, tokens or anything
like that. And this seems to take care of
some of those potential issues that would arise with any strife
between partners or whatever the case may be.
So I think this is super cool. You know, will we see massive,
massive funds spin up as a result of this?
Unlikely. But if you just want to kind of
mess around with some of your friends and have a central place
to to trade and track, I, I think it's pretty cool.
Now it is. They're doing it, starting it
privately, right, Like you have to, it's invite only to start.
So it's not like I can just go out and create one right away
and invite people to join. I think that's smart as well.
Iron out any of the kinks. But I'll be I'll be interested
to see what what comes of it. I think Dows are a really cool
idea that we just haven't, you know, found perhaps the perfect
recipe for for launching and executing thus far.
Will this be that? I don't know, but I'm cool to
see more innovation of it. Yeah, it's a fun new product.
I'm sure we will see some folks spin these up, so we'll be
curious to follow quickly. I have to shout out our code for
today though, for those who are dialed in for the roll bit
spins. The code is GOAT.
The code again is Go. So we'll probably get into those
spins here in about 10 minutes or so.
Before we get there, maybe let's shift gears, talk a little bit
about NFTS. There are a few headlines that I
I wanted to talk about. So one was this punk trade.
I kind of saw it and then just kind of moved past it during my
day yesterday. But this became notable here
from a comment from Punks OTC. So we saw 75 each punk sale.
This was a six trade. And then notably, Punks OTC
saying he thinks that this will have the highest ROI of any of
the punks bought and sold recently.
Logan, curious if you had any reactions to this one.
You think he's right? Do I think he's right?
You know, I'm not going to fade punks OTC.
Is there anybody who knows the punks market any better?
Probably not. So I'm not going to fade that
interesting looking punk. I don't necessarily love
aesthetically, but a major drop off.
Yeah, you're pulling it up here. The discrepancy between the
sales for six straight punks, which of which there's only 11,
a massive drop off from the from those others that were sold
what, like a year ago, two years ago.
Of course, those that was peak punk time, you know, but this is
this is a a quite rare punk that if you're expecting or
suspecting a punk run likely has a couple multiples or at least
maybe one multiple in it for sure.
So I like this trade, if you're able to, to make it feels pretty
good. It's one of the more aesthetic 6
trades out there. I mean, it's got the mask, so
you're going to have to deal with that.
I I've forgotten how rare the six trades are.
There's only eleven of these. Yeah.
Wow. So I mean, this is one of the
the single most rare groups of punks there are.
You mentioned the high sales. So this is the lowest sale since
sixth straight went for 65, eight back three years ago.
We saw them go as high as 667, quite, quite the flip for who
got the 400 and 667 there in the same year.
So we've seen some nice flips on these.
Yeah, I think we can see a similar, similar nice flip on
these. So a nice punk sale.
Congrats to the buyer on that. We've got X copy back and a live
on the market. So his shape L2 mint Cope
Salada, Salada Cope Salada finally minted out yesterday.
It it was again a generative edition.
So each of them are unique 250 in total supply.
It looks like the floor is hanging out right around 3.5
ETH. This was a 0.33 ETH mint, so a
nice 10X right right off the bat.
Logan, I'm curious, have you did you look at this highlight
marketplace much on shape? Any reactions here?
I think this was really the first time other than sign up
where I I kind of started playing with the site.
Curious if you have any reactions to the to the?
Yeah. So have you highlight four?
I think there's also like some base stuff on there as well.
It's pretty nice marketplace As for the collection itself, I
mean this now becomes one of the more affordable X copies and a
seemingly always X copy season. You know, it feels like that I
mean art of course, has its ebbs and flows here, but X copy
remains hot almost forever. I I don't necessarily love this
particular collection when comparing to others, but if you
wanted to gain access to to an X copy, how much Is there anything
cheaper aside from like Max Payne I?
I don't think so. There are some out there, but
like I think a great analogy would be Remnants.
This is his last X of 250 generative edition.
And it's at, I mean, it's at an 84 with with A5 offers.
So it's significantly below that feels like it maybe has room to
run. But I think perhaps the downside
I've seen folks talk about, I thought it's on shape.
Yeah. I mean.
Hard to find. Right.
It's harder to find and it's also just like you're, you know,
Ethereum for all the gripes that we have with it, it's
established, you know, you're sort of also betting on shape
success in a way, although maybe we'll forget about shape.
And you see from time to time those X copy discovery things.
I just saw one last week. Somebody found an addition from
some, you know, broken or you know, no longer existing
marketplace and they bought some X copies or something.
So maybe we'll be doing that. We'll have to file this away for
10 years from now. We'll be buying Cope Salata off
the off the forgotten pages of shape the.
X copy archaeologists, I'm sure they they will find it.
I also be blunt, I got I love some of the old X copy and I do
think he's one of the best digital artists we have.
I'm not in love with these new this new edition meta where it's
just kind of like the the the BLOB glitch art like yes,
they're all unique, but all kind of pretty much the same.
You can't really tell them apart. 1 doesn't really stand
out above another and it cope Salada kind of the same.
It's got the face in it, I guess, which is nice.
You perhaps can make it. It's perhaps PFP able.
I was curious what he would do with this, if he would make it
more of a PFP, but perhaps actually now some of these I do
like. So like this one's kind of cool.
I think if I were really looking for an X copy I would buy a
grifter personally. I mean it's like 3 times the
cost here but like there's no way I'm choosing remnants over a
grifter, right? Remnants feels too hot compared
to grifters and I also think cope salata is nicer.
Now that I'm looking at it, I would pick cope salata over
remnants. So.
So something's mispriced. We'll, we'll see if the the
market adjusts or perhaps I'm just way off in left field.
I think arguably the most notable headline from yesterday
was out of Azure Games. I don't know if folks remember
this. I actually traded some of these
back when they first launched. They announced a $42 million
raise yesterday from some huge players, Pantera Capital, A16Z
Crypto along with A16Z Games and NFX.
This brings their total funding up to $68 million as they look
to to revolutionize mobile RP GS.
I think what, what kind of stands out to me about this one
is I feel like our timeline, the NFT crypto timeline that I'm
plugged into there, there was no mention of this whatsoever.
Total crickets about this, this massive raise and it and someone
in my comments said that there's this huge divide between kind of
what's happening with in gaming between the East and the West
and it feels like this is bigger in the East.
But yeah, Logan, I'll toss it back to you.
Any reactions to to Azra and perhaps that the lack of noise
on the timeline for such a huge raise?
Yeah, it's it. It's really interesting.
Of course, congratulations to Azra team.
I mean, that's a very notable raise with very notable
participation. A16Z Pantera leading it.
That's that's incredible. 68 million raise now is incredible.
I think you know, like part of it, Tyler, maybe just like
people got a little burnt out on the rays announcements from some
of these games and then the time to completion for games, right?
Like just doesn't feel like anything has ever come to
fruition. I think that maybe perhaps the
best in terms of race to execution that we've seen is
like pirate Nation, right? Proof of play raised like 30
some million from A16Z and others.
And, you know, pirate nation itself has started to execute
and you can play the game and, you know, earn pirate and things
like that. So I don't know if it's just,
you know, people feeling like expectations have not been met.
And so therefore, these announcements sort of fly under
the radar or just people are so far down meme coin meta that,
you know, we can't even look to to gaming, although gaming is
there's some good things happening aside from Azra games,
you've got the off the grid stuff happening.
I see Pando's face epic the the gaming.
So we. Could tell you one thing that's
happening in gaming. Explosion of gaming meme
cleanse. There's stuff, there's stuff
happening and you know, I think, I think honestly, you know, the
gaming use case is such a slam dunk and makes so much sense
that there will eventually be, you know, undoubtedly there will
be winners, whether it's Azra games or, you know, whoever the
case is. But, well, I think we just got
burnt on it, you know, a little bit like we, we didn't realize
how long things took, how hard it was.
And that's some of the consumer expectation just failing,
failing, you know, the market. But yeah, it'll be interesting
to follow. I remember these being a lot
lower. A lot lot lower.
For a long time for 0.1 and selling for like 0.15.
So it, it was a long run to get here.
But yeah, it's a big week for gaming off the grid.
Now that we, we, we're getting glimpses of that AVAX, you know,
gaming house down in Buenos Aires.
So I'm sure more info will come out from that.
We've got the epic duck leading gaming meme coins, you know,
just 25 X off of AXI. So it it, the sector is alive
and fun again. The last story I want to hit
this was an interesting one from those who remember Balaji in the
network state concept that that he made a little bit more
popular. At least he was the one who put
it on my radar. I think back in 2021, perhaps in
the 2022, the idea of kind of a crypto or technology focused
group of people who form their own state.
I think there's been different talks of whether there would
actually be one central physical location or if you would do it
kind of decentralized across the globe.
Well, it looks like one company here in Praxis is looking to
really push this vision forward. Raised $525 million from some
pretty huge players here, Dan Romero from Farcaster, Max
Levenstern from World Coin, amongst others.
To that make this new city, that this network state a reality.
And they had their their three-part goal, their three
drivers here to unlock technological and scientific
possibilities, to create more heroic and beautiful ways of
life. And then to show the world what
is possible that you can still build a great city in the the
21st century. Mando, I'd actually love to to
throw this one to to you. I'm curious if you recall or, or
ever went deep down like the network state rabbit hole when,
when Bellagio kind of brought that up a few years back.
And perhaps if you have any reactions to this, are Are you
ready to move to the network state once they've got this up
and running? There's a lot of like forward
thinking futurism, I think around this sort of concept,
right? Like, and I don't think it's,
it's tied to crypto, but it's also like its own its own thing.
I think crypto become, I think it's the idea to create a state
which is which is almost timeless as well.
Often, if you like go back to history, right?
We have the rise and fall of different States and then the
rise and fall of their currencies and all this sort of
stuff. And the idea is to kind of
create a state that that can last and doesn't fall down some
of the major pitfalls that current societies do.
I personally thinks it's, it's kind of a bit too out there for
me to be a success. But who knows?
Like a lot of, I mean, if you go back to the original Bitcoin
people, the original ETH people in particular, like a lot of
this is some of their goals, right?
It's to create new forms of, of governance and social structures
as well as a new form of, of economics.
I think the, the idea of building ETH was very much to be
one of the building blocks of a new way of how society interacts
with each other with things like smart contracts, like identity.
Yeah, the idea of, yeah, like your own currency as well.
So they can have a go at it. These are some pretty serious
people, right? Very, very serious people.
So maybe we'll have a go at it. Some serious people plugged in
applaud the vision. I think it's a difficult one,
certainly in practice to pull off, to be recognized as a
state. Well, like the the growing
political volatility around the globe, you know, will, you know,
leaders want to perhaps put, put tariffs on any products they
develop, how they keep themselves protected.
I think there's a lot of open, open questions around that for
me. But hey, I think a lot of folks
are probably questioning to to your point that the concept of
Bitcoin when it started 10 years ago and certainly it's got more
legs. So we will see.
This is a multi year, multi year, perhaps multi decade
project in the in the make here. I don't think we're going to see
a whole lot of progress in in the Super near term, but but a
fun story to to watch nonetheless.
Well, well, Sims and and burn. I think we've gone around the
horn now on all the stories I wanted to cover here in today's.