How we doing? Good.
How you doing? Yeah, yeah, fucking hell.
Busy, busy, busy, busy, busy. It's just me and OSFI believe
all this week, right? Brooke has been all going on a
jolly to to Asia, it seems. That's a cool hoodie.
Is that the? Is that the hoodie from that
they sent us? Yeah.
Thanks. Dude, you're going to have to be
better this week, man. Yeah.
Oh yes, it is. Let's go straight into shit
because I know we don't have the full time today.
Mark is looking all right today, it feels like, for the for.
The Yeah. In about a week we bounced a
little bit on Friday and then we had a few very positive things
come through which was firstly the the, mainly it was the jobs
number then it was Mr. 100 buying all the Bitcoin.
It feels like continuing to I think you put in a few 100
million on Friday alone and then you had a inflow day for the ETF
and notably inflow day for GBTC Grayscale which hasn't had an
inflow in months. So short term bullishness we
it's interesting to see that Solana has been the one that
bounced the most. I know you were you are calling
that we could go back to 70 K Interestingly I saw that that
capo said something similar. Thinks we're going straight back
to all time high. We are kind of hanging out where
we were middle of last week. So at about 63 K on Bitcoin ETH,
ETH is slightly underperforming but style has gone above 150
again. What are you thinking?
What are you thinking here? Do you think this is a sustained
bounce? I think so, yeah.
I think, I think there were some headlines on the SEC issuing a
Wells notice to Robin Hood, which is why we sold off a bit
today because Bitcoin was at like 65 1/2 K Ether was at 3200,
so it was almost at 160. So it does look like we sold a
bit, sold off a bit on that, but I think we'll pass over on those
headlines. But yeah, it does feel like a
lot of risk got taken out with the big dumps that we saw a week
or two ago. It does feel like, you know,
everyone's like our ceremony go away and all that kind of stuff
and maybe all that narrative has been left translated.
So we may be past that now and I kind of think we can keep going
higher. In my opinion, I think the ETF
rejection is now like fully priced in, if not even
overpriced. And when if and when that does
get rejected later this month, I think the next thing you'll next
headline you'll see is like court cases and and all that
kind of stuff and people assessing the probability of
black Rocket and and Co winning. So I think the next headlines on
the ETF are actually that effect the market are actually positive
and not negative. And yeah, things just feel like
they're they're turning a bit here, I think, in my opinion.
Nice. I I kind of agree.
It's interesting that Bitcoin put in a lower low, but Seoul
didn't and now Seoul's bouncing and it seems to be reclaiming
kind of where it was for a while at that 150 area Bitcoin.
I'm still it doesn't feel as good as it felt just because of
the outflows, but that that's a very interesting day.
Like to see that massive outflow day of 500 million followed by a
massive inflow day and even an inflow for GBTC, which I thought
was kind of wild. It's.
It was a month. End, I think it's month end
stuff like that. That big outflow is for sure a
month end thing like it has to be.
Do you think it was games? I just, I was thinking about
this being like there's some maybe there's some games being
played here now. Maybe, but you know, the ETF
flows are, a lot of it are retail flows.
It's not like BlackRock is like suppressing flows.
You know what I mean? Like they're not the ones buying
the ETF. I guess they can be, and I guess
they could. They can be for their funds,
right? Yeah.
They can be for their funds. So I guess they could like ramp
up the buying at a later stage. But yeah, probably, you know,
probably there's whales of fighting for entry and all that,
all that stuff that people say. Yeah, I don't want to be one of
those people that's just like a conspiracy theory on any sort of
on any sort of weird activity from Black Rock.
But I looked at that and just thought it is now becoming
increasingly easy for them to like basically time the bottoms
on this stuff, right. Like because people are, the
number one thing that people are following are the flows in ETF
and their funds I think can easily manipulate that to a
certain extent so. I mean crypto market is tiny
compared in comparison to the number of assets BlackRock
manages. BlackRock manages more assets
than the the entire crypto market cap.
So like. Many.
They want to. Yeah, exactly.
So if they want to like, push things around, they definitely
can. And they're not the only people
who have the ability to do it. So I do think it's not
manipulation is the wrong word, but I do think there's strategic
timing around how people plan and do these things, I would
say. Yeah, I I, I would kind of
agree. And then we saw you know the the
risk tolerance of everything came back.
Stuff is bouncing particularly in in memes like we keep on
saying this and people keep on. I think our show is a bit more
about memes. I think if you go across broader
crypto, there's still not 100% acceptance of it as being AI
don't know an accepted sector this cycle.
But again you saw with factor like whatever it was 3.63 point
seven. I know it's dipped since then.
You saw a bunch of the top soul memes all kind of pushing
towards all time high. Pepe again near all time high,
just like a really, really strong period for memes.
There was some movement in like the deep in space and and but a
lot of the the narratives that you're carrying us before, they
just haven't really kept up. Like AI hasn't really been
sustained. Anything in D5 hasn't really
been sustained. You've seen social Fi come back
a little bit. You've seen friend obviously hit
three and then and then kind of came down and then you saw
you've seen fantasy been seen massive activity.
But is is it just memes that you're interested in this cycle?
Is there anything else that you think can take you away from
that? Hard, isn't it?
Like when a narrative gets so strong like NFTS in 2021, it's
very hard to just fade it and get along something else.
You know, like look at how well WIF has performed throughout
this entire sell off and how well it performs on the bounce
and it's just easy to buy. You're not having to like think
about protocols and mid curve yourself into like you know
depending on a founder and all that kind of stuff.
So you can just buy it without really much thought and it's
performing and it's very hard to own something else which
requires more brainpower which has been performing worse so.
Yeah, it's been pretty horrific I think for some of the the
other sectors. And I think we've said it so
many times on the show, that if you're in anything that hasn't
didn't perform so far this year and then you had Seoul, you had
a bunch of like really good narrative down 4050% that was
the time to rotate, wasn't it? Like, yeah, if you, if you were
too scared to rotate into like Bitcoin or EAFE because you were
down so much, but you could have literally bought Seoul at 1:20,
right? Well, even 119 and now it went
back up to 155, like it's bounced.
What's that 25%? And then you've seen similar in
all the memes that you know, you could have faded all the way up
and Pepe was down. It's up like 50% on the week, I
think with kind of similar, right.
Like it's it's been a big, big snap back in some of those.
So don't want to say I told you so, but that was kind of the
trade I think and now I think it's going to be progressively
more difficult. Do you feel like there's a bit
of FOMO in the market right now? Like I kind of feel like it is.
I feel like quite a few people would have de risked on that
move. What do you think?
I think, I definitely think a lot of people who are new to
crypto would have come in in March, lost money and just left.
I think a lot of people would have got liquidated on,
liquidated on leverage. I think a lot of people would
have done badly on like altcoins or gaming coins or some of the
the worse off mean coins. And so with this bounce, it's
not like everything is bouncing, it's just like their favoured
assets are bouncing. So I do think there's probably a
lot of FOMO or I don't think we're quite into the FOMO yet,
but I think there's a lot of frustration when people are
like, oh shit, like those things are back up and I'm not, you
know, I didn't buy the dip or I got liquidated or owned the
wrong things. I think that's more frustration
than FOMO. I'd say FOMO.
If we if we get back towards 70K on Bitcoin and back towards all,
you know, year to date highs and a lot of these altcoins, I think
that's when we start seeing foam and when people see that it
wasn't just a flash in the pan and there's real momentum behind
it, I think. Yeah, I think a lot of people
cut their risk. Like genuinely, I think a lot of
people did because I think it went through some supports.
And if you're sitting there and you wanted to look for that 10X
that we already spoke about, I think it's scary.
I still don't know if like I'm not, I'm still not.
I Oh my God, super, super bullish.
I think we could be ranging here for a little bit at least
because I just think Bitcoin put in a lower low and that's like
quite a big deal. You'd have to put in now a
higher high basically to kind of like reverse that in my opinion.
Like it feels like otherwise it's going to range for a little
bit in the kind of a low 60s era, I think.
But yeah, I do think, I do think a lot of people cut their risk
and that's why you saw this FOMO like it was 5 days of it going
higher, right? We had Thursday, Friday,
Saturday, Sunday and even today. I know it's now slightly
reversed today, but that just made me think, wow, like people
really did sell like or they they've definitely got burnt on
that move and they didn't want to buy back in.
Yeah, it's just classic, isn't it?
It's classic. Not even crypto.
It's just classic markets, like prices go down, people start
spewing out bearish narratives, people get scared and sell, and
then prices go up and then the bullish narratives come out
again and everyone's like, oh fuck, like, it's just it's just
classic markets, I would say. And then what have you, what
have you been up to on, on On Blast?
I know that's been a big, a lot of shit's been going on there in
in the last few days. They announced this gold gold
lottery, which has been an interesting, interesting move.
Yeah, I just love how you're drawing you know two men, yeah,
they announced this, this, this lottery the other day and
1,000,000 of it is going to to the most active NFTS and coins
on blast, right, Which aren't, which aren't the ether or
stables. Obviously there's big variations
in the in the what people say is the price of gold.
But let's say that is ranging between let's say 5 to 20 as the
as the valuation of all that it. That could be depending on the
depending on the inflation. That's quite a big amount of
rewards it looks like and you saw initially Pack Moon, which I
know you've been involved in, I've been involved in, won the
first one of these rewards and then you saw Fantasy win the
other one and suddenly everyone's been FOMO ING into
blast. They're like they've been
catching up with this narrative. Tell us a little bit about
fantasy because I know you, you've kind of, you've kind of
got involved in that recently. Like what?
What? What's the TLDR?
Yeah, it's just it's basically just a card game and trading
card game and there are competitions that run and
basically you are able to get car own cards of different
people on crypto Twitter and if they hack, if they get loads of
views and stuff on their posts, you get more points.
I don't know exactly how the scoring works, but it seems to
be some kind of metric based on number of views, number of
likes, frequency of tweets, all that kind of stuff.
And they run a competition like periodically and if you you know
whoever gets the highest score wins, then everything is ranked
basically. But what they're doing in terms
of rewards is they've been allocated a ton of blast gold
and they did the like the flash competition over the weekend.
And I think if you're ranked in like the top 50 or whatever,
maybe it was top 100. I can't even remember you.
Everyone got like around 300 to 350 worth of gold and these
competition will keep running. And so every card is like an NFT
that's tradable and they will have different values.
And yeah, basically that's basically it.
Just like a crypto Twitter trading card game, which is kind
of a cool idea I think. Is there money to be made you
think like or is this a gold farming Like what?
What do you think? There's money to be made.
I think if you if you're able to identify like a smaller account
on crypto Twitter who goes viral, then I think there's
money to be made because those guys are cheap, they don't cost
a lot of capital and they go up a lot in price.
It seems like some of the whales have gone for getting like the
the more expensive well known rarer cards and if you win
competitions money, money to be made I guess from gold.
I also think you know there's all these different points you
have, you have like fantasy points, you have fantasy stars.
So my guess is they they'll potentially be a token at some
stage as well. So you're going to be able to
like fund the token alongside that as well.
So I think if you you know it's just like any other like NFT
project or any other like trading card game.
If you're able to buy things early or if you're able to buy
things before they move and the underlying assets as well then
you you can make money flipping and trading these cards.
I think at the same time I think you'll farm gold and you'll also
also farm whatever drop the fancy guys have coming token
drop the fancy guys have coming coming up.
I would imagine there is one given the point system.
Yeah, I think, I think we've seen Social Fi come and go.
One thing I know from the Friend Tech AirDrop is that like it can
be pretty profitable. Like I was on Friend Tech for a
few months and bought over 10s of thousands of dollars.
I feel like these things can be valued quite, quite a lot.
And I don't know for Roke's absolutely loving it.
Sky is like making his own personality around it at the
moment. Like it does feel as though it's
addictive. I haven't actually played.
I got so tied up with with Duck stuff, but it does seem to be it
does seem to be addictive like the rip and open of the packs.
How much have you? Spent.
Probably too much, probably too much.
Like how big is your portfolio in ETH?
My. Portfolio is up.
My portfolio's got to like 70 ETH, but I think it's like the
guys that are valued high, there's like there's no the
floor's really high, but there's also no bid for it.
So it's those levels. So I think it's like a a fake
value unless unless it does really take off so.
So it's kind of like, I guess Frontech had a bonding curve, so
there was always a bid, whereas this year, yeah, it's more like
a bid offer, right? Yeah, exactly.
Exactly. So you've and.
It's all the same people involved, right?
Like it's all the same, like Blur farmers, all this sort of
stuff. Like I just saw Matchy Big
Brother deposited like thousands of ETH into it.
Is it? Is it like and CBB and all these
guys? Like is it all the same names?
It's just the blast crew, yes, the blast crew, which really is
a Blur crew, which is the farming crew, those are like the
big ETH guys. But there are, there is like a
good crew on blast I think are not necessarily like big capital
spenders who I think are pretty active across that ecosystem who
are also involved as well. There's there's a good crowd, I
think. OK, yeah, I think I'm going to
have to get involved. It's been it's been unbelievably
busy. But, but yeah, if you.
Want to buy any? Buy any cards?
Don't hit me up. They didn't put me in the first
season like I didn't. I didn't sign up.
And then I tried to go in late and I then I realised that
probably every single person on CT was asking to be included in
this thing. I didn't realise that you made
money as a hero until you told me just now that like, oh, you
want you made money from like you make money from trading
fees, right? Or something like that.
Yeah. So heroes get 1.5% of the
trading fees and I believe they're getting a share of the
initial proceeds as well. So I guess they have to do
something like that, because if you're using people's profiles
and stuff, you need to, they need to like, agree to it and
they need to give you some rewards and stuff.
But yeah. Yeah.
Yeah, I would agree. I think.
I think we are entering that stage of the market where people
are just looking for fun stuff to do.
BLAST has done a really good job with that.
Like it it does, it does keep the degenin going.
As we've said before, it'll be interesting to see how this all
happen goes as we approach the the actual do when do we think
it's the end of this month that it comes out.
I think so, yeah. I did think it was going to be a
bit delayed because they had this like multiplier thing and
as of a week ago there were only two multipliers out of I think
10 but now or maybe 12, but now we're we had like multiple
multipliers last week. So it does feel like things are
pretty much in full swing now and my guess is we may actually
see it at sometime this month towards the end of this month.
Yeah, that'll be. That'll be crazy.
Yeah, it's going to be an interesting one, I think.
And then anything else in memes you've been looking at?
One thing I looked at this week was this hammy thing.
I don't know if you saw this. Yeah, I saw you send me the
tweets about it. Wasn't really sure what to think
of it. I don't love stories like that
because they feel quite manufactured when they get spelt
out like that. But yeah.
Yeah, I would agree. Like it.
I think because a meme is big doesn't necessarily mean it
becomes a good meme coin. But you've seen a bunch of the
pump dot fun coins come back. You saw Shark cat I think came
back has now moved up to like 170 million again.
You've seen you saw Mitchi again I think all time high popcat,
popcat. There was some drama that the
the actual owner of the cat might sue them if you saw this,
yeah? The same thing happened on shark
cat as well and I think the shark cat was like much more
aggressive and I saw the IT happened on popcat too.
And I guess this is the problem, like people are just making
memes out of IP they don't actually own.
And obviously the original people who owned it, like people
have told them all, you can go out there and actually make
money on this if you sue them or get, you know, launch your own
token or whatever it is. Like we saw the same thing with
WIF, so I wouldn't be surprised to see more of it.
And I think you have to be a little careful on some of these
memes because I do feel it just feels like someone's going
around on like knowyourmeme.com finding a popular meme that
looks cute. And they get up, they team up,
team up with a few guys and they're cool.
Let's just like make this meme and pump it.
And then eventually the original, you know, IP owner
finds out and then it gets it becomes a slight issue.
For example, like no one would like, no one would have like
taken a screenshot of the dog with hat as a picture and made
an NFT out of it and tried to sell it on their own merit,
right? So on that same basis.
That happened with whiff, didn't it?
Well, they they did sell the NFT, but it was like the actual
NFT it. Was no, I mean the in the gamer
guy who originally made it big, like tried to make his own coin
at one stage. Oh yeah.
It's a yeah, yeah. Yeah, it does feel like a common
thing. People were saying that the Mew
team was like trying to push the Popcat cat owner to like Sue
Popcat so that Mew would go higher.
Like it was like these cat memes, they're they're going
after each other. But yeah, Hami is basically just
some hamster, which is big on TikTok, which I think was
created two months ago and then it's done a wow, it's actually
done even more now. Looks like it's done a 20X now.
In the space of a few days, it's now up to 60 million.
It was trading at 2:00, so that's been a big move.
I don't really know what happened there.
I think maybe Anton was involved in saying he thought it could be
a big coin. But yeah, that that that's been
probably the biggest single move in meme coins that I've seen.
But everything else is just feeling felt pretty good with
that move in Seoul, I think, which is now back up to 155
again. So yeah look I these Seoul Dex
volume again flipped ETH. It does feel like a lot of that
activity is starting to come back check out to duck got an
announcement out today but yeah and then in NFTS it also feels
like runes is coming back again slightly the they've now
overtaken some of the transactions.
I think the predominantly the number of transactions down on
Bitcoin again it's it's basically between the Arsic coin
and the and this dog coin which is from Leonidas.
But it seems like Arsic is is kind of flipped dog now and
people getting more bearish than dog.
So I don't really know. I haven't really been dancing in
the in the runes that much, but it does feel as though because
it just didn't really catch you off.
But is now the time to start looking at it again?
Like it feels as though down and now people are starting to maybe
look at ideas. It wouldn't be the first time
when something was pretty hyped and then it could have flopped
on the news and then it came back after people forgot about
it. Like that's happened before.
I mean, it happened with Blast, right?
There's a lot of hype and blast when they launched mainnet and
then when it launched, everyone was just like, meh.
Now it's all kicking off again a few months later.
So I wouldn't be surprised if the same thing did happen with
with Runes, to be honest with you.
Like that seems like a very normal path of motion.
That's what like, now's the time to maybe look at it.
I think you'll start to see some other you had like the OG which
like the first runes which launched.
But I think you'll start to see more experimental stuff now,
start to launch with Runes, and I think that'll be interesting.
Just like you start to see with Blast as well, like Blast, as
soon as Pack Moon has moved, I think you've seen a bunch of the
Blast NFTS move higher. I know Tyler was was was posting
about that earlier and then you've seen even people looked
at other meme coins on blast. Because it feels like once one
thing starts to move or it starts to after a period of it
being a lull, suddenly everything can just can just
light up very, very quickly in in this sort of a market.
Yeah, I I just think the best where I've made most money in
crypto is like once a narrative gets to find finding out what
like the high beta version of that narrative is and then going
really big on that because that's how you can make like a
large amount. And whether that was like in
2021, that was ETH was a big narrative and then NFTS was like
the beta and then you pick Board 8, for example, which went
uploads or when Solana was kicking off at the end of last
year, me, you know, Bonk was kicking off and that was, you
know, it was so easy to go go into memes and find all the
stuff that hadn't moved yet. And so I think you're starting
to see that now in BLAST. Like, it feels like BLAST is
going to be something, whether it ends up being successful or
not. And you've had Pack Pack Moon
started to move and so now people are looking at other
coins and trying, you know, things that have underperformed
that should move up higher as well.
So I do think that's a good way to like play some of the stuff.
You know, it's like, OK, this is up.
What else should be up that's within this, you know, within
this narrative? Yeah, I would agree.
Sometimes it's the simplest thing to do as well.
Like to pick the the clear winner and even if it's up the
most, like sometimes that's the easiest way to just play a
narrative and you can play it in decent size.
It's probably got less volatility and kind of the
cleanest way to do it with Runes.
That's why I kind of feel like you just meant to buy the arsic
coin. If that's going to be the clear
winner, Runes isn't going away. Probably.
Runes could only really get bigger from here in my opinion.
So maybe you just own that and hold it for the rest of the
year? What's the market cap of the
arsic coin about? 300 million, I think.
Still low, doesn't it? Well, we we have never really
seen meme coins on Bitcoin go that high.
Like Audi was the highest and it went about one 1 1/2.
And I think there's that Welsh coin which is on stacks or
something like that, but you haven't really seen it take off.
But I feel like Runes and ordinals are here to stay, so
kind of feels. I thought Audi was going to be
that coin, but then because they came out with a new liquid
token, now it feels like Runes is going to be the one that
everyone uses. So I still think Audi could be
interesting because like people will go back and be actually
that was like the OG version of ordinals here and it's still
relatively easy to buy. But I do like playing just like
simple narratives which are probably long term rather than
short term and just being decently sized positioned in
them like you said. So so in terms of NFTS,
everything's come back slightly. There's been a bit of a bounce
kind of across the board from we bounced and we sold off when the
whole market sold off and then bounced again.
You've seen the main thing that I've really seen is is Uzuki's
come back relatively strong after after it's anime and then
you've seen D gods move back to Seoul and there's been a lot of
like you know them coming home a lot of frat boy memes and it
feels like them and mad lads like are now like battling out
or tensorians. There's like there's like low
key beef now between like who's going to be the biggest PFP
project on Solana. I I like to see the the sole NFT
space I think hasn't really gone through a great period recently
but it would be good to see that pick up in the same way that the
the the meme point market has come back so strong.
Yeah, I just think people have like PTSD from NFTS and they're
not liquid, whereas memes just like, it's the same, it's the
same stuff really. Like if anything is better, it's
not like project founders tricking into thinking like
they're going to change the world with some crazy UNFT
invention. Yeah, it's just like, I mean,
find it funny, buy it. If not, don't.
Yeah, I kind of agree. NFTS have I guess the the
ordinals were a bit more like that because they were less
utility, but D Gods still feels like utility projects.
So I I would agree with that. I think that's it for today.
We kind of round up everything. It does feel like the market is
looking still strong but it's mainly it's mainly soul and soul
memes. But we'll see how everything
else goes. We're going to be, I think
we're, are we not doing a show tomorrow?
We are not on Wednesday. On Wednesday.
All right. So we'll see.
I know we have a hard stop like right now.
So we will. We will see you all again
tomorrow. Good luck and.