Good morning, good morning GMGM. Everyone walked up fuck for
another episode of Homo power. I know episode it is.
I've lost track. We've done so so many.
We got to get our tracker back on top of the street of today is
Thursday, October 17th. It is another cooler Sunday
morning here in Chicago. Today folks, we are in the 30s
again, but back in the 60s and 70s later this week.
Heating up by the weekend. Are memes heating up into the
weekend? Starting to see signs that a
weekend run might be starting here today, folks.
We're going to break that down. Plus, all the news on today's
show. Farouk is busy out interviewing
folks and galvanting around Paris.
Mando is traveling today. He's not going to be able to
join us, but we've got Logan Hitchcock on our editor in chief
over at Lucky Trader, holding down the Fort.
Logan, Jim, how you doing? Hey, good morning, Tyler.
I'm doing well. Yeah, excited to chat all things
market. Glad to have you on board.
Another busy day in Web 3 folks. We are going to keep today's
show a bit tighter. 3540 minutes show a very concise update on
everything happening in the market.
So what are we talking about? Topics on today's list?
We're going to talk Bitcoin falling a bit despite massive
ETF inflows A16Z. They published their state of
crypto calling 2024 the biggest year yet.
We'll go through their report. Vitalik continued his blog
outline the future of Etherium. We've got some breaking news out
of Jupiter. They launched ape Jupiter this
morning as they lean deeper into meme coins.
We've got this GOAT token Logan euphoric last night as as it
goes on a mini orc run a few other old meme coins running it
back. We've got big action on the
Runes board, a huge day of digital drops.
I think four or five marquee artists doing drops yesterday
and then we'll end the show with our weekly Arbitrum update here
as well. Before we dive in, shout out to
our 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 as always,
we love having them as our partner.
With that Logie, Are you ready for us to to start getting into
some market? Check.
Yeah, let's do it. I'm going to pull up the screen
share here one second. I'll I'll do my best Mando
impression and try to go around the horn here for a quick macro
update. So at Bitcoin, crypto majors
down about 1 to 2%. We got Bitcoin here at 66,800
ETH down one percent 2590 Solana down 2% at 151.
Solana continues to lag Bitcoin in this recent week of action,
though if you look at the week, it's up about it, it's up in
line pretty much in in step with Bitcoin.
As for top movers on the day, it's pretty quiet, really not a
whole lot of big movers in the top 100 crypto tokens.
FTT, the FTX token actually was the number one alt mover and
then Popcat starting to make a little bit of a run, but we'll
come back to that later. I think that might be a sign of
what's going to happen here this weekend.
I, I thought it was a little strange that Bitcoin was down
given these ETF inflows. Folks, I don't know if you've
been following these ETF inflows, they are massive.
This week we are talking about $1.6 billion in ETF inflows in
the past four business days. Also pending how today goes, we
might be looking at a $2 billion week.
I bet leading the way pretty much as always here with with
with the ETF flows. Perhaps a reason why why we're
seeing Bitcoin dip like the dollar appears to to grind up.
So some dollar strength here showing the DXY index.
It's basically been up only since October started.
So that that could perhaps be leading to some of the cell
pressure. I think stocks read this morning
as well As for macro news, not a whole lot on the board.
I saw the the ECB cut interest rates by 1/4 percent, 25 bits.
So perhaps a sign of what is to come for the for the upcoming
the next FOMC meeting happening in November.
So that's something somewhat notable.
As for the meme leaderboard and we'll do a deeper meme update
perhaps later in the show. It was pretty much read across
the board. I was actually looking through
that the meme leaders across Solana ETH base, they're pretty
much universally read here this morning.
Doge giving back some gains after yesterday with down Pepe
down 4%. Popcap again the the primary out
performer along with MOG. So perhaps some signs of life
there in the broad list. You know, Logie, we typically
talk more Web 3 headlines with you, perhaps a little bit more
NFTS, Web 3 gaming type headlines, but you know, without
Mando here, it's just us running the show.
It kind of I'm curious, what's your take?
We haven't really had a chance to hear from you.
Mando has shared his outlook basically feels like Bitcoin
probably grinds up to close to previous all time highs into the
election 70K range and then perhaps you know, springboards
from there into Q4. Curious for your macro read?
Like what? How are you thinking about
Bitcoin here in Q 4/20/24? Yeah, I, I mean, a boring
response. I don't have any crazy opinions
about what happens with Bitcoin. But, you know, I, I still do
feel like I'm in line in terms of thinking in line with a lot
of what the market is feeling and thinking.
You know, still some uncertainty, though.
Of course, the market's starting to perhaps price in more of a
likelihood or a probability of a Trump election win, but still,
you know, some uncertainty leading into that.
And then perhaps some of the euphoria that comes out at the
other end. I was actually just looking at
some of the Poly market boards as well, still like a 69% chance
or I'm sorry, 69% probability according to the market that is
that Bitcoin sees a new all time high in 2024.
So I, I, I think I'm right there along alongside that.
I think that feels like a pretty good number with what just over
two months left in the year. I'm ready for all time high.
Do you have a Bitcoin price target for this cycle?
Let's say, let's assume that a a bull cycle plays out along the
lines of the four year kind of historical pattern we've seen.
Do you have a number in mind? I mean, 100,000 just feels so
psychologically important, right?
It's yeah, it's just like that. That's the number that's been
said for what such a long time. And of course there's so many
other targets, the 250 thousands, the, you know,
astronomical targets set by Sailor and others.
But I feel like 100,000 get me there and let's let's see what
happens and see if we can broach that psychologically and and
then, you know, maybe off to the races.
A little conservative. So I'm I'm a little out past you
there. So I think 100K generally is
still my target for for the end of this year.
I think it's doable kind of probably does depend a bit on
the results of the election there.
I think 150K is my target for Bitcoin.
So I'm I'm still on where this goes.
That's the power law number from from the Kruger school thought
is 150K. There's a, there's $1,000,000 in
volume on a market at probably market.
Will Bitcoin hit 250K in 2024? A $1,000,000 in volume, 3%, yes.
So for those who want to extend out a bit further, you want to
take a lottery ticket, There's there's things like that
available. In 2025 or 2024?
2024 so 2 and a half 2 1/2 months to like 4X yeah, that
feels feels a little wild, but yeah.
So maybe some free money on the know besides Bitcoin.
I still I'm still a Solana bull. Solana kind of secretly quietly
is trading it at market cap all time highs.
OV always reminds us that in the group chat because of all the
unlocks and there's a lot of unlocks coming in Q1.
But it really does feel like Solana is the the L1 of the
cycle. I think Suey probably is next
man up there and then Tao is really interesting in the AI
space and we'll talk about some of those transaction that that's
a good seg to this A16Z state of crypto report.
If folks do care about this industry, I, I do encourage you
all just to go through and and read this.
It's a a pretty interesting read.
There's their summary of 2024, which they're calling the
biggest year in crypto yet, and they've outlined their seven key
takeaways, which are all data-driven and they've got some
nice visuals and graphics here backing up all of these here.
Let me see, I'll I'll try to go through them.
So at a high level, the number one is that activity is at all
time high and that they point to walled addresses.
I actually think this is a little bit murky just with all
the bots and AI agents entering crypto.
So I think we need to take that with a grain of salt.
But hard to deny the growth here.
And they're comparing it to the growth of the Internet and and
showing how it's actually in line, if not slightly ahead.
So that's their their starter take away.
They go on to talk about politics and how crypto has
become a key political issue ahead of the US election and how
much it's grown in some swing states.
I don't think that's a surprise to anyone.
But, you know, taking a look back on this year from the
outside, that certainly is a really important theme and
perhaps one that we didn't see coming.
The increased politicalization of crypto stablecoins.
I mean, stablecoins is a boring topic, but it really does feel
like perhaps the biggest take away of the year is the
increasing globalization, the increasing rise in usage,
adoption everywhere. More and more big players are
getting into this game and it feels like stablecoins have
certainly found a massive product market fit here in
crypto. A few others kind of going
through the rest of the list infrastructure improvements.
I think that's kind of par for the course with with as much
focus on infrastructure as as we have, you know, I think it'd be
more surprising if we're not having, you know, yearly growth
there. Defy remaining popular.
I think for folks who are in the the crypto streets, you know,
being able to do things with it earned yield.
Linda guess it that that's never going to go away.
So I think defy a core pillar of crypto at this point.
AI is an interesting new one on their list.
Crypto could solve some of a is most pressing challenges.
They're talking a bit about the intersection here and perhaps
we'll we'll get into that and then more scalable infra as they
look to create more on chain applications.
This gets a little bit more into that consumer crypto buzzword
that so many of us have been talking about.
So that that's a quick rundown of this.
We'll go into more detail about Logan, Curious for any reactions
you have. Or perhaps you know, Part 2 of
that question. What should you which of these 7
takeaways do you feel like is the the most important?
Yeah, a few high level from my perspective, the activity and
usage at all time highs, you know, of course the number one
take away here, just seeing that alongside the Internet growth,
you know, which I wasn't, you know, paying attention.
Of course, I was a very small child, wasn't paying attention
to the growth of the Internet and wasn't around to understand
that. So it's difficult for me to
fathom that this industry that we're participating in every
single day is actually growing as fast as it is.
And then secondly, you know, you mentioned the some murkiness
right in the numbers and A16Z does a great job of explaining
exactly that there. You know, there is some, some
conflict and how they come and, and arrive to this number, but
they do break it down. There's actually a a separate
article that breaks down the, the address growth and stuff,
but 220 million, even when you get down to the 30 to 60
million, which they believe are real people making those monthly
transactions. That just seems wild to me,
right? Like I, that seemed high and you
know, I hope it's as accurate as it could possibly be, right,
with all those caveats in there. But that gives me some cautious
optimism, you know, about how many people are actually
interacting here, how big this market actually is, even though
from time to time or maybe every day, right, it feels so small,
like this is a much bigger deal than we actually think it is.
So I think those are some of the takeaways for me that just kind
of, you know, reaffirm why we're here, why we're making the bets
that we're making. Make you feel a little bit
better. Some confirmation bias, if you
will. I'm reminded a lot of how small
our crypto Twitter bubble is compared to all of crypto.
I think conferences are always a good reminder of that.
Like Bitcoin Nashville boots on the ground there, I'd say just,
you know, finger in the air swag estimate less than 5% of those
folks are are probably like showing up and and interacting
in what we consider crypto Twitter on a daily basis, let
alone all the folks who are employed in this industry.
So I I would agree with you there.
I guess Logan any like any worrisome takeaways or or any
perhaps you know negative takes on any of these 7?
Yeah, interesting. I, I read this with such a, a, a
hopium that I, I probably didn't have any immediate worrisome
stuff. I guess one of the things
particularly for us is if you Scroll down into, yeah, of
course the, the political stuff. But if you Scroll down into like
the builder activity and, and the types of categories people
are building in saw a decline in some of the NFT infrastructure.
I mean, that's where I grew up in this, in this ecosystem,
right? I kind of came through the NFT
stuff. Yeah.
And that that 4.4% actually I think is a decrease year over
year. So some of those things, you
know, like I don't want necessarily want to say
worrisome in the sense that like I, I'm concerned about the
future of NFTS. You see 8 1/2 percent of builder
activity last year, 4.4% this year.
But that that is something that, you know, a technology and an
interest for myself. And I'm perhaps many of those
watching this show that seeing a a little bit less builder
activity and interest and innovation in.
So that's something that's a a little worrisome, not
necessarily for the full state of crypto, but just for, you
know, my particular interests and perhaps the interests of the
demographic that's consuming this type of content.
But otherwise, Tyler, yeah, I read this with a a lot of opium.
The, the political stuff is always there as a, as a
worrisome thing just because the, the more that it is in
focus, you know, I think we're expecting and hoping for more
clarity and, and, you know, just more regulatory frameworks so
that it can continue to exist and thrive and grow.
But of course, there's always that like in the back of your
head, you know, that that regulatory stuff could also
hinder growth. And there's some some
demographic data in here as well that showcases that the United
States is such a massive player here that, you know, you need
that regulatory stuff to be at least neutral, you know, for,
for growth. I I'm with you there and thank
you. You point out this, this builder
desperate. I actually had missed this.
So folks, I definitely encourage you to check this out.
There's some really cool visuals here in this builder
energy.a16crypto.com As for the the yeah, the political take
away was my more worrisome, but I've shared my thoughts on that.
We don't need to repeat it. I want to talk about a few
takeaways from this dashboard, because this thing is.
Is awesome. Sweet.
So starting with builder interest by blockchain, I think
what jumps out to me here is just the Ethereum dominance.
So it's ETH and then ETH al twos are what 8080% of the of what's
of what builders are focused on right now with Solana at 11 and
Bitcoin at four. One thing that doesn't talk
about about Solana, if you talk of the years, Solana was just 5%
last year. So it has more than doubled in
builder interest on the year, which is notable and I wouldn't
be surprised to see that circle grow into next year.
I will say what people are building was perhaps a little
disappointing, I guess not a surprise though, right.
So D5 a quarter, 25% infra and 19%, but actually infra picks
and shovels, wallets gets you closer to 40%.
NFTS are down Depend at 6%, what was depend last year, that's got
to be up quite a bit more. So let's talk about 6%.
Any takeaways from you on the category?
I know you kind of went into this all year within a.
Yeah, category stuff. I had the same sort of take
away, Tyler, you know, as somebody who's using some more
of the, the consumer focused stuff, the NFT type stuff that
is a little not, not concerning, but it's just, you know, you
know, I wish, I want to see more builder activity in some of
those more socially focused consumer focused things.
And perhaps that's next year's right.
You have things like abstract and many others that are really,
really trying to focus on consumers and actual use cases
beyond the the hyper financialized stuff.
So that was one thing. The the above though, the
blockchain stuff, the builder energy, of course, this is being
built. This data is A16Z indicates this
is proprietary data, right? They're using their connections
to the space, their investment in the space to drive this
information. And of course, you know, we know
they're leading all the biggest phrases.
Who better to show us where the future is going to be at least
built in the near term? And so this, this was awesome to
me to see Salon as growth. Of course, that corresponds to
our activity every single day on the chain, right?
Like that is where things are happening most, or at least
that's where it feels things are happening most.
So no, no shock to see it there. But I think this might be, you
know, if you're someone out there who's looking to
participate in different ways, you know, you think there's a
massive bowl that's going to extend beyond chains into a
really robust, you know, just macro crypto bull run.
Take a look at some of these that are getting in that 456
percent. They may be your 1012% next
year. Yeah, AVAX was one that was off
the top of my head. It was like, OK, you know, we've
talked about them arbitrum, of course base, like those types of
things that have grown year over year.
You know, they may be the winners next year and you could,
you know, maybe not have the same multiple of of hey, if you
were at the $8 Solana into the 150 sixty whatever dollar
Solana. But you know, maybe you're in
the ground floor of an ecosystem that's about to double or triple
over the next year. And there's some there's some
probably real opportunity in those.
So that was really exciting to me to see this.
This is really really cool data and information to be able to
just play with. I'm with you I, I was surprised
not to see Sui on this map. So we're curious if Sui will be
on there as like the next man up.
My last take away, they have a nice geographical map here.
So 40% of builders are in the US.
So there's a lot of rhetoric out there, you know, saying how hard
it is for builders in the US and clearly it's still a substantial
component. So good data go check this out
if you haven't already. That's going to sum up our.
Macro update let's go down the the risk curve a little bit
let's start talking memes so I think the breaking news here
this morning is Jupiter has officially introduced AP Jupiter
as its meme coin terminal. I think it's AP dot Pro is the
address real time streaming of new tokens, advanced data and
charts, optimized Med protection.
It it looks like I mean, Jupiter is is kind of going to be the
whole universe one stop shop, right?
You're not going to even need to use that many of the other apps.
You're going to be able to do everything in Jupiter.
They have the new mobile app. We we showed the integration
where you can just kind of click their their logo now on
different sites and and start to trade right in there.
So clearly they're they're leaning in.
So so shout out to to Jupiter. I'm excited to try to test this
out. Didn't have really a chance
before the show. As for that the meme coin board,
I guess we can start with go it it it is the the biggest story
in memes. Last night before I was getting
ready for bed this thing hit 360 million.
I'm seeing what 375,000,000 at peak did.
Did you chip any off there low gear or are you holding from the
room? I should have probably chipped
some off. I did not.
No, I was watching some playoff baseball last night.
The WNBA game was excellent as well last night.
But yeah, you know, I'm feeling I mentioned on the show
yesterday I sold about half my bag at around 125 million, which
of course looks very silly now. And this, this last bit, you
know, I'm kind of bought into this narrative, so I'm OK
withholding. I said, you know, a billion
Billy goat, right? That type of thing feels.
And I don't want to say program nothing is financial advice
here, of course, but that's the kind of the target that I've got
in the back of my head right now.
So I did not chip any off last night.
Yeah, and, and rightfully so. I mean, all the dips on this
thing are just getting eaten so. Fast.
It's, it's wild, yeah. I mean it, it got down to 200 at
some point yesterday, maybe a little bit below and then, you
know, in 1520 minutes you look back up and it's 275-280-5300
these. Candles are absurd.
And then Arkham Intel picked it up yesterday even though they
didn't really have their facts straight.
People have been flooding. It doesn't really seem to
matter. I think that this this thing is,
is bigger than the FUD at this point.
You know, we'll see now it's in the it's basically gotten to
where Mudang got at peak. We'll see if it's able to to get
past 400. I think that's going to be a key
level. We we saw some other runners.
So Wyack out of nowhere, arguably that the biggest winner
of the day at 270%. I haven't personally dug into
this. I have a buddy who's been
tracking this closely. It looks like a couple wallets,
perhaps even the same person, shoved 1.5 million into this
thing. So.
So they are a big driver of this absurd candle that you see here
on the day. So I'm happy to learn a little
bit more about their intentions. This this should be at all time
high. I think you're supposed to this.
Yeah. Yeah.
Back when we had when we had the woman on the show, that was back
in, yeah, summertime, early summer, right around when it
peaked. And then, of course, you know,
several memes had the same chart.
It started to rally up back to 510 and I had some friends get
back in. I never got back in on this,
much to my chagrin. So this thing is wow, this
thing, How high did it Wick? Oh my goodness, I didn't even
see. The Wick I never owned.
This one Wick to 60. Wow, So so quite the Wick to
fill there for Wyack. Shout out to those who who held
through the the downturn. Going across the rest of the
board. We'll take a look at the Maraud
board. It looks like it's starting to
flip green here. So we, we, we love to see that
almost universally green. My one of my core thesis is that
the moron list might, might trade like the old art blocks
curated where we see the pull backs Monday to Wednesday run
into the weekend Thursday to Sunday.
Perhaps we are starting to see that it's going to depend on
Popcat and I think it's largely going to depend on some of the
mean majors as well. Like I think we need with to run
for Popcat to really move up to 1.5.
If Popcat goes to 1.5, I think we see some big movements across
the board. Did you, did you catch the
Rasmer investigation research thing yesterday?
Did you catch that? The the boots on the ground
pulling everyone with the. Yeah, 293 people or something.
I didn't watch the entire video. I saw that MU Dang was like the,
I think the winner, but I saw some of the takeaways that he
had shared afterwards. And Full disclosure, I did not
watch the video, so I can't be certain he wasn't trolling or
something. But I saw some mention of USA
Coin being, yeah, like being highlighted a couple times by
that's one that I can totally understand.
You know, it falls right into that like Zen level category for
me where like, I understand the potential, you know, the word
cult's being used a lot here recently.
I understand the potential cultishness behind.
That's probably not a word behind like AUSA coin.
That one makes a lot of sense to me.
Again, never owned it. I do own some Zen, but I I get
that one, some of these other ones on the list.
I mean, it's just I'm not fighting Maraud at all.
I loved his performance on the show last week.
He seems like a crazy evil genius.
Not evil, but, you know, crazy genius.
Hopefully not evil. Yeah, hopefully not evil, but
yeah, that's the one of this list which I actually don't own
any of at this point in time, which feels very silly, right,
To not own. It yes, the American one rotate.
Some of the. Log get some.
It's something on the list. I've loved Mog for a long time.
You know, we talked about it around 250 million maybe even
before and I mentioned that that would be the one that I would
buy and I just never bought it. I did have AI had a Popcap bag
that I eventually sold off. Same.
For a nice mini such. Tails, thank you.
Thank you for for calling out USA.
It is one of my larger bags. I have to disclose that my
thesis is that all the the Polyphi, all the single
political coins are going to go away.
But USA people still love USA and it's on the Maraud list.
It was the lowest. I think my house is because it's
not going to, it's not going to remain the the lowest.
A Trump, a Trump victory, which it seems increasingly likely
feels like such a great catalyst for AUSA coin, right?
And of course, there's the MAGA stuff.
But like, everybody, you know, MAGA has like, people don't like
that. Some people don't like that, you
know, like half the country doesn't really like that.
The country likes USA. It can get behind USA.
You imagine if we have a, a New York, NY World Series.
I mean, there's so many things coming up USA.
But there really are great, great reference there.
A couple other things. USA is still far off all time
highs from the big polyfi rage and then unit bias.
A lot of the hot coins are now close to like $0.10 or at a
dollar like Popcat. This is one where you can pick
up, you know, a billion tokens and then just what if it goes to
a dollar type thing, which you can't a whole lot of other coins
on the list. So enough of my bag pumping
here. Circle was another one kind of
came out of nowhere. I thought circle was dead.
I think you picked this up at at a million.
It went back to 15 or so. So it's still a lot.
Any reason why this thing is pumping?
I couldn't tell you why it's pumping.
I had been seeing it on my timeline for I don't know why,
but it just like kept showing up and then I probably like
interacted with a post or something and then I just kept
getting fed more circle stuff. I think what upon the people
every day that ran to like 13 or 14,000,000 maybe overnight.
And when I refreshed and looked at it for the first time, I
didn't purchase on the initial run up, it was at like
1,000,000. It retraced nearly all the way.
Yeah. And you know, I don't know why,
Tyler. I just kept seeing it and I was
like 1,000,000. I'm going to take a small bet
here. Perhaps the the influx of art on
on shape and we'll we'll we'll come back to that here in a
second, but shape has still had a flurry of activity.
So shout out to circle holders. Nice little comeback for you.
Some actually on the rooms board as well.
I got quickly hit this so billion dollar cat was a top
story yesterday. It hit 100 million in a new all
time high. It's hanging out at 92 right
now. Red cat Romeo was a big mover.
Apparently that is the cat of a magic Eden founder.
So any pet tied to any founder is going to have some kind of a
pump. So that was moving last night 10
Bitcoin volume, nothing to sneeze at and then puka was the
the big mover last night. This thing was had 600 pending
transactions at 1.25 Bitcoin volume.
So clearly the number one mover. It's up to the $3,000,000 market
cap. I've seen mixed stories.
So I think this is tied to OMB. Perhaps ZK's dog, another weird
pet tie in. I think it was a gas war to mint
this. So as I understand, people who
are minting this runes were minting it at close to a 2 or
$3,000,000 market cap. At least some of them were.
So this is going to be perhaps a new one to watch.
Gizmo at 16,000,000. I think the the wild card for
Gizmo is that ornals met later today.
So we will see how that potentially impacts the runes
interestingly. So RSIRSIC growing up a bit dog
hanging out at 550 million. So it's really up there.
Pups has had a rough week here, down 10% at 1:30.
So we will see if and when that starts to turn around.
Well, we we talked about what might be pumping circle and it
was a big day in art across the board.
So switching over to NFTS and digital art, 45 major artists
had dropped yesterday. So Gremplin did this ticker
treat drop on base, did 50,000 mints on on this thing.
So, so quite a lot of demand though it was it was pretty much
free .000666 E. We also saw OX death beat.
He had to shut down his movable type net.
Over 100,000 of these were minted on on shape.
So perhaps this was what what drove some of the action over on
shape. We had our blocks curated back
with their first new fidgetal drop from MP cause Boca where
you you can get these lamps, sculptures, lighting, digital
works and they come along with the digital NFT as well.
This was just the 1st 20. There will be a a 300 piece sale
on the 21st. I think that is Monday.
And then rounding this out, we saw die with the most likes sell
his noble pep base card at point O69 ETH in a gas war and that
immediately ran to .469 Logan. Curious to any reactions on your
side on the art drops. What perhaps what was your
favorite or or surprise of the day?
Oh, favorite. I love deaf beef, the work that
he does, the innovation. So that that's a really cool 1.
I actually did not participate. I don't really know why I didn't
participate, but I I think that was a really cool one.
Lots of innovation in the in the work that he does, but gremlin,
it's tough not to love gremlin in the style that Gremlin does.
Those are really, really great. Shout out toads a relic at this
point. So, so cool to see Gremlin back
in in the streets. It was, it was just a good
positive day of art, you know, So that's, that's awesome to
see. Quickly, do you?
There's been a lot of talk about meme meme and a tease and cults.
Do you feel like Kryptodes are still a cult meme memes?
Do you feel like they are perhaps going to catch some love
in this rally? I don't know sleeping potential
giant. I think the, you know, this is
the you would you always show that the little roller coaster
bigger loop, smaller, loop smaller.
I think the loop potential is smaller for toads than it once
was, but there there's still something in there.
Yeah, there's still something in there.
Sad. Well, shout out to to Gremplin.
Perhaps he will kick start a toads run later today just to
prove Logan wrong. That's going to be a a quick
round up of the market. We kept it tight today like I
promised, but we need to get into Arbitrum though.
Arbitrum folks once again has been cooking just to start at a
high level. AJ Warner here shared their new
partnerships from 2024. Robin Hood, Paxos, Franklin
Templeton, then in games, Ubisoft, Apecoin, Uzuki, Senko.
And this is about as big as it gets, right?
I mean, there's some major, major names.
They've launched nearly 100 orbit chains.
We also saw the the orbit Arbitrum orbit road map here,
everything that they are focused on from custom ability,
decentralization, Dev X interop and and performance.
So clearly orbit laying the groundwork for so many chains,
so many builders and they continue to iterate on their
product. And then they've they've got
some action on the D Gen. side. So their their meme coin
platform Gu trade that's getting close 95% of the way there.
And then noteworthy this week is Apefest is coming and Ape Chain
is powered by Arbitrum Orbit. I know they're going to have a
MIT with the their BMWM driver's licenses.
Plus, I'm sure there's a lot of surprises in store for Ape Fest
this weekend. Logie, I know you, you dug into
this a bit, kind of what jumped out to you.
What were some of your takeaways from what Arbitrum's got going
here this week? Yeah, so the Ape Fest stuff is
awesome. I think Ape Chain is a sleeping
giant. You have the banana bill like
there. There's a lot I'm excited to
see. What types of apps and just
consumer opportunities exist? So really excited for this.
Also too, though, the the orbit chains to Segway back to the
state of crypto. You may have noticed that if you
dig a little bit deeper, there's mention of proof of play and
just the the growth and infrastructure scaling of
Arbitrum orbit. Proof of play, I think is like
the top three of four in terms of what's listed on that state
of crypto from A16Z. So just an incredible growth,
incredible new innovation and scaling for some of these
massive, massive games. So shout out proof of play and
and Arbitrum leading the way there.
It'll be really cool to see what other things come as a result of
that innovation now that you can actually get so many people
playing these games without the scaling issues that have
previously existed. Yeah.
No, it's they continue to power so much of the ecosystem.
And if we take a look back at arbitrage, I mean, it's yeah,
it's 6% of the builders and that doesn't even factor in all the
orbit chains. So so clearly a significant part
4. Four of the top five, I just
pulled it up on second screen here.
Four of the top five are arbitrage settlements for those
the gaming and the TPS, the M gas per second.
So leading the way in terms of scaling and and opportunity for
for growth there. In Robin Hood, this Robin Hood
app is going to be 1 to watch. I think a headline that we saw
yesterday was future trading on Bitcoin, Bitcoin futures, so
similar to like your options type trading.
I think that's going to be an interesting one.
We saw Paxos and their stable coin and then Franklin
Templeton, of course, doing so much and then Ubisoft launching
several web three games. It seems like they've got in the
the cooker. So a lot more to come.
It's already been a a big year, but a lot to look forward to
certainly with them. All right folks, I think that is
going to be it. We promise you 35 to 40 minutes
a a tight show. We delivered it.
Once again, I want to shout out to our listeners for tuning in
to today's FOMO hour. That will be it.
We will be back tomorrow breaking down all of today's
action. Maybe a special guest tomorrow.
We'll see. We're working on it +2 robot
spins for our Friday show. As for today, go have a great
Thursday. Go make it a beautiful day.
Goodbye.