Yo-yo, what up? What up?
Good Morning Morning GME Tuesday April 2nd 2024444.
Look at that. Another beautiful day to have a
beautiful day. Formal hour Episode 89 and I got
my Co host in the house. Mando, how are you doing this
morning? Good, busy, busy, busy, busy
today. The robot order books, huh?
Ton of other stuff. Loads of meetings.
Yeah, crazy day. Crazy.
Yeah, I mean the meeting front.
Oh, there you go. Let me add you on stage.
The meeting side is definitely crazy.
When I go on a trip and I come back, it's like, especially when
I'm across the world. So I cancel all my meetings,
right, Because I always can't do meetings in Hong Kong.
So. So when you're back is I I see
my schedule. It's just like it's all blue.
No, it's not even white. It's all blue.
I have to put in times for me to go like eat so that EV doesn't
schedule on top of it. I have to like figure out even
Jim. I go, Jim, don't book it
anyways. What do we got?
I mean what? What a day, what a day, what a
day, what a day. I mean, it was over and it's
seemingly not over anymore. Or maybe it is.
I don't know. I have so many tabs open.
I must have like 15 charts on my screen at the same time.
But it was seemingly over. Maybe not, but we'll talk about
that cause today on the show. Oh yeah, we're back.
We're back. Look at that.
We're back today on the show today.
I don't even remember which. Hold on, where did I open this
tab? Oh, there it is.
I I generally have a lot of tabs open right now.
It's it's a lot. It's a lot.
Shout out to I like tabs Today on the show, today, today, Daily
Market Report, as usual, crypto macro, all that good stuff.
Let's talk about The Great Nuke of April 2nd, 2024.
This is what happens when everybody making April Fools
jokes on the timeline. On April first you get a nuke,
on the next day you deserve it. Including myself.
It's OK Don't worry, we'll be your fork in like 3 days.
It's just NFTNYC week. It's always like that.
And then first dogs. Now cats.
Meow. Which cat?
Which cat's going to win this race?
I mean we saw someone went as far as stalk you think Onsen's
family to find that they have a cat and they found the cat's
name and then the cats has done more volume than all NFTS in one
day wild. I don't own any of that cat.
I have every other cat though that one but I never get.
So we'll we'll see what's going on that front.
Anyways NFT that's we have meme land.
That was not a joke by the way Meme net launching.
So you have another meme coin chain launching so shit's about
to go crazy Pixelmon releasing anime trailer.
So things are still popping on the gaming side.
And then today's guest partner. Actually we have a sponsor on
the show today. RSS three are going to come and
talk to us about what they're doing, what they're building.
And last but not least, robot spins.
Now one thing they were, it was really buggy today.
And what happened? I could not add any NFTS.
Almost. I managed to maybe add 10 red
guys and like 5 pudgies. I came out everywhere.
We did nothing. So what I did is I upped all the
wins. So you have 10% chance to win a
red guy. Like there's a lot of chances to
win high NFTS. The root boxes are more
expensive. So instead of doing 4 or 5K
spins, we're going to do three, six and a half $1000 spins.
Same thing. We promised 20K, it'll be 20 K
but you have a higher chance of winning.
So it could hit big today. Like the cheapest thing in there
is a red guy and the floor is at .7.
So so you there's a big chance of winning today.
Up to odds on everything. And last but not least we do
have a new show title sponsor Fairside fairside dot
XYZFAIRSIDE dot XYZ Industries trusted crypto theft coverage.
You know what that's about. Make sure you get your funds
stolen. Check out fairside dot XYZ top
right. You're going to see them on the
stream if you're on video with us.
And without further ado, without further ado, let's get right
into it, because my boy has got to get back to the order books.
Yeah. So what is day?
We'll actually have 36 hours. Like Bitcoin was at 72 K
basically as we went to bed on Sunday and this morning it was
at 60, 64. So kind of a wild move, about
1213% move in Bitcoin in 36 hours.
One of the biggest moves we've seen in a long, long time,
slightly different than some of the others because this wasn't
really a levered wipeout. Like there was quite a bit of
leverage, like 300, four, 100 million liquidations, but
nothing crazy. This has been more direct
selling and two main things that people are pointing to here,
firstly is the ETFs again looks like it was another outflow
yesterday for the ETF. Grayscale came back and dumped
another 300 million. They they had been slowing down
on Thursday and Friday last year.
So the idea that there's even more to sell, I think the market
took it pretty pretty badly. And the second thing is what's
been going on macro which is there was some inflation data on
on Friday which is kind of in line, nothing that crazy.
But yesterday we had some what I would say is a second tier piece
of American economic data which just showed that the market was
slightly was recovering slightly better than expected and rates
went a lot higher. So interest rates are at their
heart like multi month highs now and a lot of expectations now
that the Fed is not going to cut rates three times, only two
times. This is all going into Friday,
which Friday's going to be the non farm world's day which
should be relatively important. It's maybe that's what's caused
the crypto to sell off gold, which you would also assume
would sell off with that has is actually at all time highs and
it's just hanging out there. So I don't know.
I think the market's just trying to maybe find a reason to sell
off that sort of moving rate we haven't really cared about.
In fact, crypto has barely cared about macro for a while now.
Like this last time I've really brought up something significant
for a while and people just think are just pointing for
reasons. I think yesterday was a low
volume day in many markets were closed and crypto is one of the
only ones that was open. So up until the US open it still
felt like it was one of the highest beta assets to kind of
punt around at all hours for a lot of people.
So I think it was it was partly that we have as soon as the US
opened we rebounded about well nearly two grand now on Bitcoin.
So not all amount but yeah as soon as the US opened we've
we've rebounded slightly stocks are still down today and it's on
that now as if I was just talking about.
But just yeah, interesting people are definitely pointing
to this and I do think that if the market will use it and then
it will be. So people will now be looking
forward to Friday to see what this inflation, sorry this, this
jobs data will be. I'm of the view that this is
nothing crazy like two rate cuts versus 3 is not.
It's not the end of the world and the US economy is still
doing good. It's still growing like 3 to 4%
a year and inflation may be ticking like marginally higher,
but we're not talking about anything crazy.
And even then like some if you go to like true inflation for
example, it shows inflation going lower.
So we're not in a world where we're going to see crazy levels
inflation. But it I think it just points to
how sensitive Bitcoin and crypto is becoming.
This is the most volatile crypto has been for many, many months
like many, many months. This up down 12% in 36 hours
like that never happened kind of throughout 2023, right, Like we
had periods of it doing nothing for just is is.
That due to the fact that there's just so much more volume
and activity coming into the Bitcoin, but also the price of
it, like you'd figure at four, at 15 to 25 K, it's harder to
have this volatility. But now, yeah or or no, is that
I think? You can have volatility at any
any price. In fact, normally bigger assets
have at least or less volatile, right like.
Right. The price of Apple stock doesn't
move as much as a penny stock, for example.
So this has surprised me at the level of volatility that we've
started to see come back into the market, particularly in some
of the majors, right, Like Ethereum basically just dropped.
Similarly like 20% or 15%. Solana went from 2O5TO175 in the
space of hours like these are now 100 million dollar, $100
billion. Sorry.
So it has surprised me particularly because leverage
has not been that high like it's not been a situation as in the
direction of leverage hasn't been that high.
Open interest is still high across the board, but.
People were just dejeting on memes rather.
Than leverage actually. So, so a lot of the the high
risk bits of the market have not been in in lever trading, which
is when you get those Wicks down you see these big moves.
So this has definitely been right.
Like what the Hell's going on? Because this isn't just a
levered Wick take out. This is like people freaking out
over something I have. A question.
Yeah. I saw I read somewhere that
there was a ton of like shorts that were going to get
completely wrecked at 7275 K range for Bitcoin.
Could that be correlated to like they trying to like hammer
Bitcoin? Because it seems like do you
think I guess my question is everything's down on Bitcoin
being down. Not everything's down because
the market was frothy or anything, clearly because it
doesn't seem it was froth. I know people like to say the
meme core mania is froth, but I think it's just people in
training space gambling on shit. But like, this is all like a
Bitcoin wipeout that's wiping the rest of the market, no?
Do you think this? This market did not look
particularly frothy to me on Sunday night.
Right. I mean, the new stuff is
separate. There are times when it is.
There are times when it does feel like that when leverage is
really high and funding is very high.
But actually it didn't seem like that.
In fact, you saw some very healthy metrics coming through
in terms of like number of addresses and everything had
felt OK. So this definitely felt as
though the market got spooked yesterday and on a low volume,
the volumes were not high yesterday across the market like
it was because of the the the general holiday.
So this and then going into today, I just think asked that
that that economic data yesterday people are now getting
more worried about inflation. I don't know what to say.
Like this does feel slightly different than some of the other
sell offs in that this is more sustained right.
Like this isn't just a oh we've wicked down because everyone was
like 100 X levered on Bitcoin and and how we fell the Wick.
This this has happened over the course of multiple hours and
each each bounce has just been smashed lower.
So I think I think it was both of those things.
It will be interesting to see how today develops.
I did buy Solano, bought some doge just on this move.
Yesterday and this morning, but not the majors.
Yeah, that's one of my favorite memes.
I'm I I was buying majors yeah. But I it's if you take a step
back the way the market is just set up, Bitcoin just hit a lower
high, right. So it remember it's hit 74 K
roughly went down to whatever it was 606061 K and then we've gone
back up but we haven't quite hit that last high.
So we've gone back up and we've stopped out around 70K and now
we've gone back down. Now it's interesting to see if
we hit a lower low, you know if we go down to like 58 K or 50,
you know or high 50s, that would be probably a bearish sign
because that would indicate that the market is now trending
slightly lower. If we kind of bounce here, you
know, or bounce higher than and where that last low was, so 60K,
let's say we bounce around. Here.
Right 62. This one on the hour, on the
day. Oh, let me pull out the day
chart. It's easier.
So yeah, it. Doesn't, I mean I'm just
speaking in general like 61 K looks like was where we kind of
we bounced. So if we bounce, if we hit a
higher low now it would indicate that we're going to go into like
a channel, right, of lower, lower highs, higher lows and
we'll just, we'll be in this channel for a little bit.
And that would normally be considered like a period of you
know, consolidation or or maybe even accumulation.
I suspect that's what we're about to go into.
We're like we haven't got enough strength to breakthrough the all
time high and we're not bearish enough to smash through the most
recent low. So we probably could hang out
here for a little bit, which you know that was a proper fake
breakout from Sunday, Sunday when we were at 71 1/2.
It really felt like we were about to smash this all time
high again and now it feels like we could be in this channel for
a while. You know, we've been in this
channel now for a month that's that indicates that, you know,
we're probably going to hang out here for a for a little bit
longer, you know, got the halving in 20 days.
I'd be unsurprised if we stayed in this channel now for for the
next 20 days. It's funny.
I, I, I and I think a lot of people have said that we'd be
ranging in the in this high 60s, low 70s up to the halving.
I I've I've personally heard this from a lot of people across
the board of course like there was like at some point you're
like oh it's going up so how you think you're going to hit that
100K mark but but really like I think we even on the show you
guys always said that we're going to probably look at
towards the upwards but towards the halving we're going to be
similar you know I I don't mind I think going to the halving at
like 69 K like previous all time high is not that bad either
right. No, no, but it's it's it's just
something to be wary of like this is a market where and it
felt like that. Do you remember?
I mean, I don't even know if we get new listings on the show,
but like we were doing this show when Bitcoin was ranging between
25 to 30 K and we have a. Lot of new listeners, yeah.
And you know, every time you thought you should buy that
breakout, you got smashed slower.
And every time you got overly garish and you know all the
shorts are on the timeline telling you you're going to
like, you know, 10K you were meant to buy it.
It does feel like this is the sort of period where you have to
trade your own emotions slightly.
So I'd be very, very wary of getting overly bullish at
something on this market if we're like 5% from all time high
and I would be, I would be bullish if everyone's getting
bearish at the you know if we go down to like 61 K because that
feels like a good risk reward trade to me so and again.
That's mostly for the folks that you know kind of trade like you,
right. Like a lot of people trade like
leverage would not like this. Like if you're just spot even in
the. Spot right.
Like people we're up a lot. Like I'll be very wary of of
just fade your own emotions each each day.
That's what I would say. Like if you woke up on Sunday
and felt like you needed to own every single meme point, every
single, every single major levered, like you don't have to
attack me. Like that your own.
Warnings. That's your own warning signal,
I think. On the show, in public.
I'm kidding. I'm kidding.
I'm kidding, yeah. From from November to wherever
it was a month ago, you should have when you've got that
feeling of like, right, everything's going hard, you
should have bought literally everything.
You probably, you would have made a lot, lot of money, you
know, and this market is now telling you twice.
We've had two times. That's happened that you
shouldn't be feeling like that, so just be.
No, that makes a lot of sense. That makes a lot of sense.
We'll see where that takes us. But look, it looks like on the
back of this, we're now Solana went down to what, 175 Solana,
that was Solana, you're talking volatility on, on, on, on on
Bitcoin. I mean, Solana has been like
volatile as fuck. Like, that's been crazy from
that one, really. Solana move less or moves around
the same. Actually, it it's because it's
bigger numbers, right? It wants 205 to 175.
What is that 175 over 205? Yeah, let's.
Get it? Here I I have it.
That is a. Yeah, 14% move nearly and then
Bitcoin move from, you know, literally the same.
Look at it literally the same. So Etherium is the.
Biggest Loser over 24 hours. Yes, etherium's been
underperforming like that ratio against Bitcoin has gone lower
and. Everything else.
But I think the the thing that got a lot of people is that
everyone was mega bullish on Solana at 200.
You know it felt like it was it was going to smash through very
easily because of the amount of activity that was going on, on
chain and that really kind of brings you down to earth, same
thing like whiff, right? Whiff whiff went from 4.6 down
to 3.6 and is now down at 4 like the volatility is who knows what
on WIF. Though who knows what?
Because I mean, even OV pinged us because OV is not because
he's travelling, but he's like, yo, this thing's back to $4.00.
There's something going. Somebody knows something?
Did buy some of that with with I just.
I took it off just as we went live on the show.
Oh, you were? Long that's that's I mean you're
you're playing on a different level dude logging and sorting
like the I I'm just spot I'm comfy in the spot I was actually
trying to get I was hoping with CV even like 3335 on the way so
I could keep buying I mean I accumulated before leaving to
Hong Kong large size around 2/5 to 2/8 so I bought a 28 and then
all the way down to two five and then traveled came back it was
nearly 2X. I'm pretty happy and when I saw
I see that four is our new resistance.
Resistance here, I'm, I'm pretty comfy like I I'm not trying to
get out of I mean. I agree.
I would say that out of all the charts out there, whiff is the
most scary if we do go lower because like it is.
Look bring up every. Single chart and they've had
this like double consolidation period for the last month.
Whiff has not consolidated, it's just gone higher, it's just gone
higher. I mean there's no like, oh,
we've hung out around this area a little bit.
So it's about. Here, here.
It didn't hear. It didn't hear right there for.
For a very short period, but like look at look at everything
else. March. 10 All 10 Seven days.
Seven days. You're right.
Let me let me pull up the Daily
Ongo if it makes more sense even.
Like every other major meme coin has done that.
Like look at Doge, look at, look at Pepe, look at, look for
higher. Same for even our base meme
coins like D Gen. higher. I mean, look at D Gen.
I mean, let's look at DJ in right now, 'cause that was one
of the big narrative going on base right now.
It's that what 15 could retrace there.
My biggest scare on the base coins is that ETH is not
performing so well. But The thing is if and when,
and I'll say when, 'cause I'm one of those people that it's
going to put out there. The DTF gets approved.
ETH ribs, base coins go fucking crazy.
Actually, I was saying OV yesterday, Mando, I I think when
you laugh, we were talking a little bit about it.
I think I'm going to take the bet on polymarkets.
It's five to one, $1000 size. We've lost more in that
gambling. Like, you know what I mean?
Like it could be a fun shot, but I I kind of like it.
I think, I think we're going to get it.
Surprisingly. I think it's going to be one of
those things like I love that the market is like considering
that it's not happening and so ETH is just like hovering at
these price points and underperforming everything else.
I think that it would be surprising to people.
I know board Elon is here. Probably musiced his ears here
we we doubled down on the bet. You know the bet I lost to him
that ETH would hit 4K before Solana.
Funny because then ETH hit the shit and then so I went to 200.
But then we doubled down. So now the bet is he wanted to
bet ETH 8K before 400 soul. So I doubled down on the bet.
That's a. Good bet, yeah.
So I had to take that, right? Because I already paid him out
his half an ETH. And so I doubled down on the bet
with him. And he's a good sport.
He was like, fuck it, right? Like it's an it's.
So he was a good sport about it and like, let's let's just go
again. Maybe.
Maybe they won't even get there till the next cycle, guys.
Maybe you'll be here in in. We we said we we said $1000 coin
on the show. What now you got in 400?
God damn it man. Though shitting on my parade I'm
not as. Delicious as OSF over Keith,
This is a. Super exciting.
I'm kidding. Anyways, the other thing that's
that's trending on in this world and I just saw this.
Sims. Wow.
I just saw this. This is glorious.
Today's show This is today's show graphic.
It just went live 4 minutes ago. Amanda, let me ask you
something. Cats or dogs?
Do you prefer cat like IRL? Do you prefer cats or you prefer
dogs? Dogs for sure.
You're a dog guy. I'm a dog guy.
Now in Crypto Cats or dogs? I think that's that's obvious as
well. Yeah, I I do think, you know,
crypto is this thing for like, cats.
Like, look, I like frogs the most.
I like my frog. I like my Pepe.
My red Pepe is my favorite. I have my Pepe shoes, you know,
I like my dogs. I like my dog with the hat on.
But you know, I'm confused now, You know, I love my mug, but
there's so many cats. Do we like the cats or what?
So let's talk about this Onsen thing.
So yesterday someone right, launched this Hobbs coin, which
apparently is the name of Onsim, or his family's cat.
Yeah. And that ran to what it was.
Nearly 100 million at one stage across all chains.
Yeah, it did more volume than the NFT market that just it
tells you where the the volume is right now like it's it's kind
of wild like over the last 24 hours I'm.
Trying to. Find this coin.
Actually look at it. Look.
At the screen. This is it. 65,000,000 say the
volume there, yeah. There is $128 million volume on
Dex Tools here on Dex Creator. Sorry.
That's wild. So yeah, that is just, it just
tells you the state of thing. I mean the AFT market is, you
know, riding with the punches at the moment.
People obviously encapsulated pretty well with us every day
the other day. It's definitely not taking part
really in the activities so far in this crypto cycle.
That is not to say NFTS are not revolutionary tech and will you
know, continue to be a big bit of it.
But the speculation bit of this cycle has bypassed NFTSI think
largely a lot of NFTS except the ordinal space.
Yeah, we we talked about this yesterday a little bit.
We're just mentioning that you know it is what it is like you
have even. It's funny because there's a
clip that went on the raw radio page about thread guy talking.
He was compared to Azuki, but was compared to board apes
yesterday. It's like you have 30K in this
market. You're seeing tweets every day
from Luke on chain saying this trader made 20 million from
$200. Obviously people are going to go
and like try and hit a hit a 1X2X.
So it's like you're seeing on the short term, you don't see
Apes and the global NFC market going higher, but you do see
moon coins and other coins going higher, even if it's spots.
Remember last year, literally, I was making a point that like,
it's even safer to move on to just ETH itself versus NFTS.
And what happened? Like ETH doubled.
I did that early on. I managed to scrape, I was
selling NFTS lost. But you scraped like 550 to 100
ETH and you know that's that's up versus most NFTS.
So that helped out. So you don't even have to go and
gamble your life into meme coins just by majors, right?
So it is what it is actually. Penguins were the outlier this
week with a pump to 13 plus with the Forbes article some sort of
a retrace at 1168. And then of course like the
biggest narrative in all NFTS is ordinals right now.
And actually with the having coming up Mando runestones like
runes. Sorry runes, because runestone
is one of them. Runestone RSIC, Rune Pops, which
is, I'm turbo bullish on that 'cause I got one per puppet, so
I have a lot of runes. Rune Pops, I'm super hyped about
that one. RSIC.
I've mined over 1,000,000 tokens so far.
We'll see what happens there. Like, I don't know, I, I, I, I'm
very excited about that. Obviously Leonidas is the CEO of
ordinals. You know, like you that with his
Runestone project you have, you know, Casey Rodemore just
pumping the shit out of it. Like there's this new narrative.
We saw what happened with BRC 20s.
Mando, you were bullish on BRC 20s.
I'm pretty sure you still are like on the Bitcoin eco, like
you were like screaming about it on the show months ago.
Runes is just another great narrative for Bitcoin and you
literally have, you literally have that coming up.
So that's about it. On that front, I think this is a
good all around. Like Chad and the other news
that came out yesterday, I do want to mention it, but we don't
have anything else on. That was, you know, plan.
It was not April Fools because it came out at 8:00 PM and in
Hong Kong that's 8:00 AM. So introduce a Meme net, the
Meme Network. Meme Net is a blockchain that
offers a safe, low cost, season friendly way to build on chains.
So it looks like the Meme Land team is going to launch their
own meme blockchain. Yep.
I mean they maybe they pushed this forward because of what to
what's been happening in D Gen. of course so recently, right.
Like as an L3 meme land, I believe it wants to be at L2,
right? Rather than L3.
But yeah, just not surprising to me.
What a. Great website completely.
Makes sense that they would try and do this.
I don't know why it's what I would say is I don't know why
they as now maybe they have the culture.
There's nothing technologically wise, technology wise, that they
should be the chain to do memes. So maybe they're just going to
like have the culture for it and maybe on board a bunch of
different people, I don't really know.
But like maybe they'll do it native on the site.
Like, I don't. Have you ever tried that pump
dot fun? I have never tried.
I'm obviously very well aware of it, but I've personally never
what. Do you bring up on the on the
channel, right? Though is it going to be insane
stuff showing up? Maybe.
But that's just, that's just on it anyway, OK.
Just a heads up, that doesn't mean we're part of any of these
things. So this is.
How? Like the majority of new coins
are being created at the moment. So you're telling me?
Every time this shakes, it's a new coin being created.
Yeah, pretty much. And like they have a king of the
hill, so anyone type and basically what it is, is you
someone starts a coin and it's, it's funded and part of it goes
into an LP which is burnt. So we could create a coin right
now. Yeah like we we if you could we
have we have to the the dev gets the decision whether he wants to
fund it and and then we you know a bunch of people come in no
don't don't do this and and if it reaches I think if it reaches
a market cap over 75 grand it launches because it's.
The pool, it gets locked and then.
So if the pool goes over a certain level, I think it's 75
grand the coin launches. Could I imagine Meme Land doing
something like this? Maybe, yeah.
I mean, I like how you know, he was, Ray Chan was talking about
how like, you know, memes are PvP, like porn and people are
addicted. So he made the meme that kind of
like the Pornhub logo. And then I just think the
website is brilliant. Though again, like on the
branding, they're good at this stuff, like this is a really
good website. I think it's really cool.
It looks good. We'll see.
I love that. Let's go four.
Oh my God, this is so good, man. I personally don't get meme
coins, but they do have a large number of users.
CZ binds with the four coming up like that.
Like you're popping out and you're just CZ just pop it out.
Hey, this is great. Vitalic meme corn holders.
Be like, Oh my God, Brian Armstrong on there.
SBF do quad man. That's good.
This is this is great content. Anyways, look, I think that was
a good roundup. We do have RSS Three in the
studio here and we do have to do some robot spins right after
that. It looks like, look, if you're
if you're if you're in the space, just and you're if you're
if you're if you're stable. Just just hang tight, you know.
Seems like things are OK. They're not great, but you know,
it seems like we could be bouncing on some places and we
could maybe not also bouncing on some other places, but Bitcoin's
about 65-8, Mando. 3280 by. Doge, I mean, you you do have
someone here asking you to break down MFR.
How? How are you doing on MFR right
now? How is MFR?
What MFR. I reduce some a lot more higher
one. 18 on MFR and higher is that dude higher on Forecaster
is making the rounds. You have like one of the crypto
guys at fucking Coinbase, Coinbase talking about higher on
on Warpcast. I'm here.
Like what? It's it's wild.
Not really. Like that.
Just like as a risk reward of some of these trades.
I just. I like.
I like you. Got to think.
Risk reward. Yeah, pick and choose, Pick and
choose. Pick and choose.
But anyways.