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