Good morning everyone. GMGN. Welcome. To another episode of OO. Our today is Wednesday, February 19th 0.5. Whoops. It is another freezing cold day here in Chicago -5° again. But we are falling out here soon. It's supposed to be nicer this weekend. Crypto majors maybe showing signs of falling out after a nice little rebound after yesterday's lows. It looked like it was over this morning. It looked like maybe we were so back. Is the bottom end. Are we just gonna range like this forever?
We're gonna break it all down on today's show. Brooke still out? He's out the rest of this week. He'll be back on Monday. We've got Mando with us. We've got Logan with us. Mando GM, how you doing? GM man, how is yeah -5? So does the lake freeze? It can freeze if if it stays this cold for extended times it will. It's happened in winters before. Man, that must be freezing. Yeah, doing well apart from that, does feel as though we're not heading to zero straight
away, at least today. We had KBM on the timeline calling for sub 90 Bitcoin yesterday, which was my sign of hope that it wasn't going to happen too soon. So yeah, yeah, the counterturn KBM worked again yesterday, at least for for the hyper near term. Logan, Jim, how you doing? Hey Tyler, I'm doing well, freezing cold here as well, but I'm staying warm to the best of my ability all. Right, We'll do your best. We're going to get through this here this this winter, this
crypto winter together, folks. What are we talking about on today's show? We're going to start with the market report all Sommel's cooking a little bit. These FTX repayments starting to land in wallets, Schwab opening up digital assets. I will talk a little bit about the Libra latest. This Libra scandal just keeps getting crazier. Portnoy just pumping, dumping all over the timeline. Why is he doing it? Are the trenches ever going to learn their lesson?
Kaido tge, we got the news this morning. We're going to break that all down, talk our expectations. There's a walrus AirDrop that went through this OCH Genesis token is coming on abstract runes news. So lots of tokens and runes news that we're going to get into, maybe even some speculation on this pain presale if it ever comes. Plus robot spins, double robot spins are back. So make sure you stay tuned to the end of the show before we dive in.
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Can you dig? It GM everyone so yeah it was obviously feeling like it was all about to go to 0 and then kind of bounced a little bit We we saw loads of I think 93 1/2 on Bitcoin. We saw loads of around 160 ish area on Solana and then and then just kind of Bitcoin we had some headlines really around first it was around micro strategy or strategy now going to raise another $2 billion. You saw the Texas State kind of debate.
I think it was really on on Bitcoin Treasury went relatively well and yeah, just like more bullish sentiment really around Bitcoin, which is kind of saved us from going to goblin town. Bitcoin on the day is actually still kind of up smallish, but just because Bitcoin didn't go sub 90. We kind of had a situation where everything felt OK suddenly.
So, so Solana rebounded all the way back to like 173 this morning, 174 area, a bunch of alts which looked like they were dying, also bounced And and yeah, just it kind of felt OK. We all said, like you said, the FDX repayments were were relatively were relatively good too. So I don't know. Now it does feel like we've had this bounce. Like is this the bounce that people like go, I'm out, like I've been smashing everything or, or do we continue lower or do we continue higher?
Sorry, it's still just like people just are not bearish on Bitcoin at all. Like it's really tough to find someone with like a really like strong bearish sentiment on on Bitcoin, it feels like. So yeah, it just kind of feels like that is going to stop us like the whole market from from from falling out of bed. As you said, like altcoins, Bitcoin dominance have been heading lower throughout sort of heading heading higher throughout the day.
And then we had we did see a bounce in a decent number of volts. Interesting that like none of them are really memes. So if I looked at my top 100 movers, it was a bunch of like L ones or it was a bunch of like, yeah, like just coins that you like, you don't, you don't normally hear about, you know what I mean? Like it was like things like Tau, for example, and AI like that's been a coin which, you know, people were doing about six months ago and, and kind of fell out of bed.
And then seemingly it's like bouncing pretty strongly alongside a few other L1 trades, like Sui's bounced a little bit. So let's let's see. But it doesn't feel like potentially the bags that if you're holding altcoins, then the bags we were holding before this aren't necessarily going to bounce. Memes continue to not feel like the strongest bit of the market to me.
So so yeah, I think be wary that altcoin season or at least an altcoin bounce may not necessarily mean that altcoins, your altcoins or the the more left curvy stuff is going to is going to bounce a decent amount. I, I was speaking to you, Tyler, and saying like I do these the, the minutes every single day and Solana meme coins are not showing up in those minutes for the last three weeks. Sorry, three days, sorry.
Like in terms of hot coins, it's, it's generally, it's generally been like today was a coin called frock, which is a base coin and broccoli, which is the Binance smart chain one. And yesterday it was a bunch of Binance smart chain coins too. The only ones that kind of bounce today were things like fog and UFD, but that was these are coins we shut down just so much, right? Like it wasn't they weren't like
new hot coin. And I think the whole Portnoy thing yesterday just kind of just just didn't feel that great because it just kind of felt like why, why are we doing this? Again, in terms of my macro, nothing to worry about S&P hit all time high, gold hit all time, it's basically at all time high. There's nothing that points that we're going to go lower there. And that's probably also why we have stronger, yeah, that's probably why we have a stronger
Bitcoin setup. And there was a couple of headlines yesterday that, you know, Google is looking to to Bitcoin booking into Bitcoin and that was kind of kind of vague. Lutnick got got made commerce secretary, which is relatively bullish. The SCC has acknowledged the XRPTF and that I think you tweeted this one. But Schwab had hired ahead of digital assets.
So general bullish sentiment. I didn't see any various headlines from macro or or across the board which would point to like an altcoin apocalypse, but yeah. It it feels like the bullish foundation, at least for Bitcoin, just continues to be laid during this period of job. And I feel like we're just kind of waiting on like, what's the next the next pump factor, like what's going to drive the next leg up? And it feels like it's just a matter of when and not if for me.
Maybe we dive into memes a a little bit here. So I tweeted this out. We talked a little bit about this yesterday, but the overall meme market cap peaked at 127 billion. It's at 67 billion. So it's down 60, nearly 50%. Sixty billion wiped out. It's, it's back to June 2024 peak levels here. So basically like the entire Trump pump, which pumped Bitcoin from 70K to 100 is, is totally wiped out and it's just fully
reset. And I think what else jumps out to me about this chart, if you look at it from this peak to the second peak and then this fast dip is it looks almost exactly like this. It looks almost exactly like the the, the classic Wall Street psychology of a market cycle chart. And it feels like we're in anger. Like it matches up nearly exactly to this. Like Logan, you're just shaking your head. Like, does that line up? I thought we were in anger already.
And then we just got angrier in this past week. Yeah, I think I'm I'm certainly angry or even, you know, if not a little bit beyond that at this point in time. So I was fortunate enough to receive my FTX claim yesterday as one of the small claims. And when I think about what am I going to do with this, right, cash to the bank gamble, whatever I thought on it for, you know, a few hours after receiving, I received it yesterday morning.
And and what I ultimately did was I just I bought Bitcoin, I just dumped the entire claim that I got into which it was not a lot of money, but you know, just dumped it into Bitcoin instead of gambling on meme coins or doing anything else. It just feels like the easiest thing to do at this point in time. And I don't have to feel bad about that in any way. Nothing in the meme coin market Despite that major sell off and that may be feeling like a
really far fall for a knife. Nothing here is instilling any confidence for me to want to like rally into a community or a coin for the hopes of any near term bump. That's just I'm just not feeling that in in any way shape or form right now. It. Feels like we're going to get this little rebound mouth of anger and then we're just going to slowly chop and grind down
into depression. Yeah, and Demando's point, I'm sorry, I was just saying, I mean, I think, I think the the extension of this Portnoy saga is contributing beyond Libra as well. I mean, if you're watching what's happening there and you're following it all, like, how are you not just like F this man? Like, how are you not just exhausted at the state of memes right now? Yeah, I guess let's just get into it and then we'll circle back.
I want to talk about the action on the other chains, but we'll we'll start with Portnoy. So yesterday, total surprise, he ends up launching his own token, this greed token. He buys 34% on the gun for himself. So he's got 347,000,000 tokens, 357 million. And then he just goes on like a tweet storm about it going as far as saying who do you trust? If you hold it tight, it'll rise. I'm not selling anytime soon, so
why would you? So the timestamp of that was like 4:30 PM Eastern. And then if we scroll up his timeline, he's bull posting it. He's bull posting it. He's talking shit to choose Rich Nick. His bag's up to 800,000. All right, let's find it. Let's find it. It was like he may have deleted the tweet but he sells it all one hour later and puts it all into jail stool. So here is the greed chart. A few things jump out to me. One it did Wick all the way up
to about 35,000,000. It crashed within an hour or so back to 3 million and then some DJ is trying to make it like a a spike portnoy anti portnoy coin. That didn't really work either. Like when I even saw it, I was like, I don't care about this greed coin. Like, like no one's going to care about this. And then when it rugged, I think there was very little sympathy for like, Oh yeah, we got to show Portnoy. Like I was like, no, no, this isn't the market for that either.
Yeah. We're not doing that despite right now what what jumped out to me again this thing called $100 million volume the first hour and it did 160 overall. So either either Portnoy is working with some market makers, which is very possible as we know he was talking to to Hayden who are driving capital into these or the trenches are just sitting around and just desperate to fire at anything
that comes across the desk. I think that's I did not expect this to go this high or to have this type of volume. I guess. Amanda, did you see this one? Did you have any reactions as were you watching as this played out or you just checked out? I was, I saw it. I just saw it go up to like 2020 million, but like, I can't. I just kind of guessed that that was going to be outcome. And then like the next time I saw it, it was at 2 million and I was like, oh, OK. I, I wasn't following what he
was doing. I was just like, it was just on deck screen. I was like, oh, OK, that's still good and is now at 2,000,000. Something must have happened. And I guessed that must, yeah. So he sold it all and then put it into jail stool, which doesn't even help the jail stool chart, which is still just down, only it's at 14,000,000. He was doing spaces like he's kind of, a lot of people are trying to figure out what what, what this guy's doing.
It does seem like he's like kind of just trying to hold up a mirror up or just trying to light on just the pure greed. And he's saying like, yeah, I could do this every single day. And you D Jens are going to just keep buying my coins every day. He's not wrong, people. They're doing it, they're still doing it, so he's going to continue doing it. He, he launched Greed 2 an hour after this. That that one didn't go quite as high. Let's see how high Greed 2 went, which was actually the funniest
thing probably that happened. It still saw $30 million volume at Wick to 6,000,000 at peak. Not really higher than two. It's at 350K so people didn't chase that one quite as hard. Still 9000 holders on this token so I don't know if these are just bot farms who are just copy trading Dave's wallet no matter what. I don't know Logan any thought? Like what is this man doing? He is. Shining a light on on what takes place here. I mean, and he's doing it. He's doing a pretty good job of
that. The issue is that while it has rinsed out, you know, some of the active participants who are kind of seeing what this is doing, like seeing this for what it is, still too much money and too many people are willing to gamble, You know, So maybe Dave is doing us a favor, right. And, and helping us kind of rinse out the existing meta, get us to a point where, you know, I don't know, we get a, a meme reset of sorts. But he's gonna. Yeah, I think he's just gonna keep doing it.
I, I don't know what to say, though. I mean, like we're not necessarily the those of us on the show, but I mean the the people in the salon of trenches, we're just we're perpetuating this. We're fueling the cycle. I don't know what to do to aside from us just continuing to diminish Dave's influence, which does feel like it's happening a little bit. I don't, I don't know what we could possibly do to get him to stop doing this in the near term.
He's. Only going to stop if people stop buying the tokens like or else he's just going to keep doing it. I'm trying to figure out what's in this guy's head because I mean he's he is walking the finest line of just actively pumping dumping tokens. Like he said he wasn't going to sell it anytime soon and he sold it an hour later. It's you can argue I guess over
the definition of soon. A part of me and I'm pulling up this article from decrypt for those in the stream, the screen stream and the title is SEC vet expects regulators crypto investigations to grind to a screeching halt. So like the only thing I don't think Portnoy is is a dumb guy. I feel like someone is in his ear saying like, you're just, you're not going to get investigated for this as long as
you do a handful of things. Like that's the only logical interpretation I have of how this is playing out. So. No one's going to go after him. I I think we're in a market where he's allowed to do this as long as people want to play the Crash game with him, right? I've said, I've said that. So it's it's immoral, but it's at the same, well, I don't even know if it this one, it feels more immoral than the others, right, because he was like actively pumping it and he he created it.
But I, I also think that like you're playing the game, like he, he actually is kind of exposing how ridiculous this all is at the same time, right? Like, and anyone, anyone could come and do this. Like he's just, he's just the one who's doing it. So I think he's kind of saying that, saying that, which again, I think just leads the like the LED even more to the, to the, to the, to the reaction, like, like it made people like not want to get back in the trenches anytime
soon. Do you know what I mean? Like it's all descended to a bit of a farce. Yeah, as long as this stuff is happening, I don't really want to play in the in the main trenches. And I I I was never like hardcore in, but like I was playing most days I was showing up and and waiting and and seeing I don't really want to get into this. It's it's pretty messy. So I feel like this to play out
to a certain. Degree, I mean I, I really do I think he's doing us a favor and it's hard to hear that and, and maybe say that it's probably doesn't come across well, but it doesn't but I mean like he's he's showcasing the the greed, you know, no pun intended with a ticker there.
But like he has said, this is what I'm going to do I'm going to buy this coin I'm going to do this coin I'm going to dump it on you in like 5 minutes and as immoral as that seems as like loud as we want to be about or, you know, he keeps talking about crying at the casino as much as we want to do that, like he is saying we're going to do it and we keep playing the game.
So like at some point we got to look in the mirror for ourselves and be like, why, you know, like, why are we playing this game? We shouldn't be playing this game and and hopefully the the market comes to a head with, you know, with enough of these, but I think it's going to it's going to happen for a while longer. A. Couple things I want to move on. He is protecting himself. He is taking all of his profits and putting it into jail stool, which is assuming he never sells jail stool.
He's basically not taking the profits, which I do think keeps him a little cleaner in all this. He's not actually extracting right now. Well that's like you could probably argue either side but the the only the losers keep bitching part about this tweet like there are people who are upset because it just makes everything look so bad. I think that chorus will continue to get louder if you also. Notice Tyler on every single post. He calls it a collectible, he mentioned.
He mentioned sax. I listened just for a little bit today to the Davey Day Trader stuff. He actually, he mentioned sax and the collectible nature this morning. He's playing. He's playing the fine line, knows what he's doing and like he talks all this bullshit about like not been able not been part of the scene and only just started doing this when he's got fucking cracking as a sponsor of the last few years. Like he's not stupid, it's just people are getting rinse from
this. He's he's walking a fine line. He knows what words to use. He's clearly, you know, been coached at least at a, at a baseline level. So we'll see. Stay tuned for more tokens today. There was rumors of a Kanye token coming today, which I would have said was 0% chance given the state of this market. And then Portnoy's greed sees $160 million in volume. So I, they're all bets are off. There might be Kanye's. Back on X, right?
So that's another thing, OK. So yeah, I am not, this is not a promotion. I'm just saying, and I will not be trading that token if it does launch. The other thing that happened yesterday, we got the news from DB10 tier K Hayden Davis from Kelsea claiming he could control Javier Miller, the president of Argentina, by giving his sister money and he had some, some choice. Yeah, other 4 words. Wild with that story. I mean, we, we said this story's going to keep on going.
There's too many people, in my opinion, of influence and power that are are now being exposed that I think they'll take down people with them. Do you know what I mean? Like that's where I think we're at. Like then influences will get done and then they'll expose other people. Like there's going to be a ramifications from this in my opinion. I mean, this guy, to say things like this, I mean, he just feels
like he is totally safe. Like he's giving interviews talking about how he could control the president of Argentina, who has a pretty. This wasn't. An interview though to be clear, this was this was text. Yes, yeah. Which I think was like revealed, I don't know, I don't think he said that in an interview. He seemed like put together. I think in his as in like, I don't know, I can't imagine him saying that on a on an
interview. So. Protos reported this morning that he could not remember having sent these text messages or something like that. Your Honour, my client couldn't remember sending these text messages. He he he was probably drunk at the $2000 sushi dinner that. He didn't pay for. That was hilarious. We may have to so I I read that I I don't have it that the only candy. I thought it was like a fake meme story just because like
there was no way that was real. And then the the guy who wrote it shared the picture that they ordered all this Wagyu. It's time for the check. Hayden goes to the bathroom for 20 minutes and then it's just peeping over tables looking at the guy while he finally pays it. And then he comes back immediately afterward afterwards and says he'll buy the next one. I thought there's no way that could be real, but it's real. This is incredible.
But the stakes are higher now. Like Malay is going to face like a pretty serious like anti corruption, like anti bribery investigation here. Like Hayden saying he paid off his sister, it's about as bad as it gets. I mean other than paying off Malay himself and he's saying like he could control him and Malay is signing off so this is going to go deeper. Totally agree. It it feels like we're not really going to recover in the salon of trenches until this is all fully past us.
And it doesn't seem like it it's that soon. But you mentioned other markets. This AVAX action is wild. This KET token it's 425,000,000. I think it was a pre sale and the pre sellers were up something like 1000 XA Wink was another pre sale. It's at 140 million. I think those pre sellers all cleared 6 figures at this point if they held the token just for a handful of days.
But it's more than just this. The arena, I thought the arena token was at it. So arena is at 100 million FTV now that the social Fi network that came out after Frintech. So I mean it's grinding up. So there is a full AVAX season this is. What I'm kind of saying like the DJ activity is just not happening on stall.
So I'm seeing some of it, but like it's BNB, it's AVAX, it's like occasionally base, but like, and that we said yesterday, that might not be that much of a problem like long term, but I do think short term, it's like something that speculative capital. This may be an opportunity, you know what I mean? Like this may be not like there is a bit of a more than I've seen for a long, long, long
time. Like even when there were other seasons, you know, like Tron season, AVAC season, all that sort of stuff like Solana coins would still be like ripping during that period. They'd still be active. It's just like we would move, move on to how to change this kind of feels a bit more than that.
I don't know, I don't know if you guys agree, but like it does feel like the casino is like almost closed for a bit on on Seoul. It's not like oh, it's down and like stuff still moving, but low lower volume. I. Think it's mostly close. They're they're still like the D Jens who are just never going to close meme scope and like that's their day job. But I think for majority of participants, they're not in the Seoul casino right now. I think Russell jumps up to me.
Look at these volumes like the green token did 160 million. That's more than the entire AVAX board saw, but but still these tokens are grinding up 1020% with 9 figure market caps. So like you can, you can run these coins with with far less volume. It also makes me think how much of the volume is just totally thick on on Solana. So we'll we'll see how it continues to play. I think base is going to be a winner here. You mentioned one of the biggest tokens of the day was frock up
87,000 percent, 25,000,000. There's another token coming to base here tomorrow. Maybe we just get right into it, folks. Kaido, Kaido tge tomorrow, 7:00 AM Eastern. That is 12:00 PM UTC. The info Phi era is going to begin soon.
They did not release tokenomics. Tokenomics are going to come out right before the AirDrop. And the past few days they have been talking about how they've been profitable on a few different arms of their company and they've shared more information about how they, they plan to use the token to, to drive their, their broader ecosystem. So that they're moving fast. Like some folks would say like, hey, wait for better market conditions. They're they're saying no, we're going to move far ahead.
We did apparently. So this is going to launch on Binance. Binance shares some token details, 1 billion supply, it looks like 24% circulating, 2% going to those Binance stakers for their launchpad there. So some of the Binance folks are going to eat here. It leaves about 22% of the tokens for some kind of an AirDrop slash LP. So still TBD on how many goes to the NFTS, how many goes to the yappers. It's it's not doing bad on pre markets, dollar 45 on Ivo.
Ivo right now Wales has it at $1.43, about 250 three, $100,000 in volume, not not a tremendous amount of volume in 24 hours, but not just totally a liquid. So it's turning at a dollar four, basically 1.4 billion FTV here ahead of its launch. I want to say I had one more tweet on this. It's going to be on Binance. I think it's it's going to be on base as well. And I don't know, it's feeling like it could be all right. I mean, Logan, what are your
thoughts on this early reaction? I think the question on everyone's mind is who are the buyers? It's. Curious for. Reactions, yeah. I mean, that's the, the big question I've actually seen tweeted a few times today, which is surprising given that most of crypto Twitter is going to benefit from this. But I, I don't know who the buyers are. I mean, it really I think depends on what, what do we learn about the future of Kaido? What are we learning about the staking component of it?
Is it that open decentralized network stuff that we talked about yesterday? Is that a real ambition and endeavor from them and can they make the token have a life beyond just the AirDrop, which is really difficult to do as we've spent a lot of time talking about? So interested to see. I, I don't know really what to make of it. I mean, I think we're making a lot of the market's making a lot of assumptions for a variety of
reasons. One, it's fun to speculate to people want this to do really well because, you know, of course, many are incentivized by the the token that's coming and nothing else feels good right now. So we're we're hope, but there's a lot of opium here. I don't have many apps. I hope it's worth as much as it could possibly be worth. I likely, given the the amount of apps that I have, will be insta dumping whatever I
receive. You know, pending some real weird thing that comes out with the tokenomics tomorrow. Yeah, you're in the majority. I feel like the people who have the apps are excited and rooting this on. Folks who don't have the apps are just screaming for this to go to 0. There's never been a group of people who just are rooting for new protocols to just go to 0 as
fast as they can. I think in general, before this whole AirDrop campaign, people were generally fans of the Kaido data analytics and visualizations that they provided for us, this mindshare metric. But now there's just so much anger out there. So how can they, how can they get people to buy this? So like Brett's got a tweet. He was digging into this a little bit. He thinks there's going to be
staking investing. So if you can only get the go forward kind of rewards via staking, there you go right there. But I would. Say it's a really bad time for an AirDrop where a bunch of influencers make money. You know, people like airdrops, they don't generally like air drops where a bunch of influences are going to tell you how great an air drop is and, and you didn't make money on them. So it's this, this one is probably the most divisive 1 to
come at this time. I would say there's a reason why people perhaps don't want this one to do so. Well, that being said, like I do think it has a it has a real business, unlike the vast majority of these other ones like this. I don't know what revenue Kaiser is making, but like it's not cheap to to buy their their their monthly subscription. And who knows, like maybe they do live like a web 3 model for the for the token in some way
there. I am slightly confused why they've even done a token like the business doesn't necessarily need one. So like maybe maybe they're experimenting with this sort of like, yeah, like the web three business model side of stuff, but. Yeah, we'll see more about how they plan to incorporate it within like their broader economy.
And you know, perhaps brands will need to have some tokens to to play a part of this to join pre TGEI think for the yappers likely to continue to earn rewards to be able to vote that type of thing that's likely going to include a token component. So they've got some levers they can pull here real quick. Roll bit code for today, Kaito, KAITO for those robot spins coming up here in about 15 minutes or so. So it's trading at 1.4 billion FTVI was trying to come up with comps.
It's portal token. It's a portal right now, $63 million market cap, 140 million FTV. Is portal to do with that though? Well, it's a similar type of. No Portal. Portal is a is a gaming tech company. I guess they had the social. They had the social element at the start to get everyone to talk about portal, but no, this it's not a social vibe empty in any way. Portal the best is what you said.
It's it's like portal is a portal that you can use different web three games with a pass on it like that. That's what portal is, but they just they were the first to do the like the the farming, the social farming stuff, I guess. I guess it's things like Starz Arena, if I'm honest, but but if it feels like a much Better Business. So I don't know if that's doing a disservice to Kaita. Yeah. I mean, I think it's it's
stronger than that, is it? So fintech hit like 300 million at peak arena technically did, but that was like on launch day again, it's back to 100 million. I think it can open at a billion FTB. Logan, what do you think launched a. Yeah, I think these pre markets are getting slightly better as you know they exist for a bit longer. So I don't given the hype on the timeline, given the AI components, I mean there's
enough buzzwords here. It would not shock me at all to see a billion dollar FDV that still would not be. I mean, sorry, I should say that would be incentive enough for me to instant up my tokens and probably many, many others. You just. Can't get you? Can't wait to get rid of your Kaido tokens. I think I have 21 yaps or something like that. I was not farming this. I was not tweeting about how many yaps I had. Kudos to those who received yaps
without talking about yaps. You should get some sort of multiplier for that. But yeah. I will be looking to dump my my tiny little portion. It'll likely be a trivial amount of money. Maybe I'll, I don't know, buy a nice lunch or something. Maybe their vision and tokenomics will change your mind tomorrow. We we will see. So Logan, there's a couple other token news pieces from
yesterday. So on Chain Heroes, they announced their hero token and tea collection and Walrus, this one of the leading protocols on SUI, they did a little bit of a drop yesterday. So what can you tell us about this? Yeah, so they air dropped it a soul bound NFT sort of similar to what mega youth just did. And this is going to enable those who received that NFT to, yeah, 4% of the WAL wall token supply, which will eventually come. I don't believe I read the blog
this morning. I don't believe there was a date for that. But this is giving you an indication that you will eventually be able to claim tokens that come in. And Walrus is a decentralized storage protocol. And actually, Decrypt utilizes Walrus to store its articles and videos in a in a decentralized fashion. So yeah, we've been talking about Swee on and off for a long time. People are looking for protocols, things to do there, things to be able to pay attention to.
Obviously, this is one of the bigger ones. And you may be able, you may have earned if you participated in any way early Swee participants, people that have, you know, messed around in the protocol with it in any way, at least check to see if you got it and you're entitled to some tokens down the road. So they've got a real world business. Decrypt is storing what historical articles, articles and. Videos. Yeah, nice. And it's hard. A couple of things jump out.
We don't know the timeline. I feel like probably somewhat soon ish, like this doesn't feel like something you necessarily do like six months out. So I'd say probably in the next few months. And then this is also a new interesting model for NFTS, which I don't feel like we really saw until Trump came into office. Mega ETH has done this now, Walrus, where they're air dropping soul bound NFTS as your token allocation. So this is clearly a new trend, yeah.
It's it's interesting it, it also presents like the opportunity for the team to sort of, you know, vest those tokens to you over time and maybe tied some of the, the initial air drop dump fest stuff that normally happens. I'm all for even what feels like maybe minor innovation here. I'm all for teams experimenting with with trying to do new cool things as it relates to providing tokens or rewards to the community. So kudos to Walrus, Mega Ethan.
Anybody else willing to take a chance like this? For sure. And then the other thing happening, Unchained Heroes. A lot of pieces of news here, Logan. So I think we got new NF TS coming, we have new a new token coming or what do we need to know about this? I guess for some context, this is a, you know, one of the larger initial projects that said they were going to launch on abstract. Yeah. Yeah, I'd say I'm sorry.
I was just saying I'd say this is in like those top two to three hyped up abstract projects. It's an idle RPG and it aims to be very idle. In the docs that I was reading, it's for the Busy D Jam. It says somebody that is willing to spend maybe 5 or 10 minutes a day, I don't know, questing, you know, fighting, battling, whatever you do in an RPG. I'm not a big gamer, so people would know better than I do. But yeah, they're they're
hosting their mint. I think it may have actually already started the first phases of such for the on chain Genesis hero rings or the on chain Genesis rings that were minted on ETH back in December. So they they've kick started that and it's the mint for the heroes, the actual heroes which will be necessary to partake in the game, which takes place on abstract. It's fully on chain and that'll kick off I think once mint is completed later this week.
I think tomorrow is maybe the last phase. So perhaps tomorrow afternoon or something like that. But this is one of those ones people are looking for something to do on abstract. This seems to be one of the ones that is very, very hyped up. And it provides you the opportunity to play a game, earn some abstract XP. And then also too, yeah, as you noted, they have a hero token
which it's utilizing. You know, you earn, you can earn via the game all the spend or 50% of the spend I think in game is then distributed at to the leaderboard at the end of each season. So play to earn in in its finest on chain, on abstract. Yeah, you know, that went through gaming tokens, NFTS on abstract. I feel like folks have been kind of waiting for, you know, more projects to drop, more reasons to deploy capital.
So I'm I'll be very curious how this one performs here over the the coming days and weeks on abstract. I think the other piece of news folks, we've got some runes news, a few pieces of runes news, Bitcoin runes dog dog go to the moon is launching on Solana today and Slingshot. So they are making the trek for more liquidity to be tradable. Multi chain markets responded a little bit.
It's up 9 percent, 312 million. That's probably we're just 300 million rank in our in our meme rankings to be honest. It's actually gone up quite a lot, Like, yeah. It's probably too bad this. I mean, it's right next to Mog. Yeah, it's neck and neck with Mog. Mog's not doing well. That's sort of wild neck and neck with Mog. I mean, Farquine, it's, it's the same market cap as Farquine. That's I kind of felt like
because. People might move to ETH like some of these ETH meme coins might do well and MOG just has not taken up the the the challenge. Yeah, I saw you. You were talking about Pepe, maybe I like. Pepe I like Pepe in general but but as like a hold it through whatever sort of meme but mog feels Mog feels like it's got a shot to prove it's a multi cycle meme to me and I'm not sure if it's going to do it. Now's the time. So like Pepe is constantly Now's the. Time guys like.
Well, we're going to see I, I think this is time perhaps the DCA into these. I don't think any of them are going to have violent moves upwards. I guess what could invalidate that is if we see a big move in ETH, perhaps tied to that, that staking ETF's come out, I could see that possibly being a positive catalyst for the ETH meme. So I guess if there's just a meme season on different chains, I guess perhaps those two would
would be standard benefit. Yeah. So this is this is the MOG chart. Looks like it's going to need some more time here to to find support and to rally. So dog is right in the mix. Now it's going to be multi chain moving to Solana, perhaps at a bad time. We'll see, yeah. No, they didn't. They didn't time that well, did they? Let's see. How they are welcomed and then magic Internet money. This has been what what they call BRC 20s.
I'm I'm forgetting like what the what the predecessor to wings were BRC 20. This was the the longest lasting BRC 20. They were supposed to launch a ruin. Ruins are a year old now, I think, or close damn near a year old. We've been waiting a year for this one finally came out.
It's a ruins now. Many have called it the best, the best meme on Bitcoin because it's tied, you know, to to the Wizards and the magic Internet. Money opens at 55,000,000 as a ruin, enough to make it the number 2, which also just shows you where the rest of the board is. Pups is at 34 million market cap billion dollar caps at 17. RSIC is at 16. Gizmo is at four and a half million. Look at those. Volumes, Tyler, I mean it's just atrocious.
I mean, Billy is like pretty notable pups of I mean pups. 29 thousand $30,000 in volume. I know there's other, there's other places, there's other areas where you can trade pups, but on magic eating the volume is down, that's true.
Yeah, that's true. Still, it's weak, it's weak and I think we've been wondering like what is the next catalyst and the Seoul casino winding down for a bit, you could maybe make a case, hey, like that, that could somewhat lead the money on Bitcoin, but we're not seeing it there's. No catalyst we we might get we might get like a a two or three day, maybe a week, week and a half long like mini runes run at some point, maybe that's it. It's over.
I'm ready to call it. I'm still holding pups, I'm still holding RSIC. They're sitting in a wall and I don't ever look at it because I don't want to be depressed much more than I have to when I look at this board. It's. Over. I've round trips quite a bit. We we can move on from that. So Speaking of pain, round tripping pain, the pain token tweeted out last night. Perseverance always inspires new
insight, strength. Kurt dropped them as a motivation, innovation, new growth with the mean there. If you look at the first letters of this tweet that says pain is coming. Can't, can't they just refund? I think people are really discerning about the refund bit of this, right? Like, because Seoul is down so much. And I was like, how have you still got all this money? Logan, do you do you remember when the pain presale closed? No, not not off the top of my
head. It might be a 10 days ago, which is like a lifetime ago, something like that. It. Was longer than that, right? See if you can scroll through and try to find it. Like I'm just trying to. I want to figure out what was the price of Seoul when when we sent our funds. So disclosure, I sent a decent chunk of Seoul, not OSF chunk, but a pretty healthy chunk. And I think Seoul's down somewhere between 50 and $70.00 token since then.
OK. So the pre sale started on February 1st at 11:17 PM Eastern Time, sort of ended around, you know, just before midnight on February 4th. OK. So, so it was like 210, so it's down $40. That's a. Lot. I probably would have just fired, lost a lot of the soul anyways. On the 6th Portnoy derivative. So maybe they are the the safeguarders. No comment. Our our Bob lacks soul has been in his wallet. Like we might still be up on that Soul.
So I think it was that pre sale was back in like November. So soul might have actually still been sub 170 at that point. We will see if pain is able to launch here soon and like is this the right market for it? Maybe. I guess it's painful. We saw from Portnoy the name isn't. Going to save this one either guys thought like, Oh yeah, we suddenly we suddenly got all this money to gamble on this thing. I don't even know where does
where does that put it? Like if it goes, let's bring up soul meme coins like what is what are the market caps? Obviously Trump still hanging out around 3 billion bongs at 1.2 dog with hats interestingly held up. OK, Pudges is down to 500 now what is wood and why is that 300 million I'm. Not even familiar with that token. That's a is that that the Chinese governmental official or whatever meme maybe I lost it on pump it's. $380 million with $1 million traded.
That's a scam. AI. 16 ZS at 300, Fart coins at 300. Popcats 23225 I think. Yeah, you could aim for it in the 200 range maybe. Maybe. I actually just don't even know. I think people will like people. This has probably been the best trade that anyone's done in the last month for anyone who's in that pre sale. So I feel as though you're not going to find buyers, but you'll find you'll find sellers.
Well, that's the thing. So like if the pre sellers like if you want a quick fast return, you want the high open and you just sell. But if you want the token to have any legs, you would prefer a a lower open. But you kind of get in at a decent price and then just rally around this because no one's rallying around this if the pre sellers are dumping at A10 or 20X out of the gate. And how is it? Are they locked in any way or does anyone just get it unlocked straight straight away?
There's. No info. I would assume it that people get it all. It's because they're reminder they're refunding 80%. So they raised 40 million, they're giving 80% of that back. So now they're only they only took 8 million. Yeah, I know. I, I mean, I just feel like they're maybe they're trying to what's best for the token, maybe because also like a bunch of insiders essentially are also getting it right. Like everyone who's in the mainland gets some right. And yeah, I just don't know.
That strikes me something that maybe should have locking, but I don't even know. We'll see. I mean, the meme land token is at 278 million, so there's also a oh. Right. OK, A. Baseline Comp OB will be on our show tomorrow as we we've got Sam Spratt joining us to talk about the Masquerade. Maybe we'll sneak in his thoughts on pain here. So excited to hear from that.