Yeah, this isn't looking good. It's because I'm upstairs in the new house and I haven't sorted the Internet up here yet, so me hosting maybe not the best idea. Don't really know what to do now. Fucking great. Feels feels too far gone at this stage. Can you? You can at least see me on the video, right? I can see you on the video. Yeah, you were a bit delayed to me. And if you want to like leave the video and come back in,
maybe. Let me see if I can all right, let me see if I can just connect to the see I I've got. I know it Portuguese has a lot of shit, but it actually does have good Internet. There's one thing that they spent a lot of money doing Altis, as we know, but Altis. Portugal exactly. Altis International. Yeah, Altis International, that is.
Yeah, I got, I got, I got a Wi-Fi extender for upstairs and the Wi-Fi extender for the upstairs can't deal with fast Internet, so I had to order another one. I think there's no audio on spaces by the way. Do you want me to try and do it? Yeah, why don't you? Why don't we do that? OK, so you mute and I'll unmute. How about now can you guys, can you guys hear us on spaces? I think so. I see like the sound bars. I can. Hear you now.
We can hear you now. All right, that seems to have fixed it. Apologies. Yeah, it's a bit of a shit show over here to begin. Still sorting out the Internet problems. How you doing? Market is heading to 0. Racing to zero, as they say right now. Fucking. Can't fucking catch a break can it? Mainly crypto like. Crypto, yeah. It's just crypto just trading like shit right now, isn't it? Everyone's trying to work out what it is because stocks are higher this morning, oil is
lower. So you're sitting there just going like, well, if it's not the Middle Eastern stuff and stocks are rallying, then everyone just hates crypto right now. It seems Bitcoin nearly just touched 60K again. At least it's putting in that was a lower high potential, lower, higher low even potentially. So maybe that's what we bounce off. I don't really see like that
much excessive risk taking. So right now, so, but yeah, it's definitely waking up each day for the first time in a while and you're like, fuck, this could be at any price right now. You just, it could just fall out of bed. You feel like, I don't know if you've you've got that feeling, but the first thing I always check when I wake up at the moment is crypto prices. It's always just like, well, I check one crypto price and then I check another one.
But yeah, shit is shit is moving very, very quickly. Yeah, I don't know. I don't know what's going on. I don't know why it's trading so poorly because the rest of traditional markets are training OK. Apparently there's still no audience spaces. Oh, actually your space has just got rugged completely. Do you want me to start a space? Why don't you start space this this can be blamed on the the wife extender in the new house. I'm, I'm sorry, I'm sorry. I'm going to start a new space.
Got a haircut today? Oh, you did. I just felt like too much like a homeless person walking around so. Don't don't want to shave the beard? You know what, I was wondering whether I should or just. It's now longer than my hair. I think the beard. Do you know if I enable video on the spacer thing or not? Don't enable. Don't enable. Video OK start. Let's just do it easier. OK, cool. All right, Space started. All right, I'll come join yours.
You see it if you're on a request, I'll hey everyone we had to start a new space because Mando bought a Wi-Fi extender to increase the boost of his signal up to his the top floor of his penthouse and it doesn't quite reach there because his penthouse is so high up so I'm now hosting the space that's. It makes Portugal sound too good, if I'm honest. We're not quite that. In Portugal, 100 grand buys you
a penthouse man like. I tell you not man, Portugal house prices are like randomly very expensive, at least around those, right? Are we? Are we good? To go back, we're back. Yeah, I think so. I think space is is now working. I think video is now working. So we are we are live. Sorry for I think this is episode 100. I'm not 100% sure, but I didn't want to put it, but we are we are live for episode 100 from Wow.
This is actually episode probably 500 of us doing this Daily Show. Probably the worst for technical difficulties so far. Obviously the rest of the team is in Dubai right now. It's just me and OSF on today.
So kind of a more chilled show. I'd say the the classic five things that we're looking at right now, it does feel like crypto is volatile like it did just nearly, Bitcoin did just nearly hit 60 K and it's rebounded all the way to 62 K, So it's volatile around kind of the same level it looks like. And people are fo mowing, fo mowing in and panicking out. It feels like at each point, I think everyone thought that GCR
tweet would be the bottom. And then we've kind of tested those bottoms two or three Times Now or twice at least. So I don't really know what to make of it here. I think we were just talking about maybe before the people on on spaces could hear, but there isn't really something that I can say that that makes sense on it today. Like it's not like we can blame anything. The the whole Israel, Iran thing seems to have been slightly de escalated since the weekend. You can see that from oil.
You can see that from bond yields. You can see it from stocks. You're seeing even stocks are higher today. So they had been on a three day losing streak. They're higher on yields. They are slightly higher. Oh, like they're kind of where they were the last two days. So this feels very crypto specific. At the same time, I I'm not sitting here going like there's that many warning signals here in the market. The fear and greed index is back to around 50. Leverage is low, it's open.
Interest is the lowest it's been basically all year. Funding is the lowest it's basically been all year, but at the same time, it's super volatile. Like it just feels as though crypto could move 5 to 10% at any at any point right now. So it just feels to me like the fear is back and I think the fact there is no real explanation for it is a little bit scary to me in the market.
I still think we could touch below 60 K again, as I said on yesterday's show, but it yeah, it's it's I also don't think we're just going to like randomly roof back to 70 K like this feels like a period where everyone needs to get their gahonas back. This isn't just a buy the dip market. What? What do you think OSF? Yeah, I agree. Like, you know, you have what happened at the weekend and everyone thought that was it and you expect it to bounce back.
And when it doesn't, that's when you realize you might be in for a bit more of like a chop or a pain or a consolidation period, whatever you want to call it really. And if it feels like to me, maybe the short term trend is that we go a bit lower because we've just projected breaking out to the upside a couple a couple of Times Now.
I don't really know, like I'm not going to try and second guess like short term price action here, but it doesn't really feel that great from a short term perspective. I still really bullish for the next few months and for the rest of the year. And I think these will be good dips to buy, but it's hard to really judge what we're in for now for the next few weeks and months. I don't know why crypto is underperforming equities so much. Like equities are not even
really that much. They're a little bit lower, but they're not really that much off the highs. I know rates have blown out quite a lot, but, you know, rates have been going higher the whole year and crypto hasn't really battered an eyelid. So I don't know why crypto is just trading so poorly. It feels like people are short. You know, if you look at the, to me, if you look at the, yeah. Yeah. Look at the funding numbers and stuff and funding is so neutral or even or even negative in some
cases. It feels like me to me, people are short and just pushing it lower in what feels like a, a scared or a nervous market. So that's the one thing I would say it has going for that I think is bullish that there are shorts out there. And I think if something you, you just see one good headline for things to turn. But yeah, like I'm looking at funding now. It's like 1% on Bitcoin, negative on ETH funding is -1% on ETH, 7% on Solana, like -10% on Bitcoin cash.
It's just, it's the. It's negative on ETH. It's negative on ETH -1.5% on ETH right now like. I'm sharing my screen right now. I don't know, are you able to change that? I don't think I can even does it? Does it yeah like you can see let's take this let's take this back to a one year trajectory. Now this is kind of some of the lowest funding we've seen we've got 1% funding on Bitcoin for a year. You could find a Bitcoin on right now ETH is negative.
Solana is very small like these are very, very low numbers. So and I don't know like maybe we if we brought up the the liquidation map of Bitcoin yeah so like it looks like that this is all the shorts that would be liquidated. That's pretty wild actually like that all the shorts are kind of clustered slightly to the upside.
So a huge amount of shorts. You can see this from this green line right it goes much higher in terms of the short interest than it is from the on the long interest close to here. So that tells me that we could have a short squeeze here, but at the same time, it feels as though any macro headline crypto randomly feels like it's about to get punished. I think part of that is the ETF inflows.
So if we go to if we go to Digens at the moment, one thing that has been interesting actually over the last few days is that some of the Bitcoin ETFs have seen literally no inflows. Like the only thing that's seeing inflows at the moment appears to be the appears to be the Black Rock ETF. And so for example, on on Monday and on Friday, every single ETF except the BlackRock ETF was was 0.
And then you just, it's really just Grayscale versus BlackRock at the moment in terms of in terms of inflows. And so we've had three very small outflow days, but you'd have liked to see some dip buying you, you would predict. And in fact, one thing that has really shocked me is that how volatile crypto has been since the ETF has come in. Like instead of dampening that volatility, it's actually just massively, it feels to me like it's increased it.
I don't know. I don't know if you agree with that, which I think kind of makes sense from the ET, like what we saw used to see in like traditional markets with ETFs, you know, we've spoken about how they can, they can push things much lower in a, in a weak market and much higher in a strong market. I think we're, we're, we're kind of seeing that, wouldn't you agree? Like it just feels as on the weekdays, Bitcoin can move like 1015% at the moment. Like I haven't seen that for for
like the last 18 months. Yeah, it's just Yeah. Yeah, it just feels like feels. Feels feels like a nervous market doesn't it just feels like a nervous market. And I think people who are who are short realize that. They realize they can push things around and just make the most of wobbly hands I think. Yeah. So the stuff that we can be bullish on obviously the the main thing is these Hong Kong ETFs which I saw today that people are saying could be 25 billion.
That was actually a decrypt piece 25 billion TVLI think that would be that would be that would be a very big benefit to the market if that that starts happening 25 billion is. Is not a big war. Yeah, it's not small because the. ETF guys were saying, Eric was saying 500 mil, so that's like a massive. He was saying that. He was saying that 25 billion is not. There's no way that it happens.
Yeah, but he also said there was no chance that I think he's he's they generally downplayed ETFs in other countries, but they don't also appreciate, you know, the fact you can't buy crypto in China. Really. So the idea that they would then be able to access this above board is quite a big deal. I think I, I, I would be unsurprised if it starts push pushing towards those sort of numbers. Yeah, look, if Chinese investors could buy, this is how much mainland investors could
allocate as an upper limit. So I do think that's, that's probably possible. That's the main bullishness. Obviously we also have the halving which is happening in just two days, right? Like it's, it's really, really soon now. Obviously people are either underplaying or overplaying. I think at this stage the halving becomes a a bullish narrative for me just because now in a period where Bitcoin's now 20% off, its off its high.
I don't know about you, but when we were at 70 + K and we were rallying, I was like people are going to sell after the halving. It feels like they've sold before the halving here and now I feel like the halving could again be a a positive momentum for the market. Burnting. They put out a piece, but I'm seeing expects bitcoins bullish trajectory to resume post halving reiterates 150K target. So obviously that's a bullish piece.
But I do think that now the the halving is not a sell the news event like I don't think people sell on that halving now. If anything, I think it's it's going to be it's going to be taken positively. And then the only other bullish thing I saw today was was this huge ACC and Z fund that that that got announced in the in the in the crypto sector. This is the biggest fund I've seen ever. I think in crypto right, 7.2 billion has got to be their biggest. Yeah, that's massive.
One of their biggest funds ever but a 16's gone so well. I think you're obviously you're. One of the lead? Oh no, am I? What about now? Yeah. No, you're good now. You're good now, Yeah. I'll just shut that down. They're leading firms alongside paradigms so that yeah, but me it's, it's no, it's the Internet, man, it's this, it's this Wi-Fi extender I need. I actually literally it
literally is coming today. So hopefully by tomorrow it should be it should be fixed, but that was I think that's a big sign for VCs that we can raise another 7.6 billion and they'll probably be investing that heavily in in new things in the space. So those are like the three really bullish things I saw on a macro perspective for crypto. It still just feels as though we're we're we're just going to be volatile though, and I can't really put a finger on it.
One thing we have seen is that the VIX has gone a lot higher. So the VIX, which is generally seen as stock volatility index essentially has also gone very high. And there's a lot of correlation actually just between crypto and the VIX. So maybe this is what it is. It's just crypto doesn't like macro volatility, which is what we're seeing even though crypto, even though macro seems to be doing OK, it's definitely gotten more volatile over the last
couple of weeks. And then people kind of tend to worry a bit more about crypto. So that's the only thing I I could point to because everything else, yeah, drone Powell came out yesterday and said that like inflation is, is stayed a little bit hard for longer, but the market been pricing that in now for weeks. Pricing waiting for weeks. Sorry, I think I lost you again. Yeah, it's going to be a tough show, isn't it? Maybe I'll stop sharing my Maybe I'll stop. Sharing my screen maybe shot.
Yeah, that's taking up too, too many resources. Can you see me or no? I can see you. Yeah, you're momentary momentarily freezing, but I can see you. But you're frozen again. Yep. It's going really well. It's just just me speaking to myself now. Well, this is kind of awkward. It's just me, no Mando. And I wasn't even listening to what he was saying, so I can't even continue the conversation. I think he was talking about interest rates in macro, which have gone a lot, lot higher in
the last few days. Part of the reason for that is the inflation data. The other. OK, cool. The other part of the reason for that is I think Japan is like the one of the largest or if not the largest holder of U.S. Treasuries and they're having to sell that to buy yen in order to protect their currency for some weird reason. So that I think caused the massive spike in Treasury yields yesterday.
And it seems like that's also that sell program is ongoing right now and it's been going on for quite some time this year as well. So that's another thing that I think is exacerbating the movement in US interest rates, which is maybe the reason why oil's not really high and is maybe the reason why stocks aren't really moving because it's more of a technical reason rather than a fundamental
reason. But obviously, we've had the inflation data, etcetera, which is coming in higher than expected on, on multiple pretty much every single occasion this year as well. There were some comments from Jerome Powell yesterday as well. And I think at the beginning of this year, I think there was some hope for interest rate cuts and the commentary from the Fed was a bit more dovish. His comments yesterday were definitely I think were a little
bit of AU turn. I think it's going back to what he said for most of last year, which is inflation hasn't moved lower as quickly as they had hoped and that they would have to keep interest rates at these or they were able to keep interest rates at these levels for as long as they needed to until interest, until inflation comes lower. So it's kind of we're kind of moving back towards that higher for longer narrative. Welcome back. Yeah, I was just well done, man. Well done.
Thanks. Yeah, I'm really, I'm really proud of myself. A round. Of applause for that. That was, yeah. The Internet should be good down here. Yeah, you're good, You're good here. You're you're a little bit quiet, but. Yeah, because I'm having I, I have to take off all the broadcast and stuff. Yeah, yeah, yeah, that's right.
Just speak loudly I guess. Yeah, so, and then what's been going on in in like spoiler coins, I think I saw the main thing I saw yesterday was that Coinbase wallet is now going to be integrating with Solana, right? Which I think is going to be quite a big deal for if, you know, they they're doing this smart wallet as well. And everyone was debating whether they're going to be able to trade soul meme coins and now it looks like.
That's going to be a real possibility because Coinbase wallet is integrated for on chain Solana trading. So that I think that could be a big deal. It does feel like mean coins is still where the action is, but most things have still been hammered right?
Like most most mean coins right now are just like waiting for some stability in in Bitcoin or in or in or in Solana or in E. Yeah, they're just, I mean, I'm surprised at how well they've held up. Like some, for example, at WIF is to the 2.2, is it 2.52 point 4? So it's that $2.4 billion market cap, which is still massive. Like if I was, if I really was bearish on crypto right now, I'd be shorting the fuck out of like meme coins and stuff like WIF, which is that crazy high market caps.
But I'm not bearish on it. And I think that stuff will go high. But yeah, it's, it's, it's a bit interesting to see this massive. I mean, ether's below 3K right now, right? Like it's interesting to see this big pull back and seeing meme coins hold up so well. And I think it just means one of two things. It means either shit really hits the fan and meme coins just get crushed. And I hope that doesn't happen,
but it's a possibility. Or when we bounce back, because meme coins have been so strong, we will see like some crazy, crazy strength and a crazy another crazy run of meme coins across the board, which I think is maybe a scenario that people are a bit more happy with, obviously, But maybe can, you know, think it's a bit more of a realistic possibility, But
either could happen. Like meme coins are just at this like these levels right now with like ETH blow 3K and like multiple mean coins and multi billion done market caps on those kind of stuff like it's at a point of inflection. It's going to go one way or the other. It's not going to stay at these levels for a while.
And so I think if we don't see a meaningful balance in crypto from here, I, I as a big, big bag hold of a lot of mean coins, I would start to get a little bit worried about them here, I think. Some old coins are never coming back. Like they look like they're never coming back. And that's the same with some of these meme coins, right? Like I looked at some of the old coin charts. I'm just like, what is it going to take for some of these to come back?
Like particularly some of the older ones that kind of had a little bit of a rally and then they just kind of like fade. They've just now faded away, like all of the gains that we had. And so for some of them, that was a lot, you know, to even get them up to higher levels. And now that it's like it's completely gone for so many of these these like ecosystem coins or L twos or D5, like I just I don't know what the fuck it takes right?
Like it's it really does feel as though you the comments are hilarious on this. By the way, I love, I love what Chad Myers like a proud parent watching his kid talk his Christmas show. I was like, I don't know what to do here, so just. I think everyone was proud of you at that stage. You know, you weren't clearly, you clearly weren't listening. I was going in and out. I was not listening at all. I was going in and out of of signal and we just had to rely on you.
We felt like you've hosted the show once by yourself actually. And like everyone said, you completely crushed it. And then you've never really done. It that was a long time ago. That was like almost two years ago when I had to do it by myself. Yeah. But I do think that if you're sitting there on some old coin bag or mean coin bag and you're like you're waiting for the like Solana to save you. I'm not sure it will. I don't know if I know that's
tough to hear, right. But like, oh, you know, I'll sell this thing which is down 40% because I'll wait for Ethel Bitcoin or Solana to rally and then my thing will go up 10X. If your thing has gone up 10X and then it's dropped 60% on this, I don't think it goes back to that 10X. Even if Bitcoin goes back to 72 K, like I think there'll probably be a bounce if Bitcoin like rallies again on a lot of this stuff, but don't expect it to go back to all time high.
I think a lot of these altcoins, I think a lot of altcoins and a lot of mean coins have put in their potentially their yearly high in in the in the last month. I don't know if you would agree with that OSF, that's maybe quite a bearish take, but I look at some of these and just go like, I don't know who's buying that on. On this. On this bounce, like the things that I'm buying right now is Solana like because I feel like you can go back, but like a lot of alt coins, a lot of mean
coins. I'm just like, Oh yeah, that was probably it's that was probably it's cycle high. That was probably at least it's yearly high Bitcoin goes to like 3K like maybe all bets are off but does feel like that.
Yeah. I think, I mean, there's a there's a large chunk of the OT coin market, which maybe were like things that had pre, not pre sales, but like people could invest in and, and now in their vesting periods and stuff that just constantly have cell pressure like every week or month or whatever it is or every day in some cases. And I just think that stuff will always underperform the market.
Like, you know, if Bitcoin moves 20%, some random altcoin will probably be higher, but that altcoin may only be like 10% higher or 15% higher, which is just stupid. Like risk adjusted. Why would you not want to own Bitcoin if it's the thing that's outperforming or even matching the performance of an altcoin? And there, yeah, I think that does describe a large part of the market and it always will do. Yeah, and that's a good point.
I'm more bullish on meme coins than I am on all coins, even on this bounce, because the tokenomics of all those altcoins are just horrific, right? Like to even get them up to those levels was tough. And then now they've still got to have all the supply all the time. So yeah, it doesn't. It still feels bad for the altcoin market. I'm way more bullish on on meme coins, even even for those bounces.
But at the same time, I think you've got to you got to appreciate that some of this stuff that ran up to like 304 hundred million as an altcoin. I don't know if Bitcoin goes back to 72 K, if that goes up to 300 to 400 million again, like like it's it's a tough it's still tough to imagine. Like money runs back like a lot, a lot of the yeah, it's just it's just that's what I was just thinking this morning. Like what are we supposed to do now?
Like just sit and pray or just. Dude, I, I wake up every day, I douche do shit for the duck. That's that's where I'm, that's where I'm, I'm putting my my efforts. But I think you got to wait for you got to wait for Bitcoin at least to go back to like high 60s and then hopefully then you
see Solana bounce back. The the other thing interesting thing about Solana is that some of these air drops, I don't think you saw, but like parcel and forget what the other one was Sharkify. I think it was they haven't done that. Well, like the parcel FTV was like 40 million and Sharkify was like 500 million.
So some of that AirDrop story, you know, that was like really, really strong in January, you know, oh, we're going to AirDrop something for and even even the concept around blast we talked about yesterday, like because so many altcoins have been destroyed in this move, suddenly these airdrops don't look as
attractive as they did. Like if you were going to get D5 AirDrop and or get some L2 AirDrop or, or some AI AirDrop and all those coins are down like 60%, then suddenly the the concept of that goes down a little bit. So I'm super, super, super bullish on some. I couldn't be more bullish on it's long term future, but I I can imagine this is a period where people have to work out what the next big driver is. I think the next big driver is
probably fire dancer. And I think some of the story around the airdrops probably subsides across the market here, right? Because just because the valuations for other altcoins is down so much and I think the meme coin cycle will come back pretty strong. But it it it it just needs it just needs some stability to come back to it. But yeah, I think we're all sitting on our hands. We're hoping that Bitcoin doesn't completely nuke here, which increasingly is looking
like it could. It could easily hit 5859 again. And then on that bounce, on that bounce, I'm buying Solana, I'm buying Bitcoin, and I'm probably buying a few meme coins, including the duck. Yeah, that's about it. What do you, what do you think? What are you? What are you buying on the bounce? I definitely want to buy more. I don't I'm not, I like to be concentrated in my positions because I think in a bull market, just like the whole market goes up.
So I'm not right trying to like switch around between different coins and stuff to like generate alpha. So like I kind of like pick my horses for the cycle and for me that's whiff. Like I just think it's the mean coin that seems to have the best backing, the one that I think has a good chance of like getting to ship doge levels. So I think that's the thing. And it's also like I'm really
bullish on Solana so this year. And I think that's also like kind of like a levered, levered play on Seoul as well. So I would just buy that. I think that's the one if that goes, I think if that goes below 2 again, which is not far away from now, I would start putting some money back into that and just average down. But yeah, I don't know. I mean, yeah, I don't know what to do right now. Like it's, yeah, I think just watch basically.
And then if if things go low bid, I think that's the best move. But it's just frustrating to sit here and just watch things like go low every day, I think. With this a good example actually, and Pepe as well, like I actually think those could both double on a bounce. Like I genuinely think they could both hit all time high very easily. If I own like Lync or if I owned optimism or, you know, a bunch of these like more crowded, but
still strong altcoin plays. I just don't think they're going back to also like to near all time high even on a bounce in even on a bounce in in in ETH or Bitcoin or or Sol. So that's a good example. You you're not bullish on the duck. Is that? Is that going to be? Your I would also buy more duck. Yeah, I definitely would would buy more duck if it dropped, but the duck hasn't provided me with a dip to we've. Got bit chat listing today. Bit chat listing. That's what I was. Doing.
Yeah, well, it just hasn't really. It's been up every single day, hasn't really dipped. So had. A bit of a dip today. Yeah, I guess it's it's, yeah, it's off the highs of yesterday, I guess. But it's pretty incredible. It's like the only thing that's up. Yeah, the what, what do you, what do you think about Solana though? Now like as I just described, we've been super bullish on Solana on the show. And then now the AirDrop thing is kind of looking a little bit
weaker. Meme coins as a sector are looking a little bit weaker. Do do you think that can go back to 200 soon or do you think it's going to be, it's going to take some time now? I think it can. I think it can and I think it will. I don't think that narrative is finished or over. I don't think the meme coin cycle is finished or over. I think it's pretty clear that that's where the casino is the
cycle. And just like how the NFT market in 2021 would have its peaks and troughs, I think the mean coin market will have the same thing and it will happen predominantly on Solana. You'll have spots of activity in things like bass and perhaps even blast and you know, other areas. But Solana is still by far the cheapest to use and provided the lock chain is up and running and not crashing and, and all that kind of stuff, it's also potentially so the fastest to use as well.
So I just think that we'll have another season again, I don't think that's going to go away and I think it will be more sustained. And I think that will end up being pretty bullish for Seoul. Like I just think it's there's too much that's happened this year where it's shown it's hand too much. I think where it's going to be very tough to fade it. But you need a bigger, you need a, you need a bigger market rally. I think if a bigger market rally, I think Seoul will do
really well. But let's Seoul versus Bitcoin, Seoul versus E. They all look like pretty good entry points to me now. You see that everyone's now talking about ruins as well. Like I think I've seen every single major market commentator that that was going from Solana to talking about base season is now talking about ruins season. Ruins is the is the token protocol coming out on Bitcoin. It's going to be coming out in on 4/20, right?
I think in three days everyone's saying, you know, this is the 100 X bit of this cycle and some, I think Franklin Templeton came out and said it, pretty much everyone is being like this super bullish. We've already seen part of that, like part of the rally and a lot of these ordinals has been because of all the ruins air drops they're going to get. Interestingly, I saw Beanie come out yesterday and said, look, I don't think it's going to be that big a deal.
He said, look, I think Bitcoin Maxis are Bitcoin Maxis. They don't really like shit coining. They don't really like buying anything that isn't Bitcoin. What do you think about that? Yeah, I think that's true for Bitcoin Max's, but I think there's also a cohort of Bitcoin holders who understand that there needs to be more to Bitcoin than just Bitcoin itself in order to compete with other
chains. And I think that was the lesson from ETH in 2021. So I think it's something that we'll have a lot of support behind it. I think you will see a lot of people DJ ING on it. It's not just like, oh, hey, here's this new thing on an L2, random L2 or whatever. Like it's Bitcoin. It's like the OG thing. It's a big thing and you've seen it's for me, to me that like that market will be an extension
of ordinals. Like I think there's, there is some good art and stuff in ordinals, but I think very few people are buying and speculating on ordinals because they're in it for the art or they like it. They're they're speculating it on it as a basic for Bitcoin or as a levered play on Bitcoin. And so if you have ruined, there's another version of that that potentially is more liquid
and easy to trade. Just like how we've seen tension shift from NFTS on ETH to meme coins on ETH and now meme coins and soul. By that logic, I think, you know, stuff could be pretty pretty pretty interesting there, I think. Yeah, and I think people feel like they've already missed a lot of this shit already. They're like, oh, you know, I've already missed it. I saw a really good table. I forget who posted it.
I think it was maybe even Clemente or PL. or something like that from the the Nifty Show, who put all the collections, all the ordinals collections in ETH. And like the highest ordinals collection is actually just like a ETH. It's really not that high. Like we're nowhere near the the ETH highs for NFTS that we saw in the last cycle. You know, like board apes hit. 450 grand. Like punks hit similar right? Like we are the top ordinals collection in terms of price is
like 30 grand. Is it roughly? Yeah, we are like nowhere near that. Like, no, monkeys are 25 grand and how much is a puppet these days? So like, yeah, 2020 grand. So people feel like they've missed it because they've missed
the first bit of this move. But if if this does become a big thing, you know, if ruins does take off and Bitcoin Maxis decide they're going to get rid of, you know, get part wave some of their Bitcoin, you know, if you get to 450 grand, it's still a 20X still a still a still a big move. So I don't think it's 100 X because I think I agree with Beanie to an extent is that like Bitcoin, there's a huge bit of that Bitcoin TBL, which is just like we own Bitcoin because it's
gold. We don't own Bitcoin for like for utility. We own it because we don't ever want to part ways of Bitcoin. It's the hardest asset in the world. At the same time, I do think those could, you could easily see six figure ordinals, which is like a A5 to 10X from here. So I think and then that'll be
the same to some of these runes. I also think that there's a lot of grifting going on in that market and there's a lot of assumptions that suddenly, you know, you launch something on runes and it's going to immediately go to hundreds of millions. The highest I've ever seen for like a Bitcoin token was Audi, which went to I think over a billion, like a 1.5 billion. And then it's quickly gone back to basically 500 million or less.
So I'd be wary of just like I own ruins, I'm going to be a millionaire because I think it's still very, it's very nascent and liquidity can flow out of these things very, very quickly. And they can, they can drop like an absolute stone when it does like it's really like we pump this bit and then we move on to the next bit. So I I'd just be wary about it like a lot of just like when everyone said base season and base season did last for like 2 weeks and then all the mean
coins basically went to zero. Just be aware that like this narrative is going to isn't just like a given. Like it does require a lot for it to keep going. And I don't think you're just immediately going to be a millionaire for your own ruins. So like, be careful. Yeah, I just don't. I just don't know where to start. Like what would you buy? Well, the easiest thing to buy is things like puppets or or no monkeys or like pizza ninjas or OMB, because then you get some
of this stuff for free. But getting stuff for free doesn't mean you necessarily get value with it. So I agree it's just something to be aware of that pups token, you know, like the the one related to the puppets like that has been one of the more popular plays. There's like a liquid play. I don't know where that is today. I saw, I saw like it rallied a little bit. Let me have a look. Let me see if I can find it. I would say that that's probably
the the easiest one. But at the same time, like that's down 50% in in a week. So you've got to be aware, like if you're buying into it, like an answer narrative, don't immediately assume you're going to be a millionaire. These things are volatile, even if it's good. And I'm not saying that he gives bad calls or anything like that.
But like this isn't be prepared for like this narrative to rug you and you you have to be a, you know, a community member slash long term believer, because ordinals doesn't just immediately mean profit, I would say.