How we doing? Good. How you doing? Yeah, yeah, fucking hell. Busy, busy, busy, busy, busy. It's just me and OSFI believe all this week, right? Brooke has been all going on a jolly to to Asia, it seems. That's a cool hoodie. Is that the? Is that the hoodie from that they sent us? Yeah. Thanks. Dude, you're going to have to be better this week, man. Yeah. Oh yes, it is. Let's go straight into shit because I know we don't have the full time today.
Mark is looking all right today, it feels like, for the for. The Yeah. In about a week we bounced a little bit on Friday and then we had a few very positive things come through which was firstly the the, mainly it was the jobs number then it was Mr. 100 buying all the Bitcoin. It feels like continuing to I think you put in a few 100 million on Friday alone and then you had a inflow day for the ETF and notably inflow day for GBTC Grayscale which hasn't had an
inflow in months. So short term bullishness we it's interesting to see that Solana has been the one that bounced the most. I know you were you are calling that we could go back to 70 K Interestingly I saw that that capo said something similar. Thinks we're going straight back to all time high. We are kind of hanging out where we were middle of last week. So at about 63 K on Bitcoin ETH, ETH is slightly underperforming but style has gone above 150 again. What are you thinking?
What are you thinking here? Do you think this is a sustained bounce? I think so, yeah. I think, I think there were some headlines on the SEC issuing a Wells notice to Robin Hood, which is why we sold off a bit today because Bitcoin was at like 65 1/2 K Ether was at 3200, so it was almost at 160. So it does look like we sold a bit, sold off a bit on that, but I think we'll pass over on those
headlines. But yeah, it does feel like a lot of risk got taken out with the big dumps that we saw a week or two ago. It does feel like, you know, everyone's like our ceremony go away and all that kind of stuff and maybe all that narrative has been left translated. So we may be past that now and I kind of think we can keep going higher. In my opinion, I think the ETF rejection is now like fully priced in, if not even
overpriced. And when if and when that does get rejected later this month, I think the next thing you'll next headline you'll see is like court cases and and all that kind of stuff and people assessing the probability of black Rocket and and Co winning. So I think the next headlines on the ETF are actually that effect the market are actually positive and not negative. And yeah, things just feel like they're they're turning a bit here, I think, in my opinion. Nice. I I kind of agree.
It's interesting that Bitcoin put in a lower low, but Seoul didn't and now Seoul's bouncing and it seems to be reclaiming kind of where it was for a while at that 150 area Bitcoin. I'm still it doesn't feel as good as it felt just because of the outflows, but that that's a very interesting day. Like to see that massive outflow day of 500 million followed by a massive inflow day and even an inflow for GBTC, which I thought was kind of wild. It's. It was a month. End, I think it's month end
stuff like that. That big outflow is for sure a month end thing like it has to be. Do you think it was games? I just, I was thinking about this being like there's some maybe there's some games being played here now. Maybe, but you know, the ETF flows are, a lot of it are retail flows. It's not like BlackRock is like suppressing flows. You know what I mean? Like they're not the ones buying the ETF. I guess they can be, and I guess they could. They can be for their funds, right? Yeah.
They can be for their funds. So I guess they could like ramp up the buying at a later stage. But yeah, probably, you know, probably there's whales of fighting for entry and all that, all that stuff that people say. Yeah, I don't want to be one of those people that's just like a conspiracy theory on any sort of on any sort of weird activity from Black Rock. But I looked at that and just thought it is now becoming increasingly easy for them to like basically time the bottoms
on this stuff, right. Like because people are, the number one thing that people are following are the flows in ETF and their funds I think can easily manipulate that to a certain extent so. I mean crypto market is tiny compared in comparison to the number of assets BlackRock manages. BlackRock manages more assets than the the entire crypto market cap. So like. Many. They want to. Yeah, exactly. So if they want to like, push things around, they definitely
can. And they're not the only people who have the ability to do it. So I do think it's not manipulation is the wrong word, but I do think there's strategic timing around how people plan and do these things, I would say. Yeah, I I, I would kind of agree. And then we saw you know the the risk tolerance of everything came back. Stuff is bouncing particularly in in memes like we keep on saying this and people keep on. I think our show is a bit more
about memes. I think if you go across broader crypto, there's still not 100% acceptance of it as being AI don't know an accepted sector this cycle. But again you saw with factor like whatever it was 3.63 point seven. I know it's dipped since then. You saw a bunch of the top soul memes all kind of pushing towards all time high. Pepe again near all time high, just like a really, really strong period for memes.
There was some movement in like the deep in space and and but a lot of the the narratives that you're carrying us before, they just haven't really kept up. Like AI hasn't really been sustained. Anything in D5 hasn't really been sustained. You've seen social Fi come back a little bit. You've seen friend obviously hit three and then and then kind of came down and then you saw you've seen fantasy been seen massive activity. But is is it just memes that you're interested in this cycle?
Is there anything else that you think can take you away from that? Hard, isn't it? Like when a narrative gets so strong like NFTS in 2021, it's very hard to just fade it and get along something else. You know, like look at how well WIF has performed throughout this entire sell off and how well it performs on the bounce and it's just easy to buy. You're not having to like think about protocols and mid curve yourself into like you know depending on a founder and all that kind of stuff.
So you can just buy it without really much thought and it's performing and it's very hard to own something else which requires more brainpower which has been performing worse so. Yeah, it's been pretty horrific I think for some of the the other sectors. And I think we've said it so many times on the show, that if you're in anything that hasn't didn't perform so far this year and then you had Seoul, you had a bunch of like really good narrative down 4050% that was
the time to rotate, wasn't it? Like, yeah, if you, if you were too scared to rotate into like Bitcoin or EAFE because you were down so much, but you could have literally bought Seoul at 1:20, right? Well, even 119 and now it went back up to 155, like it's bounced. What's that 25%? And then you've seen similar in all the memes that you know, you could have faded all the way up and Pepe was down. It's up like 50% on the week, I think with kind of similar, right.
Like it's it's been a big, big snap back in some of those. So don't want to say I told you so, but that was kind of the trade I think and now I think it's going to be progressively more difficult. Do you feel like there's a bit of FOMO in the market right now? Like I kind of feel like it is. I feel like quite a few people would have de risked on that move. What do you think?
I think, I definitely think a lot of people who are new to crypto would have come in in March, lost money and just left. I think a lot of people would have got liquidated on, liquidated on leverage. I think a lot of people would have done badly on like altcoins or gaming coins or some of the the worse off mean coins. And so with this bounce, it's not like everything is bouncing, it's just like their favoured
assets are bouncing. So I do think there's probably a lot of FOMO or I don't think we're quite into the FOMO yet, but I think there's a lot of frustration when people are like, oh shit, like those things are back up and I'm not, you know, I didn't buy the dip or I got liquidated or owned the wrong things. I think that's more frustration than FOMO. I'd say FOMO.
If we if we get back towards 70K on Bitcoin and back towards all, you know, year to date highs and a lot of these altcoins, I think that's when we start seeing foam and when people see that it wasn't just a flash in the pan and there's real momentum behind it, I think. Yeah, I think a lot of people cut their risk. Like genuinely, I think a lot of people did because I think it went through some supports.
And if you're sitting there and you wanted to look for that 10X that we already spoke about, I think it's scary. I still don't know if like I'm not, I'm still not. I Oh my God, super, super bullish. I think we could be ranging here for a little bit at least because I just think Bitcoin put in a lower low and that's like quite a big deal. You'd have to put in now a higher high basically to kind of like reverse that in my opinion.
Like it feels like otherwise it's going to range for a little bit in the kind of a low 60s era, I think. But yeah, I do think, I do think a lot of people cut their risk and that's why you saw this FOMO like it was 5 days of it going higher, right? We had Thursday, Friday,
Saturday, Sunday and even today. I know it's now slightly reversed today, but that just made me think, wow, like people really did sell like or they they've definitely got burnt on that move and they didn't want to buy back in. Yeah, it's just classic, isn't it? It's classic. Not even crypto.
It's just classic markets, like prices go down, people start spewing out bearish narratives, people get scared and sell, and then prices go up and then the bullish narratives come out again and everyone's like, oh fuck, like, it's just it's just classic markets, I would say. And then what have you, what have you been up to on, on On Blast? I know that's been a big, a lot of shit's been going on there in
in the last few days. They announced this gold gold lottery, which has been an interesting, interesting move. Yeah, I just love how you're drawing you know two men, yeah, they announced this, this, this lottery the other day and 1,000,000 of it is going to to the most active NFTS and coins on blast, right, Which aren't, which aren't the ether or stables. Obviously there's big variations in the in the what people say is the price of gold.
But let's say that is ranging between let's say 5 to 20 as the as the valuation of all that it. That could be depending on the depending on the inflation. That's quite a big amount of rewards it looks like and you saw initially Pack Moon, which I know you've been involved in, I've been involved in, won the first one of these rewards and then you saw Fantasy win the other one and suddenly everyone's been FOMO ING into blast. They're like they've been
catching up with this narrative. Tell us a little bit about fantasy because I know you, you've kind of, you've kind of got involved in that recently. Like what? What? What's the TLDR? Yeah, it's just it's basically just a card game and trading card game and there are competitions that run and basically you are able to get car own cards of different people on crypto Twitter and if they hack, if they get loads of views and stuff on their posts, you get more points.
I don't know exactly how the scoring works, but it seems to be some kind of metric based on number of views, number of likes, frequency of tweets, all that kind of stuff. And they run a competition like periodically and if you you know whoever gets the highest score wins, then everything is ranked basically. But what they're doing in terms of rewards is they've been allocated a ton of blast gold and they did the like the flash competition over the weekend.
And I think if you're ranked in like the top 50 or whatever, maybe it was top 100. I can't even remember you. Everyone got like around 300 to 350 worth of gold and these competition will keep running. And so every card is like an NFT that's tradable and they will have different values. And yeah, basically that's basically it. Just like a crypto Twitter trading card game, which is kind of a cool idea I think. Is there money to be made you think like or is this a gold farming Like what?
What do you think? There's money to be made. I think if you if you're able to identify like a smaller account on crypto Twitter who goes viral, then I think there's money to be made because those guys are cheap, they don't cost a lot of capital and they go up a lot in price. It seems like some of the whales have gone for getting like the the more expensive well known rarer cards and if you win competitions money, money to be made I guess from gold.
I also think you know there's all these different points you have, you have like fantasy points, you have fantasy stars. So my guess is they they'll potentially be a token at some stage as well. So you're going to be able to like fund the token alongside that as well. So I think if you you know it's just like any other like NFT project or any other like trading card game.
If you're able to buy things early or if you're able to buy things before they move and the underlying assets as well then you you can make money flipping and trading these cards. I think at the same time I think you'll farm gold and you'll also also farm whatever drop the fancy guys have coming token drop the fancy guys have coming coming up. I would imagine there is one given the point system. Yeah, I think, I think we've seen Social Fi come and go.
One thing I know from the Friend Tech AirDrop is that like it can be pretty profitable. Like I was on Friend Tech for a few months and bought over 10s of thousands of dollars. I feel like these things can be valued quite, quite a lot. And I don't know for Roke's absolutely loving it. Sky is like making his own personality around it at the moment. Like it does feel as though it's addictive. I haven't actually played.
I got so tied up with with Duck stuff, but it does seem to be it does seem to be addictive like the rip and open of the packs. How much have you? Spent. Probably too much, probably too much. Like how big is your portfolio in ETH? My. Portfolio is up. My portfolio's got to like 70 ETH, but I think it's like the guys that are valued high, there's like there's no the floor's really high, but there's also no bid for it.
So it's those levels. So I think it's like a a fake value unless unless it does really take off so. So it's kind of like, I guess Frontech had a bonding curve, so there was always a bid, whereas this year, yeah, it's more like a bid offer, right? Yeah, exactly. Exactly. So you've and. It's all the same people involved, right? Like it's all the same, like Blur farmers, all this sort of stuff. Like I just saw Matchy Big Brother deposited like thousands of ETH into it.
Is it? Is it like and CBB and all these guys? Like is it all the same names? It's just the blast crew, yes, the blast crew, which really is a Blur crew, which is the farming crew, those are like the big ETH guys. But there are, there is like a good crew on blast I think are not necessarily like big capital spenders who I think are pretty active across that ecosystem who are also involved as well. There's there's a good crowd, I think. OK, yeah, I think I'm going to
have to get involved. It's been it's been unbelievably busy. But, but yeah, if you. Want to buy any? Buy any cards? Don't hit me up. They didn't put me in the first season like I didn't. I didn't sign up. And then I tried to go in late and I then I realised that probably every single person on CT was asking to be included in this thing. I didn't realise that you made money as a hero until you told me just now that like, oh, you want you made money from like you make money from trading
fees, right? Or something like that. Yeah. So heroes get 1.5% of the trading fees and I believe they're getting a share of the initial proceeds as well. So I guess they have to do something like that, because if you're using people's profiles and stuff, you need to, they need to like, agree to it and they need to give you some rewards and stuff. But yeah. Yeah. Yeah, I would agree. I think.
I think we are entering that stage of the market where people are just looking for fun stuff to do. BLAST has done a really good job with that. Like it it does, it does keep the degenin going. As we've said before, it'll be interesting to see how this all happen goes as we approach the the actual do when do we think it's the end of this month that it comes out.
I think so, yeah. I did think it was going to be a bit delayed because they had this like multiplier thing and as of a week ago there were only two multipliers out of I think 10 but now or maybe 12, but now we're we had like multiple multipliers last week. So it does feel like things are pretty much in full swing now and my guess is we may actually see it at sometime this month towards the end of this month. Yeah, that'll be. That'll be crazy.
Yeah, it's going to be an interesting one, I think. And then anything else in memes you've been looking at? One thing I looked at this week was this hammy thing. I don't know if you saw this. Yeah, I saw you send me the tweets about it. Wasn't really sure what to think of it. I don't love stories like that because they feel quite manufactured when they get spelt out like that. But yeah. Yeah, I would agree. Like it. I think because a meme is big doesn't necessarily mean it
becomes a good meme coin. But you've seen a bunch of the pump dot fun coins come back. You saw Shark cat I think came back has now moved up to like 170 million again. You've seen you saw Mitchi again I think all time high popcat, popcat. There was some drama that the the actual owner of the cat might sue them if you saw this, yeah? The same thing happened on shark cat as well and I think the shark cat was like much more aggressive and I saw the IT happened on popcat too.
And I guess this is the problem, like people are just making memes out of IP they don't actually own. And obviously the original people who owned it, like people have told them all, you can go out there and actually make money on this if you sue them or get, you know, launch your own token or whatever it is. Like we saw the same thing with WIF, so I wouldn't be surprised to see more of it.
And I think you have to be a little careful on some of these memes because I do feel it just feels like someone's going around on like knowyourmeme.com finding a popular meme that looks cute. And they get up, they team up, team up with a few guys and they're cool. Let's just like make this meme and pump it. And then eventually the original, you know, IP owner finds out and then it gets it becomes a slight issue.
For example, like no one would like, no one would have like taken a screenshot of the dog with hat as a picture and made an NFT out of it and tried to sell it on their own merit, right? So on that same basis. That happened with whiff, didn't it? Well, they they did sell the NFT, but it was like the actual NFT it. Was no, I mean the in the gamer guy who originally made it big, like tried to make his own coin at one stage. Oh yeah. It's a yeah, yeah. Yeah, it does feel like a common
thing. People were saying that the Mew team was like trying to push the Popcat cat owner to like Sue Popcat so that Mew would go higher. Like it was like these cat memes, they're they're going after each other. But yeah, Hami is basically just some hamster, which is big on TikTok, which I think was created two months ago and then it's done a wow, it's actually done even more now. Looks like it's done a 20X now. In the space of a few days, it's now up to 60 million.
It was trading at 2:00, so that's been a big move. I don't really know what happened there. I think maybe Anton was involved in saying he thought it could be a big coin. But yeah, that that that's been probably the biggest single move in meme coins that I've seen. But everything else is just feeling felt pretty good with that move in Seoul, I think, which is now back up to 155 again. So yeah look I these Seoul Dex
volume again flipped ETH. It does feel like a lot of that activity is starting to come back check out to duck got an announcement out today but yeah and then in NFTS it also feels like runes is coming back again slightly the they've now overtaken some of the transactions. I think the predominantly the number of transactions down on Bitcoin again it's it's basically between the Arsic coin and the and this dog coin which is from Leonidas.
But it seems like Arsic is is kind of flipped dog now and people getting more bearish than dog. So I don't really know. I haven't really been dancing in the in the runes that much, but it does feel as though because it just didn't really catch you off. But is now the time to start looking at it again? Like it feels as though down and now people are starting to maybe
look at ideas. It wouldn't be the first time when something was pretty hyped and then it could have flopped on the news and then it came back after people forgot about it. Like that's happened before. I mean, it happened with Blast, right? There's a lot of hype and blast when they launched mainnet and then when it launched, everyone was just like, meh. Now it's all kicking off again a few months later.
So I wouldn't be surprised if the same thing did happen with with Runes, to be honest with you. Like that seems like a very normal path of motion. That's what like, now's the time to maybe look at it. I think you'll start to see some other you had like the OG which like the first runes which launched. But I think you'll start to see more experimental stuff now, start to launch with Runes, and I think that'll be interesting.
Just like you start to see with Blast as well, like Blast, as soon as Pack Moon has moved, I think you've seen a bunch of the Blast NFTS move higher. I know Tyler was was was posting about that earlier and then you've seen even people looked at other meme coins on blast. Because it feels like once one thing starts to move or it starts to after a period of it being a lull, suddenly everything can just can just light up very, very quickly in in this sort of a market.
Yeah, I I just think the best where I've made most money in crypto is like once a narrative gets to find finding out what like the high beta version of that narrative is and then going really big on that because that's how you can make like a
large amount. And whether that was like in 2021, that was ETH was a big narrative and then NFTS was like the beta and then you pick Board 8, for example, which went uploads or when Solana was kicking off at the end of last year, me, you know, Bonk was kicking off and that was, you know, it was so easy to go go into memes and find all the stuff that hadn't moved yet. And so I think you're starting
to see that now in BLAST. Like, it feels like BLAST is going to be something, whether it ends up being successful or not. And you've had Pack Pack Moon started to move and so now people are looking at other coins and trying, you know, things that have underperformed that should move up higher as well. So I do think that's a good way to like play some of the stuff. You know, it's like, OK, this is up. What else should be up that's within this, you know, within
this narrative? Yeah, I would agree. Sometimes it's the simplest thing to do as well. Like to pick the the clear winner and even if it's up the most, like sometimes that's the easiest way to just play a narrative and you can play it in decent size. It's probably got less volatility and kind of the cleanest way to do it with Runes. That's why I kind of feel like you just meant to buy the arsic coin. If that's going to be the clear winner, Runes isn't going away. Probably.
Runes could only really get bigger from here in my opinion. So maybe you just own that and hold it for the rest of the year? What's the market cap of the arsic coin about? 300 million, I think. Still low, doesn't it? Well, we we have never really seen meme coins on Bitcoin go that high. Like Audi was the highest and it went about one 1 1/2. And I think there's that Welsh coin which is on stacks or something like that, but you haven't really seen it take off.
But I feel like Runes and ordinals are here to stay, so kind of feels. I thought Audi was going to be that coin, but then because they came out with a new liquid token, now it feels like Runes is going to be the one that everyone uses. So I still think Audi could be interesting because like people will go back and be actually that was like the OG version of ordinals here and it's still
relatively easy to buy. But I do like playing just like simple narratives which are probably long term rather than short term and just being decently sized positioned in them like you said. So so in terms of NFTS, everything's come back slightly. There's been a bit of a bounce kind of across the board from we bounced and we sold off when the whole market sold off and then bounced again.
You've seen the main thing that I've really seen is is Uzuki's come back relatively strong after after it's anime and then you've seen D gods move back to Seoul and there's been a lot of like you know them coming home a lot of frat boy memes and it feels like them and mad lads like are now like battling out
or tensorians. There's like there's like low key beef now between like who's going to be the biggest PFP project on Solana. I I like to see the the sole NFT space I think hasn't really gone through a great period recently but it would be good to see that pick up in the same way that the the the meme point market has come back so strong. Yeah, I just think people have like PTSD from NFTS and they're not liquid, whereas memes just like, it's the same, it's the
same stuff really. Like if anything is better, it's not like project founders tricking into thinking like they're going to change the world with some crazy UNFT invention. Yeah, it's just like, I mean, find it funny, buy it. If not, don't. Yeah, I kind of agree. NFTS have I guess the the ordinals were a bit more like that because they were less utility, but D Gods still feels like utility projects. So I I would agree with that. I think that's it for today.
We kind of round up everything. It does feel like the market is looking still strong but it's mainly it's mainly soul and soul memes. But we'll see how everything else goes. We're going to be, I think we're, are we not doing a show tomorrow? We are not on Wednesday. On Wednesday. All right. So we'll see. I know we have a hard stop like right now. So we will. We will see you all again tomorrow. Good luck and.