Yo-yo, yo, what up, what up, what up. Good morning, good morning GMGM. It is another beautiful day to have a beautiful day here today folks. Welcome to episode 140 of FOMO Hour. Today is Tuesday, June 18th, 2024. All right, now for the Froak impressions. As you can tell, Froak is out today. Neither Froak or Mando are able to join us here on FOMO Hour. They're out gallivanting around Europe as we speak, enjoying the EUR. I'm getting Froak actually in
bad pain. He's got this too thick situation and he's getting prepared for a huge week of events out there. So we wish him a good recovery here today. Rest up for you King. But with with broke out the lucky trader boys are taken over. I'm joined today by Logan Hitchcock. He is our Editor in Chief over a lucky trader. Folks.
If you're not familiar, I think I could count on one hand the number of people who have been following the NFT market and this brought our crypto markets as closely as this guy has over the last three, 3 1/2 years. So excited to get into it with them here today. Logan, Jim, how you doing? Hey, good morning, Tyler. I'm doing well aside from refreshing the prices, which doesn't make you feel too great.
I'm I'm happy to be here, excited to chat with you about all the things that are going on. Yeah, that was your first mistake. Checking prices was the the wrong thing to do this morning. But unfortunately some of us have had to check those prices. We will go through that. It is a a bloody day to to say the least. We will see if we can find some optimism out there for you all folks. So what are we talking about on deck for today?
We're still going to run through a quicker daily market report. I'll, I'll do my Mando impression there. We've got Biden. He's attending the Bitcoin round conference round table here coming up in Washington, DC in July, Coinbase debuted their pre launch markets starting with that eigen token with some perps trading happening over there. Tether, they dropped a new stable coin tied to gold.
That was an interesting one. We've got GameStop stock plummeting yesterday as a shareholder meeting really had no mentions of roaring Kitty. It feels like that saga is over and it's it's rough for that. GME token on Solana down 30%, which is basically how much all the tokens are down over on Solana and broader meme markets. Then we had this Trump token. Absolute chaos. We will go deep into the Trump
token situation. We've got a hot new dog coin in the meme markets with Billy and then Theorem NFTS. We will spend a few minutes talking about our good old friends in the NFT market. It is a certainly a bloody morning for NFT enthusiasts. Folks before we dive in, want to give a shout out to our monthly partners.
So first show is powered by Moon Pay to buy and sell crypto with PayPal, download the Moon Pay app and then follow Fair Side Network on Twitter or X Wallet coverage for drains, scams and more. Shout out to them and folks. Also a reminder to listen for the Intercellar code. We will be drawing a winner live at the end of the show. You'll have to go sign up at points dot intercellar dot IO and enter that code to be eligible. So make sure to to jump through those hoops.
It'll be worth it. I think we've got some nice prizes on deck here for today with that that that's my intro. Logan, Are you ready for us to jump in here? Yeah, let's jump right in. All right. Well, I'll kick us off with the the market report here. Let me see if I can get my my screen share going just for a second. Let's see where are we here we are all right, we got the the screen share going. I'm going to walk us through some crypto prices, folks yeah a
a little bit rough. So we've got Bitcoin 64,560. It's down 1% here on the day, E down 3 1/2 percent, 3380. Solana down seven percent, 133 not looking so great. And as we get down into the alts, a lot of the alts are down 1011%. So a VAX down 10 percent, 2566 unit swap down 14%, Polygon MATIC down 10%. Let me see, I was looking at arbitrary optimism here this morning. Yeah, so optimism down about 12% here, $0.77 similar story with optimism down 12%.
And folks that the meme majors, it's a pretty similar story over there for them. So Doge down 11% at 11 cents. We've got Pepe down 11% now with down even more. Oh shit, I didn't see this down below 2 bucks. So let's see that dollar 95 down 17%. That's as low as as I can remember seeing it in quite some time. Bonk down 13%, the DOG token over on Bitcoin down 13% as well. So I think that the story is pretty much clear what's happening in the markets today. I think partially part of the
driver ETF flows. We we talked on the show last week. So what's going to happen when the ETF flows flip negative? We were on an absolute heater into what through June 7th, I think we had 18 days of positive inflows in a row, even though at the end of that it became a little bit more obvious these were delta neutral trades. So we couldn't get too, you know, overconfident about it. But then in the last six days things have flipped back red.
If you add this up, seeing what 260 nearly 500 nearly so about 700 million in outflows in the last six business days. So that that's certainly not great to see. And even Sailor with the $700 million bid at at the table on Bitcoin doesn't seem to to be enough here to to be saving the, the, the markets. So I mean, I'll, I'll tell you, I mean, how are you feeling about all this? Were you prepared? Are you surprised?
Still feel OK. You know, again, this is this is painful price action the last few days, especially after what was it? I think it maybe last Tuesday where we had that brief spike, very, very brief spike of excitement and and price action from the from the morning, which was pretty quickly squashed later that afternoon. And it's felt like a little bit of pain since that time.
One of the things that was really interesting is you had pulled up though, you know, despite the pain I saw on the coin market cap fear and greed index was neutral. Surprising to me. It feels like we would be approaching fear at this point. But maybe I'm misreading sentiment from, from my own personal timeline. But I'm still feeling OK. Like I said, I'm trying to zoom out as as best as I possibly can and I feel like I'm doing an OK
job of that emotionally. I'm not, you know, I'm not over trading, I'm not leveraged trading, doing anything crazy like that. Still, you know, adhering to my silly simple Coinbase dollar cost averages and sort of letting myself zoom out yesterday's morning minute newsletter that you you shared with some of the Coinbase optimism, no pun intended there, not not mentioning the but some of the Coinbase like the future optimism.
It's so difficult for us to zoom out, you know, in in thoughts of years, but I'm trying my best to do so when the price goes down like this. Yeah, and I want to come back to that because I do want to give the some people the the optimism and the hope out there today. And I don't think enough people are talking about some of the takeaways from that Coinbase Summit. It was a pretty big deal last week. Shout out to Yano for all the work he did kind of putting his notes out there.
But I guess the reading the timeline, Logan like this this weekend, it was terrible. And then I yesterday and in today, it feels even worse. Why does it feel so much worse this time? Is it because everyone was in the, the, the meme markets and we were touting the meme coin super cycle for the last three months and now they're all down 50 percent, 60% from all time highs. Is that why it's worse? Because Bitcoin is 10% of all time highs here. Stocks are at all time highs.
So broader markets are doing just fine. So why? I, I think that some of it is that, you know, if you're a, a risk trader like, you know, many of us are, you're seeing stocks go up. There's typically been that correlation that, you know, as stocks rip this, you know, is, is going to lead to crypto
ripping as well. So I think that disconnect is painful as well as just the TS. I think, you know, we, we put so much stock in the fact that new all time highs, you know, huge, huge inflows, all of these types of things would lead towards higher Bitcoin price sooner rather than later. And we just haven't gotten it in that tease from last week. Super painful. And you know, there's there's just not much else happening, you know, aside from price
action talk. I know we spent some time talking about it. There's not much else to talk about and so I think we just lead ourselves towards cycling when when there isn't anything else going on, or at least if it feels like there's not much else going on, I think we lead ourselves cycling towards whatever's happening with the price of Bitcoin. Whatever's happening with the price of our coins leads ourselves to feeling really bad
if it's really bad and it's been really bad, and feeling really good if it's really good and we just haven't had too many of the really good days recently. Yeah, it feels that way. We were so close the end of March. I remember I was on vacation in Florida and with like doubled
that week. That's when it hit $4.80 near the very end of March. And that's what that's, that's when everyone was like in general, they're, they're saying their, their target portfolio goals, maybe a 50% move away, maybe just a 2X away from some real substantial numbers. And it felt like we were so close and it felt very real for, for a lot of folks who were, who were trading that sector of the market. And then it has kind of been down only with some some glimpses of hope.
And now it feels like a lot of that hope is gone. So we had Don all and he's been a notorious bear on the timeline here, antagonizing the whiff crowd, antagonizing some other crowds. You know, he had an interesting post. I thought he was basically calling out, he's pointing to the GME saga, the GameStop saga, and, and basically saying it was a let down that, you know, when you never really saw the fireworks roaring Kitty. He's, he's got his stocks now, but it doesn't seem like much
else is happening. And, and we're not really seeing a crazy parabolic move. And and he's saying that's kind of a sign that there isn't as much dumb money out there this cycle as there was in 2021. And it's it's just a bad sign for memes in general. So I'm curious for your thoughts on that. Do you think memes are in in broader trouble now? Is the GME saga like the Canary in the coal mine that there isn't as much dumb money as we thought? Did we go to left curve?
What are your thoughts on this look? That's an interesting perspective and I, I can actually, I can see that or how you would draw that conclusion, right, that this just hasn't LED itself to the, the same level of reverberation that we saw with dumb money in, in 2021, if you want to call it dumb money. I'm not particularly concerned about the meme market overall. You know, it's an expansive market. It does feel like the winners are shrinking, but I think we all expected that to a certain
degree, did we not? I mean, we, we've been calling for a select handful of coins to be the, the real winners that extend themselves into that five $10 billion range. You know, did we get a little over our laurels with, with too many coins running up at the same time? Maybe I'm not overly concerned. I still feel OK about some of those top, you know, top top coins. Pepe it, it, it is a little jarring to see whiff under 2, but I, I, I wouldn't be too concerned about those overall.
And then does that make me feel better about all those cat coins that might be running to a billion? Probably not. No, I don't feel super great about those. Yeah, that's where I was going next is, is what does this mean for like the newer tokens? Like do you think they have lower shelf lives, they have lower ceilings now than they perhaps did just, you know, a few weeks back? So Billy is is one that that comes to mind. We saw just a parabolic run up
in its first day. The thing reached 5060 million. I mean, it looks like it it wicked past 70 million. You know, we're feeling great. Is this the new billion dollar dog coin now you know, it's starting to come back down to earth. It's pulled back 50% from from peak at at 27,000,000. Do you think new tokens like Billy have a shot in this market or is is this kind of where they're that they're destined to run? We can see go up to 50 to 100 bucks.
Can be hard to get past that. It does feel like there's a barrier there, a, a very clear barrier that you have to, you have to push through if you're going to be an actual winner. And we haven't seen any of these, we haven't seen any of these push through. I, I do think there's room for a, a winner or two, you know, the, the Pepe, the Shiba Floki, like those types of tokens, you know, that's what two or three pretty clear winners from the last cycle.
You know, I, I think we can see something similar. Do we have that count at present time? Like probably not just yet. So I, I think, I think we could see, I don't necessarily think that Billy is the one, although very cute dog. So it's, it's tough to, you know, it's tough to just, you know, push that, push that out of the way. There's just like a lot that has
to go right. Like I, I think you, you really felt it with, with like, you know, the, the meme, the community behind it, the like, kind of just the time and place in the market. Like all those things really need to come together. You have to like find a perfect confluence of events to push a meme, you know, to the levels that it did. I I think we need to somehow
find that level of storm again. If you're going to see one of these new tokens push beyond, I mean one of those and and not the segue for you, Tyler, but like the DJT type stuff. I mean that would be like the confluence of events you need, right? You kind of have the celeb meta, you have the election stuff, you have meme coins, you have trump. Like that's the perfect storm. That's the number of ingredients that are probably required to really push something.
I don't know that you just get there with a meme right now. You know, I I personally don't think you do. I don't think we've seen that from any one particular meme outside of with this cycle, right, Any new any new meme? Have we anything that's front up that high? I don't I don't think so. I mean I don't think it counts. Boom, really boom. I don't think it counted. It didn't get of course, to width levels.
But I mean, there's you need, you need more than just I think you need more than just the meme, despite, you know, them being labeled as meme coins. Well, you know, perhaps that is a good say and we can just start talking about the what is the, the big story of the day. I, I wasn't sure if this was going to be a, a real story that everyone really ran with it. So I'm going to, I'm going to walk us through this whole Donald Trump launching a meme coin saga.
So we saw absolute chaos break out in the meme coin market yesterday evening after reports that a Trump backed meme coin, DJT, had launched with the help of Baron Trump. Now, about 12-14 hours later, it's still very unclear how real any of this is, but the question is, does that even matter? So what happened at 6:00 PM Eastern last night? Pirate Wires posted the following I'm quoting.
Per conversations, Trump is launching an official token DJT on Solana. Baron Spearheadach Pirate Wires Editor in Chief Mike Solana then replied with a contract address pointing to the DJ token on Solana. This news spread like wildfire. Very several notable notable figures reposting this, some asking if it was real or if a hack had taken place, while others just simply mark it about the token which began to soar. It went up 150% in the first
hour or so after the news broke. Then it fell, then it soared overnight. It reached about 375,000,000 at peak, went back to 250 million. Now it's closing in on 300 million again. So now I think the question still is out there, is this real or not the factors at play that made me a little bit suspicious and raised my guard, especially after the whole Hulk Hogan situation that played out last
week. 1 Mike Solano replying with the contact address to a new story that doesn't really feel typical for like an editor in chief to do. The fact that this token has existed since May. It's not a new token. It's not a new launch. That surprised me. Bubble maps came in, they waited on the this conversation saying that the single cluster held 67% of the tokens and then the funding wallets pulled from Kukorn. Kukorn which is blocked for US residents.
So that combination of factors plus this this general stealth style launch LED many, myself included, to believe this could not possibly be a a real Trump token. But again, doesn't matter, the market is at least responding here in the short term. Tokens at $300 million and it is destroyed the rest of the Trump tokens out there in the market. So the Trump token on ETH down 30% to 335,000,000. Mega down 8 percent, 78,000,000 this morning, trimped down 40%
to 56 million. Bowden down 25% to 75,000,000. So there's some serious impacts to this in in the broader polyfi market, whether or this is whether or not this is actually the real Trump token or not. I guess, Logie, there's a lot to unpack in the situation. First question for you, is this, what was this the real? Is this really a Donald Trump toker? Man, I think the jury is still out. I only know, you know, for a for a variety of reasons, my skepticism alarm was immediately
raised. I posted in a group chat that we have like, there's no way this is real. Like this is this has to be a hack. But you know, over the course of time, don't you think we would have found out in some other way if Mike Solana, he would have from some other account, right? He would have said, hey, this isn't me, whatever. Those things haven't come out. And in fact, I think he still sent tweets.
I don't know how what the most recent tweet is, but you know, he sent additional tweets on top of just that first one. It's wild. I mean, there's there's just so much at play here. And I'm not, of course, I'm not the the guy that knows anything about the law or, you know, very clear not there is a lot of clarity regarding regulatory issues. But like this just seems like something that like, why would Trump get himself involved here?
Seems like a lot of potential conflicts of interest with, you know, a looming campaign, a major campaign in an election later this year. I don't really know. But if it's Baron, you know, like a silly teenage kid or whatever that that wants to do something with his friends. Yeah, maybe, maybe it could be a a real thing. I still lean. I still lean that it's not. It's been a wild story nonetheless.
It happened to be one that I saw pretty quickly, but I actually saw the tweet from Joe McCann. I don't know if you know Joe McCann. I saw his tweet about it and all I did Tyler and I don't, I don't recommend this in any way. But as silly as it is, like all I did was go to text screen or type in DJT and I bought the first thing that I saw and I didn't care if it was real or not, which is again, horrible
precedent. It goes against everything that I've been working for for the last three years, right? I spent so much of my time trying to work on finding objective, factual information. But with meme coins, like it doesn't seem to matter, right? If it, if it's going to gather attention again, I, I don't condone that, you know, but it wasn't even the real DJT. It wasn't the one that Mike was
posting about. It was that Trump technologies one, which just adds additional levels to the absurdity of all this. There's like 100 DJT tokens now. Yeah, it it was very hard to find like unless you had the the mix Solana contract editor. So it was hard to find the right one. I think what else I mean, what what makes this more intriguing? And so Mike Salah keeps doubling down on this, right? So like he he came out, he posted last night and I'm quoting getting a lot of inbound
here. No, didn't speak with Trump directly. Assume this was clear. Also assume he could rug pull or pivot say it's not true. Just reporting what I know via sources and then he kind of goes on to say he he's tired of reporting on anything crypto related after the the backlash, but he's doubling down. Like Joe McCann. I think he posted a video of himself trying to prove that he wasn't hacked. You know, Celkis who goes by the handle 2 bit idiot.
He was saying that he's been in circles where he feels like there's a 50% chance that this is real and there is a team tied to the president who has launched a token. Even Mando, I think tweeted something about him hearing in circles that this is that there's a Trump, or at least it's been talked about. I feel like I saw a tweet like that. Maybe I'm maybe I'm just dreaming it up since I'm sitting in the chair.
But too many, too many coincidental things there, Tyler, you know, like, like I said, I mean, the fact that that Mike is doubling down and there has not been a tweet from some other account. The tweets have not been deleted. There hasn't been an immediate retraction of, OK, this is very clearly false. It's just it makes it really difficult.
But all those other things, the token being created long ago, the cluster maps or bubble maps stuff, you know, those are the ones where it's like is OK, I can see a token being real. Is this the real token? Who knows? And then you to your point to begin the show, the opening here, does it matter if it's the real one or not?
Like the market may have decided not to say that, you know, if Trump came out, of course, and you know, and said, or, you know, somebody close to him came out and said, no, this is the real token. You know, we, we would see, just like we saw the exodus and all those other meme coins, you know, to this one. We we would see AI think a mass sell off in a a, you know, just a massive inflow into whatever coin is deemed to be the real one.
Yeah, that's the concern. So I think it doesn't matter for like the the hyper short term, but if Trump does come out or someone on his team does come out and say, you know, there we do have token plans, but it's not this one and this one nukes and then beep. I mean, probably all the others nuke as well. So I guess were you surprised that all of the other Trump tokens just immediately fell off
a Cliff in the aftermath? Because that was clearly one of the the biggest impacts of all of this. Yeah, no, I was surprised because I felt like after a certain period of time, the market was coming to the realization that since we hadn't had any other additional clarification that it wasn't real. You know, like that was my expectation. And actually that's the way that I, I played this as well was I very quickly realized it like something doesn't seem up here.
And so I sold, you know, and I bought the wrong one anyway, Full disclosure. So like it didn't matter for me in particular, but that's the way I, I think I was always going to play this if I found out that like there was not another confirmation, another level of confirmation from some other source. And that's the way I expected others to play it. It's like, OK, you know, this
was a, we got really excited. You know, you had the chance to be super early to something, but now we don't know that it's real. So like, it'll cool down, right? We'll we'll wait for something else. Yeah. And those other tokens, like they don't rely on Trump in any way, right? They didn't, they don't need anything to be real or fake or whatever. They sort of already exist and have created their whatever, I mean, their communities and
beyond. So it it is, it is surprising, but it it showcases an interesting precedent, Tyler, for if and when you have celeb coin type stuff, political coin type stuff. I mean, if it ever becomes real, I mean, this is precedent that showcases that, you know, if Trump launches one, if Biden's not going to launch one. But if he did right or any of these people launch one, actually, the others are in trouble and you should flock to the real one, you know, most likely.
So interesting precedent to see. But then it did surprise me. Yeah, I think all the the Trump related polyphy tokens are absolutely cooked. I think they might already be cooked. I think they are kind of just drawing dead now into just the non 0 probability that Trump is going to launch his own token, which is just such a which is such a risk. And I guess are you prepared?
Are you prepared for the scenario where let's say this Friday, Logan Trump comes up and says we are launching a token and it's called Donald Trump on Solana. Are you prepared for the chaos that's going to play out in the market? And Friday I should check my Friday schedule. No, I, I don't think I am prepared. It's one of those situations, again, not financial advice, of course, but like if you're early to seeing Trump validate a token in some way, it's a full jam
situation. Like, you know, within reason, of course, right. Like maybe not your, your entire Solana stack, but like if you have a, a meme coin stack sitting aside, like it would be very difficult not to just Chuck it in there. If he, if he's going to stand behind something for real. I'm not, I'm I'm not prepared at present time. No, I I'm not. And also too, I mean, just the the ripple effects. It is something that, you know, we're just talking about with
his coins in particular. But think about the the potential, you know, this would be suck from I think every meme coin. That would be my guess, yeah. So I'm in Group chats where folks were, were saying last night, they're going to sell everything, all the Solana meme coins they've got and just load up and be ready in case Trump does launch a token. Because like I, as you mentioned it, it's, it's the the easiest shove all in play that that we
could imagine. We've already seen how high these can go and that that's happening against this backdrop where the memes are already going down so much anyways. And it doesn't feel like, hey, guys, I'm, I'm holding my core positions through all this and it is very painful, but I, I'd be lying if I didn't say like, it feels like a time to take some of this off and then, you know, perhaps buy back and lower or just rotate to Seoul Bitcoin majors.
Anyway. So it's this confluence of events where I, I think that this is partially why that we're seeing some of the stuff. And there's a whole lot of reasons like the whole Bitcoin going down the market going down, lack of confidence in the memes sled meta going off the rails, pumped up fun launching a million tokens a month. All this is is tying together. It's seemingly kind of coming to
a head here. I don't know I I've got some some concerns about how it would play out and I guess I'm not ready self self rating myself, but I haven't really sold anything. I haven't built much of A liquid position to to really go after this. So I meant to do some thinking, but does that jibe with you or or any other final thoughts on this before we move on looking? Yeah. I mean, I was just loading up
off to the side here. Some of those token prices like MOTHER down to 75 million, some of these other things. Again, so many variables at play. But, you know, if you really have any level of conviction and hearing it from people like, you know, Celkis or like, you know, like I said, I think Mando tweeted about it that there's actual consideration for a token, whether it be last night's or not. Boy, yeah, it does give great pause to the bags that I I hold right now.
And I'm not holding a lot of memes. I have like a Popcap bag and like, you know, some other ones that you feel OK going to bed and like, you probably don't wake up at 0 type memes. But yeah, I mean, it gives a lot of pause. It, it makes me want to after the show, you know, sit down and think about what way do I need to be prepared if I'm on the golf course on a Friday afternoon and token drop, You know, like I, I'm, you don't. Want to be on a golf course when this drops?
Unless you've got your mobile wallet really loaded up. Right. I, I'm, I'm like horrendously underprepared both from an operational standpoint, you know, to be secure and maybe touching grass. I wore my Wimbledon hat cause grass court tennis season, so lots of grass touching, at least in this household right now.
I'm not, I'm not prepared and it's going to be, it's going to be difficult, but you might have a like just an incredible opportunity if you, if you get to it, if it's real, if it's early, you know, we can only dream of a scenario like that, to be honest. But I already know that, you know, should that scenario come to fruition, I am likely not the winner. I'm likely. That's another painful angle of all this like DJT no one really got in less than like 50 million.
So like this this. I feel like the scenarios of like the width where you could actually buy into like a 50K market cap meme or 100K more sub than one million. I feel like those days are just like behind us. Like it just feels so, so hard for the average market participant who's not sniping, you know, dozens per day to get in there. I think that that perhaps is taking some of the fun out of this as well, at least some of the upside. Well, I want to switch gears.
I want to talk Ethan FTS because we have to. It's it's it's one of the biggest stories, you know, running around yesterday. Let me try to pull up Blur here while while we talk about this. But yesterday the big news CBB #1 Blur farmer, he's got 45% of season three points, so he's just dominating. He has more points than the next two through 50 farmers on Blur. He announced that he is pulling the bids. He has enough points for season three and he's going to take a few weeks off.
He also announced they took a $4.5 million loss on his farming, so he is betting that he's going to have make more than that. His blur points will be worth more than the 4.5 million he lost farming. We can already see the impacts to the board. So Pudgy Penguins down 17 percent 8.3. Board Apes down 14% at 9 while they're below 98. That's the that's the lowest I can recall seeing them. Mutant Apes down 11% at 1.6, let's see captains at three that that's kind of bend the floor for them.
We'll see how they handle Azuki at 3.3, down 90%. So that the list goes on it. It is certainly a bloody morning here for the NF TS. I think Pudgy specifically have been catching a lot of the flag slash news because the Ben Dow oracles weren't updating properly. And apparently there's like 100 to 200 Pudgy's which are now at liquidation risk. And there's the whole like lone
liquidation cascade. So it it's a rough set up here for these ETH NF TS. I guess there's, there's a bit more to unpack with all this and blast incentives and what all this means, but low, I guess reactions here this morning. How how low can we go? How much lower are some of these top NF TS going to go over on ETH? Some are some are definitely going lower.
I was struggling as you're reading not anything you did Tyler, but just looking at what stands out here, Milady and redacted Emilio's up 10% and 16% respectively on the seven day just hilariously counterculture. This is something that in many ways we've been kind of hoping for. I know it sounds odd to say this, that you know that like
hoping for this level of pain. But you know, for so long now it has been these conversations about the farmers and, you know, the impact on the market and the end of Blur season three and the end of farming. And would it be actually the end of incentives towards bidding, You know, on Ethan FTS we've kind of asked for like, let's just rip the Band-Aid off. And it seems like CBB has sort of, you know, if not all the way, at least, you know, probably ripped up to the little
actual bandage part, right? The first little flap on that Band-Aid he's pulled up for us. And we'll see what Pac-Man does with the rest. So no, I mean, I, I don't know what to say or feel like I don't necessarily feel any pain. I'm not holding big bags of any of these at this point in time. I haven't even really been looking to acquire any of these at present time said. I think yesterday to you offline, like the doodles price was becoming attractive to me.
I don't know how badly they got hit. I can't even scroll through it on my own but like. 1.29. I still, I still need to see more pain before I'm I'm ready. Like there's a cycle. It's more of like a psychological number, I think for me, like where I'd be ready to buy back in and I'm I'm just not there yet. And some of these have just completely culturally, at least for me, left my my sphere of existence entirely. Like I, you know, I don't ever care to own a board API club at
this point in time. Sorry. Despite how iconic of everything they are, it's not where I'm gonna go. So yeah, man, pain. Loki's numb to it. Loki's is numb to the pain. Here, here, folks. I, I've got a lot of thoughts. I think there's going to be some buying opportunities. You know, you called out doodles. I, I do think pudgy's still, and I know I'm a little biased.
I'm rocking the pudgy PFP. Like once the, the dust settles, once the lone cascades, you know, all, all play out, you know, if these things hit six or seven again, I think they're, I think they're a buy at that number, especially if the mean market is cooler. Like that's been one of the huge opportunity costs, right, of buying NFTS is that the gains and returns are so much stronger elsewhere. And I think that the mean market's not going away.
It's not going anywhere. But if it's a little less interesting here for the summer, then I think that's a potential positive point for the NFTS. You know, we, we've got some of the farmers kind of victory lapping and saying, oh, ha, ha, ha, look, you, you've, you've hated us for farmers. Now the liquidity's gone here. Here's what you got left and a few reactions to that one. They're not even down more than the the alts in mean points. So everything's down 10% today.
So it's not even necessarily that this might just happen anyway, to be honest with how the markets played out. So they're not even down that much. Of course, there's some outliers on the board here. And then, like, without getting into the whole argument and salmon stats, he was all into it here this morning. But entities basically stopped being viable as soon as these blur incentives came into play. And it has been shuffled back and forth for for so long. And now that their appeal, their
luster is largely gone. So it's going to be a rebuild. So like there's not going to be this inflection point where, OK, all the farmers are gone now let's rush in and buy these like that. That's not how I I think it's going to play out. I think that is a good trigger or good catalyst, like once the farmer bags are actually gone and we return to somewhat level of organic buying, I think that's good. But there still needs to be reasons to buy these. And that's that's what's been
missing. The FOMO aspect has has been gone because there's no FOMO when prices are down only. So we're going to need to see the FOMO ratch up and hopefully incentives gone, which I guess takes me to my next question is, is what what do you think's coming at blast tge? Is Pac-Man finally going to pivot away from Ethan Mt trading incentives? Or do you think there's still going to be something lingering? Oh boy.
You know what I think? I don't think he can remove them entirely if you do. So you're sort of like, I don't know, signaling the death of blur. Maybe not entirely, maybe that's a bit dramatic or drastic, but he he can't remove them entirely. I mean, this is still a, a major market, relatively speaking, right? This is, this is still a, a major market. So I, I don't think they're gone entirely. I do think they're diminished.
I think they will be refined. I don't know what that means, you know, like in, in terms of the actual incentives for the farmers. We don't still really know how Blur and Blast are going to really play together, do we? At least not to to my knowledge. So there's like a there's a lot of variables at play here. You know, I think CBB made the right move. You have about a week left, right. Just kind of let your chips pull them off the table Now let some things rest.
I saw he was going to be taking some time to touch some grass and still reimplement a strategy. And I would imagine that Pac-Man would have been talking to the person or the team that is doing like 40% of the points or whatever, right? About what season, about what this next season looks like. And we already know from a tweet that I sent you this morning that that CB said loans will go back out to some of the mid tier collections. Just nothing you go related. So that is sort of me.
Maybe I'm reading between the tea leaves there a little bit. But like that's that's me suspecting that there will still be incentives, still be reason to give and provide liquidity. I think it's going to be different.
And I'm excited to see in a in a like a cautiously optimistic way, excited to see, you know, what it actually looks like and maybe end some of this argument about farmers are the worst farmers killed NFTS or signal farmers killed NFTS one way or the other, hopefully have an answer, although I I doubt we actually will any finality in that argument.
Well, that's interesting. So you're pointing to him pivoting to lending as a sign that there at least may be some lending incentives on blur and that very well may be the the case. So I'll, I'll read the tweet. This is from CBB After a blast TG and a few weeks of touching grass, we will deploy a new strategy to provide medium term loans in a tea collection such as Pudgy Milady Remilio not touching anything related to you collapse. So yeah, you you basically said it for us.
I mean, this is kind of what Cyrus did right after Cyrus made all his money in 20/21/22 and two flipping in a tease lending and and lending can be very profitable, right? So like, and I think he did it without the incentives being the driver, like without points being the driver. Like he he did it to to be able to earn the yield on AZ and then to, you know, if on defaults, usually being able to flip with the spread. And of course, you know, he got
stuck with some. But overall I think it's been a very profitable strategy for him. So that could be part of what's playing out here. So who knows? I'm with you. I don't know that we're going to see blur incentives go totally away. Of course he has to incentivize and there's more blur tokens coming. Hopefully they are different. I do want to compare this to the runes board, so it it's not just Ethan and teasers are down. Puppets are down 16%, they're at .11.
Bitcoin node Monkeys are down 9% at .189. That's the lowest I can remember them. Let's see pizza entries. Pizza entries are down 4% OMB, down 4%, point 235. Quantum cats, basically. Even so, again, there was no liquidity pulled from the Bitcoin NFT market and they're down effectively the same numbers that we saw on Eve so that this could even be a broader market trend. And just quickly, folks, it
looks like we've got the code. If you haven't seen this, if you're not in the stream FOMO hour 3 for Intercellar, we will be doing that Intercellar giveaway here in just a few minutes. So so make sure to to jot that down points dot intercellar dot IO to redeem and enter that giveaway. So check that out again. We'll get there in just a few minutes. But Logan talking through this thing, I'm not even I'm not even sold that it, it's the farmer liquidity pool that's driving
this down. Like I I think it's, it's just the broader markets, right? Like, I mean, you can't draw any specific conclusions because there's so many play, but I mean seeing pop down the same and I've got this quickly. The PUPS token is at $78,000,007.80 and some of us, myself included are are at risk of round tripping almost the whole thing. I bought at 3 all all the way to 90. I did sell a chunk at 60 on the way down and now it's it's literally approaching 3 again.
And even at 15 I was still so like confident because I was up 5X and now it's at 780 a 150% on a bag that was a 30X and I thought we had I thought I learned the lessons in 2021. Apparently not. So I, I think a lot of us are going to have to sit down and kind of think about how we want to approach the rest of this year and, and perhaps this the the rest of the cycle, because I don't think it's ending. I see Mario, Mario Nafal is running a spaces right now.
Is the crypto bull market over? So I guess what's you know, kind of pulling it back high level to to round out our conversation here is the crypto bull market over Logie. I sure in the hell hope not. If so, I mean, I know if you if you zoom out right, like what Bitcoin 150 percent or something over the last year, you know, that feels pretty bull marketing, but it just never had the same zip, you know, as what
we saw from like a 2021 cycle. And people much, much smarter than I am, people that trade, you know, much more actively and you know, are drawing the lines on the charts suggest that there's potentially more room to run. I'm going to, I'm going to side with them, whether it be copium or, you know, again, just kind of tailing smart people. I, I think that's the lane I want to be in.
And nobody wants to be a bear. I, I know you have that great intro here, Tyler, when you come on the full bears gonna bash some bears. Yeah, You know, I, I hope that's the case. Let's let them have their time in the sun. I'm an optimist at heart as well. So I, I don't think it's over. If it is, it was very much a whimper, at least in my opinion. And I, I think we need some fireworks and we and we just
haven't really gotten them yet. At least I I wouldn't say we've gotten fireworks yet, and I still fully expect we will. I'm with you though, like in hindsight, like was BONE fireworks Bone hit what, 2 billion in a few days? Like whatever happens in hindsight, it will be obvious, but I want to leave our listeners with some hope.
I'm here today. So for my Monday newsletter, I did round up some of the big takeaways from the Coinbase Summit. There were several thought leaders, leaders from financial markets, from crypto institutions and ETS gathered together last week for the state of crypto. Coinbase hosted and I shared about 15 to 20 takeaways from that. I'm not going to go through all of them. The the big ones that stood out to me.
One is, is there is this, this great wealth shift that is happening, $70 trillion transferring generations from the baby boomers to the younger generations. And I do believe that there are signs that the younger generation doesn't want their parents bags and there are new hot markets, whether that's NVIDIA, whether that's AI, whether that's crypto that they're going to want to invest in. And I and I think crypto will certainly be a, a healthy recipient of that.
I think the biggest take away from the ETF side is it looks like the buying hasn't really started yet. And what they're pointing to and when we've talked about this before logi is the, the bankers haven't started pushing it yet. So like the, the individual bankers and Morgan Stanley at UBS haven't really started pitching Bitcoin and perhaps the Ethereum ETS if they come in July to their clients yet in any real way. So retail hasn't really shown up
yet. And I think there was some perhaps thought that that was who was driving the ETF boom that we've seen so far. But it turns out that that's likely not the case. I think that the biggest risk still on the board is the regulatory problem in the the US. And it seems like there's still some major players on the sidelines not willing to enter until there is more clarity, it seems like.
I mean, who knows if this is posturing or not, but crypto clearly becoming a more political issue here in this election cycle. The Trump administration seemingly very pro cryptos. We will see if we get more clarity with them. We've seen the resignations from the SEC, the SEC starting to crumble a bit here. And then Ethereum seems to be a massive winner for tokenization. It seems like the the writing is on the wall. ETH will win for tokenization over permission block chains.
So like when when you take this all into account, I don't know. I don't know how you can be bearish and we've got folks standing up and saying as soon as we have regulatory clarity, as soon as these bankers are pushing this, we're going to see calls for crypto being 1 to 2% of portfolios to five to 10%. And that is massive when you're talking about all the four O 1 KS and investment plans across the the US.
So again, like the markets are red today, but you know, my God, just just zoom out a little bit, think about the big picture here and the opportunity. It's so hard to do it though, because we're here every single day, right? It's very, very difficult to do. I I think very similar to this Tyler, which was great to read very optimistic bullet points.
OSFI think had a tweet last week that walked through all the positive headlines And you know, if you're, if you're looking at fundamentals in any way, shape or form, it is so difficult to be bearish. But of course, this market fundamentals just like they're so detached, you know, as we say here and talk about coins like Billy and DJT, right? They're just a a wild place to exist. But yeah, here's to here's to things going up. I'm all for that.