Good morning, good morning GMGF. Little bit of feedback there. Hopefully we get that sorted out folks. Welcome to another episode of Romo Hour. This is episode 2 today. That day is Wednesday, September 25th, folks. It is a cooler fall morning here in Chicago today. We're in the 50s right now, but heating up, getting back into the 70s.
Markets feel like they're heating up as well after this massive Chinese stimulus has come through and meme coins seem to be the early winters, at least so far in the crypto space. We are going to break it all down on today's show. No, for Oak, he is travelling. We'll have him back tomorrow. But we've got Mando. Mando is back with us. Mando, Jim, how you doing? Jim, brother, I'm doing amazing. How are you? Doing fantastic. It feels like we're on the the
early stages of we're so back. At least that's that's what it feels like to me. So feeling very good here. I think that the markets are more alive. There's a lot more news coming through. So it feels like the actions pick back up. People are back from summer vacation, back at the desk and ready to work. So it's been, I'd love to see that folks. We've got a lot to talk about on today's show. So we didn't have Mando on
yesterday. I want to get his take on the Chinese liquidity boom, what it might mean for the market. Solana dominating inflows over the past three months. We've got Sei and Sui leading Waltz the SEC getting grilled in AUS congressional hearing yesterday Caroline Ellison her prison sentence is in circles launched a compliance product memes just sending with it's 2 billion Popka hits a billion Mudang hit 100 million overnight.
We'll talk about those art blocks getting into physicals trouble in the ape coin Dow and a lot more. There's a lot on the docket, excited to get into it. Before we do, quick shout out to our partner Galaxis. With seamless built in monetization tools, Galaxis enables the development of sustainable long term communities, fulfilling Bitcoin's vision of decentralized freedom and independence from centralized
control. So shout out to Galaxis, love having them on board with us. With that, Amanda, I think whenever we're ready, let's get into your market report. OK, Well, yeah, look, I missed yesterday and that was a pretty big news headline, I think coming out of China. So I don't think people saw this coming. In fact, they've kind of cut rates unchanged the week before and then they came on with this pretty comprehensive plan.
The, the biggest thing there was that you, they're actually going to fund banks that go out and buy stocks, which I thought was kind of a, that's a full Kiwi sort of policy that we saw kind of only really in 2020. Now you won't be like, well, why is, why are they doing that? Because you know, the US stocks are all time highs. Well, China stocks have not been at all time highs. They've been, they're at multi year lows, particularly in certain sectors.
So they've had to come in and do this it it probably translates to a few 100 billion of liquidity coming into the system. Now you might say you know why why if there's money coming into the Chinese monetary system are people running around and buying Slon Amin coins up 40% on the day. Well, I think there has traditionally been quite a high correlation between global liquidity generally M2 and and Bitcoin and, and people got very, very bullish. Bitcoin didn't really move,
though. It's kind of unchanged since that headline came out. Surprised me because I would have picked that as being one of the top things to to move on the back of that, though, I think it's mainly because we're flirting with this, this 65 area resistance, which would be kind of proving that we've hit a higher high. And I think that would get pretty people pretty bullish if we broke above that, if I'm honest. So that I think is the main thing there.
It's just a bit of like uncertainty around that. So we haven't yet broken through, but I do think that this is, this is a good chance to see a, a change in change in fortunes. I would say for crypto that we've seen over the last six months. I think we've like I said, I think September was our time to buy and I think October is going to be very, very good at the end of the year. It's going to be very, very good for crypto. And I've been positioning, as
I've said into that. I interesting Solana kind of came back. So I think a few days ago we were talking about or I was saying, look, pay attention. It's not been the number one leader. It did come back pretty strong over the last 24 hours and definitely led the majors. It's back up to 150. I think it was at 1:44 maybe when we're doing the show. So that's about 4% in a time where Bitcoin's done nothing. I think it has gone down about to 2%.
So decent move there. Rebounded like the sole chart for sure. And then you've seen still those same old ones that were leading. So Suey, I think hit another high. So that's back up to like once 1B72. So that's 17 billion now you saw say Sei have a big move, Phantom have a big move. Just a gem. No, sorry, not Phantom, but say Sayans and Sui were were big, big movers on on the week.
It does feel as though the the altcoin season is close or a lot of people are talking about it. Altcoins as a sector have done terribly. They now seem to be breaking out of like a multi month downtrend, particularly versus Bitcoin. A lot of these sort of altcoin versus BTC charts are sitting there at a, at A at resistance. So we'll see, we'll see here. You know, Sui's up 70% since we flagged it breaking $1.00. And even before that we were flagging it.
So it's, it's been a pretty aggressive movement. A number of these, a number of these different coins. I think we'll probably see a little bit of a retracement here. I don't really have the I don't really have any FOMO in a number of these, but you did see that rotation away from all coins into a few more memes over the last 24 hours at least. I think meme points were definitely the best performing sector over the last 24 hours.
Popcap worked through a billion with is now above 2 billion again, which has been, you know, traditionally a tough spot for them. That was all the way down to like one, I think at one stage, right, like 1 meme going to getting destroyed and and you have a bunch of other meme coins doing well stories like mood and going up to 100 million, you know, gets people back into meme coins. So a lot of the mid tiers did relatively well. Mothers near 100 Mothers out 100 million looks like as well.
So yeah, just decent story kind of all around there for a number of different meme coins. So good, good sector performance, good old coins. Bitcoin's the one that's kind of flagging if anything, like it's just it's kind of about 63 K and ETH was a little bit lower. There was a delay in ETH options, it looks like by the SEC, although the SEC did get
absent. Well, Gensler in particular got absolutely destroyed yesterday by a number of different half Republicans. And it does feel as though his days are definitely numbered. They really went for his, his regulation by enforcement strategy, basically saying he'd overreach massively that he was doing things without even consulting regulation or the idea that something new may be needed. So he he's really bearing the brunt for this. It's not looking good against it
for getting another. There was some hopes that he would, you know, maybe even get a position if Kamala got elected. And I think, I think that was really, really tough day for him there. So we'll we'll see what happens after that. Yeah, yeah. Rough day for Gary.
Definitely a rough day for Gary. I think people were were notably, you know, happy that that the policy is definitely going to be changing now from the SEC and and it sounds like again, I think I saw a tweet from Mark Cuban saying Pamela basically throwing him under the Bush bus too.
So it does feel as though he's he's really going to take the fall for this crypto policy and she may use him as a way to like, you know, push forward with the different, different set of policies, Albeit I don't think she'll be as strong for crypto as as Trump. And then you had the Caroline and Ellison got two years FBFSBF now in the same jail cell as Diddy. So had some headlines around that. But all good. It was all good for crypto yesterday.
I think. I think there's a very high chance we're about to breakthrough that 6565 K barrier. Nice. That's good to hear. Well, I, I kind of maybe we'll work backwards. I want to dig into some of these headlines here with you on the Caroline Ellison thing, Two years in prison, she's on the hook for 11 billion. I think all of the the plaintiffs are effectively on the hook for that bill. I guess, were you surprised that she got two years on the high side?
On the low side, Did you have any reactions to her sentence there? Honestly, I thought she would have gotten a lot more, but then she obviously threw everyone under the bus. So you never really know in those scenarios. I don't have enough, I don't know enough case law to know like how lenient you can get. But I remember seeing Polly Market recently and said that she wasn't going to get jail time. So maybe maybe it was balanced for somebody that that generally cooperates. I don't know.
Yeah, I think it was higher than a lot of people were betting on you. You mentioned her speaking. There's some interesting quotes, but the the judge said, I've seen a lot of cooperators in 30 years, I've never seen one quite like Miss Ellison. So. So she clearly threw everyone on the under the bus as much as she could. Maybe coming back to the SEC, that was arguably one of the biggest headlines and stories
from yesterday. I think the the quotes and the clips, they just, they just keep coming out. We talked about a little bit with, with Faroque yesterday, some more from the the hearing in front of the Congress yesterday. So Tom Emmer said we could not have had a more historically destructive or lawless chairman of the SEC talking about Gary Ginzer. We had Hester Pierce sitting right next to Gary and undermining him basically from the very start of the hearing.
She admitted that the SEC should have admitted long ago that crypto tokens aren't securities. And then the clip that's arguably going the the most viral I think it is from is, is from Richie Torres basically asking Gary if Yankee tickets are securities. Gary says no. And then Torres kind of walks him through a line of questions saying, so why are entities like Stoner Katz securities and
Gary's answer not great. He he basically stumbled through it without really having any good explanation, which I think kind of just points to the the the larger problem that that's playing out here. And now judges and congressmen are coming to their senses. Just there are no, there is no clear rule book or framework for companies to operate in. And the judges are effectively seeing this and kind of losing their minds and, and lashing out.
And I think more of the politicians are seeing this as well. And I don't know, I, I'm with you. I, I think Gary's days are, are numbered. I, I wrote about it in my newsletter this morning. I actually think he probably gets fired ahead of the election. It seems just like it, it's low hanging fruit for Kamala.
I think Kamala and her campaign team see the things that, that work for Trump, that Trump's base latches onto and, and looks at what they could actually, you know, potentially pull off themselves. And, and Ginsler, I mean, it seems like something that she could, she could pull off. It could be like an olive branch to the granch community, so I'm with you on that. Yeah, I feel like Enza is going to be the full guy for sure. It's it's been a pretty wild
policy. Like that's that's what I would say. Like, I don't know, you might be like, oh, well, you know, the Securities Act worked so far. Why would it not work for crypto? But that's like saying you would use the same like you'd use 100 year old media regulation on AI right now. Do you know what I mean? Like it's so wild that it was expected that a piece of regulation written 100 years ago would have bearing on a new technology as much bearing as as
as Gary said it would. He was like, oh, you know, it fits perfectly into this. It's like, no, it clearly doesn't. Every single other country in the world is coming up with new regulations to deal with this. Maybe you should have just taken a minute and been like, I'm not going to come in here, you know, and and be so heavy-handed. And then the other, the other side of this is the only time he ever is like he's always the one to massively profit when there
has been some fraud as well. It's like some of the some of the stuff that seems legitimate and isn't a security he's going after and yet manages to miss huge holes in stable coins and in exchanges, which is a far easier thing to regulate. I don't know how to describe it, but like trying to go after things that could or could not be securities.
That's clearly going to be a legal question that could take, you know, a long, long time to deal with and shouldn't really even be the SE CS in their purview. Checking to see if an exchange has all the money in a bank account. That's not that hard. Like it really isn't like they do they the SEC does that sort of regulation for banks all the time. It does that regulation for and it's no, it should be doing that
sort of regulation for banks. I don't think anyone has an issue with the SEC checking to see if finance has proof of funds or if FDX has proof of funds. What they do have an issue with is that they're coming, coming heavy-handed in and all, all stable coins, right? Like Luna, which was flagged so many times. So I think he's just, he's just a, he's just an idiot. And he'll be, he'll be, he'll be done. Yeah, hopefully the the rant tear is over.
I mean, that's the problem. They missed all the the serious, seriously bad actors like FTX, like the the Luna collapse where they could have actually helped consumers. And now they're going after players like the Uniswap and and Coinbase, which are, you know, much, much more the the good guys here and and have much fewer problems.
I did think it was interesting that Torres went after he used Stoner cats, because I think Stoner cats actually, you could make a strong case actually worse securities. But I think it just goes to show one, that there's there's no clear, you know, framework or rule book And two, the fact that Gary just couldn't really explain it well to just also was another another issue there. Well, I I want to move back here and talk a little bit about some of the the majors action.
So a couple things that jumped out to me. One, so ETH had was this their biggest day of inflows perhaps since day 162 and a half million? It's the third biggest, but it was follow it was directly it was the day after the biggest outflow day in in months. All right. So I think what happened is somebody liquidated a GB TC position and then moved into a different a different fund provider today all. Right then. I'm looking over those two days,
nothing really happened. Yeah, that's why I saw the Six 2 1/2. I didn't look a line lower. So that does explain that. I'm curious. So are we've been talking about or you've been talking about SUI quite a bit say they continue to be the the top movers is, is SUI in the late for, for the next like the the next L1 like if you
had to bet on one right now? The next this price point, I wouldn't, I mean, it's difficult because what I think with Sui here and I think I was saying it on maybe it was the real Vision podcast a few weeks ago. But I did think that like a Bitcoin Sui barbell approach was like maybe the best trade a few weeks ago. And Sui then has done a 3X, you know, now it's 17 billion, right?
Like if you FTV and that the the FTV is important here because look at the market cap, don't do price, do market cap. Yeah, 4. Point on the graph, on the graph you can change it from price to market cap. So SUI is like easily at its all time high market cap right now, right. Do that, do that for price now and do right like the emissions are high on SUI just to show you they're like SUI is, is still what, 20% below the price that
it was in earlier this year? But it's market gap is, is far, far higher because you have big unlocks for SUI and you will continue to have big unlocks for SUI. The TVL has gone above a billion and often that's what people look for for new chains. The vast majority of that TVL is SUI itself. There's barely any apps, well any major apps or at least on chain ecosystem coins on SUE. So for example, a lot of the TV on ETH, for example, is the
ecosystem coins of ETH, right. You, you don't there is barely anything there with SUE. You have you have a certain D5 coins which are being built up and they've got USDC now on the chain. But I think SUE here is it's kind of well, it's it's priced to perfection. I would not be buying Sui here. It was a good buy. I had no idea it was going to do a 3X. But now I think it's it's going to have to consolidate a little bit because not enough is going on there.
You know, like you then you've got to challenge ton, which is a 25 ish and ton on ton. So for that trade, you're really it's a media tech trade, right? Your your trade there is that SUE is better tech. It's better for AI. It's better for some of the we've been talking about like fiber scaling that, that that soul was talking about last week. So he's so he's got its own projects around that too. And it has some dreams of being $1,000,000. Sorry, a million TPS as well.
I think it's, it's too high now from all like I wouldn't be buying it other than like, I think it can pump like 10% rather than it can, it can really rally. I think some of the other coins are are starting to run a little bit more now and like maybe at the start of that sort of run. So we so we and Tao are the two that really went sideways. Sorry, went vertical here. I think there's a few others here that you could, you could look down.
I I would agree, like people have said near I still think this Tau one could could could run like I just there's enough there's enough going on there and then there's enough hopium about what it could be that I think that could easily do it to access. I think you go to 20 because it's not your average L1 like I told you. It's like it's trying to be an AIL 1 and.
It's not necessarily about transaction volume, it's more about will this be able to be the right tech for AI in the future and the hope of AI valuations can take you to this
crazy valuation. So yeah, like I, I just kind of get the feeling if I was to bet out of those two right now, I'd put my money into tower just because I think it's and I have, I've got no money in it. I'm just telling you those two runners, but I do think these Phantom say are probably the two after that, which seems to have caught a little bit of a bid.
They both have had like quote UN quote tech upgrades coming, Phantoms going to Sonic. There's a few people like getting behind that one and then say had its V2 and it's time to gain quite a lot of TDL on the back of that. So you could argue that those two, those two are the ones that could run. And then you have some of this defy stuff as well, like ruins had a really good week. You've had Ave. which is is looking really good. A lot of people said, you know, Defy was the trade.
I think people will look at a lot of different alt coins here for for what could be what could be the runners. It it feels like all season is here and we've already seen the the big move off the bottom. Another coin I want to shout out, JLP. Back to all time high. That's basically back to all time high and it it's benefiting from the Solana catching action and it's also benefiting from the trenches coming back alive a little.
Bit yeah, I haven't looked at the JRPAPY because obviously I went like full Bitcoin, which has been a good trade, but I'm always paying attention to it because I actually feel it's like my defensive trade. If things don't like as we go towards all time highs, I'll probably move back into JLPA little bit, but it's I think the the yield has been down quite substantially. Oh no, 30% APY. That's that's decent. That's decent.
Yeah, looks real good. Perhaps it's a transition to I want to talk memes here a little bit and I feel like the Solana memecoin ecosystem, you're touching this a little bit, but it's starting to show some signs alive. So we've got with back above 2 billion that's I think that's a pretty big psychological threshold for the the leading meme on Solana. You've got popcat now back over.
Oh, it hit over a billion. It's back at 980 million, but basically at a billion right now you have a new runner in in mood. Dang, which hit hit it passed 100 million overnight. It's back down at 87. You've got mother basically back at 100 million getting touted by Arthur Hayes and Ansom. We'll come back to that duo
touting coins in a little bit. It needs to get more move back over 100 Gigas at 200. Then all the IT feels like all the one like the the the classics that the meme coins that everyone's been kind of touting on the timeline it's been on, like the Murad list. It feels like it's a lot of those that are coming back and they're all up 2040% here off the bottom. I'm granted a lot of them are down, but I'm curious, are are you are you looking at any meme
coins? Are are you considering getting back into the the meme trenches here yet? Fair enough. I looked a little bit Pepe again, just because I I am a slightly more constructive on ether and I did think that that that's one that could. I don't think anything has fundamentally changed about supply and demand in the meme coin space. Like we still have a huge amount of supply.
And I think if you're going to be a meme coin trader, you have to have incredible timing as well as we've seen, you know, like things just go like, and then they also go to 0 like very, very quickly. And you can get, you know, you can tie yourself to the wrong value, stay in a trade too long and it's all gone. So I, I've been looking a little bit more at the E meme coins, I would say, rather than the Solana ones, but it does feel as though Solana season is, is
back. Epic had a, a good day the last last few days. It does feel as though if you take a step back, that trade is basically a whiff trade with is still a huge percentage of the market cap of Solana meme coins with and pop cat now let's say. So if those two are doing well, I think all the others tend to do well. I don't know if that much new money has come into Solana meme coins for the last 3-4 months so but when the top ones rally then then it's a it's a really good sign.
I saw a take on the timeline yesterday. I I'm forgetting who it was from, but they basically said if there aren't new market participants coming in right now to the meme streets, that it's going to be the old memes, the old memes that pump. I think that that kind of makes sense to me. It's this. It's the ones that the existing players know they're going to rotate profits perhaps from new ones, just from majors going up in into the the more trusted tokens.
I think that is is a little bit what we're seeing here. I had to pull up this Anson tweet. One of the, the crazier things I, I saw on the timeline yesterday, I'm not sure if you saw this, but he put up his top 10 meme coins convictions list and his his market cap targets are, are something. So he has with at $100 billion target, MOG at a $50 billion target, MU and Giga also going
to 50 billion. He's got Mitchy Mitchy going to 10 billion, Mother going to five and SCF going to 5 billion as as well. So, so quite something here. And I mean, it got me thinking like, hey, they're absurd targets. But then my mind started going like, what if there's a chance that we go to even 10% of these? If you go to 10% of these targets, then you need to have something allocated to, to this sector. But I don't know, I'm curious, any reactions to this on your
side? Do you, do you keep a list? Like do you and the and and OSF? Like do you keep a a a general list of what your your conviction list is? Yeah, we do. We do something similar. But what I would say is we have been less constructive on mean points kind of since May, I would say. And we we moved mainly into majors, right, which has been a good trade. So we haven't regressively put back into meme coins during this period.
I still think you have to consider like where the marginal dollar, if the marginal dollar is going to go into meme coins or not, just because of what happened over the last few months. I'm a, I'm a buyer of long term meme coin value. So I have no idea what this these long term targets are, but I do think Internet culture going on chain is actually just like one of the most obvious, obvious, obvious things about crypto. So obvious. We saw it with sort of NFTS.
Now meme coins, there's always experimentation around it with different chains, different protocols, but it's always about like putting a meme on chain. Bitcoin itself arguably is even there. So I think I am. I'm a buyer of meme coin dominance over a multi a multi year cycle. I'm just not sure if like now until year end is when that trade comes back aggressively,
let's put it that way. And I also think that you could look back, you could look back at this in like 3 years and be like, only one of these is still relevant. Do you know what I mean? I think there's always this expectation that like you are there at the time of original formation of a meme and in 10 years somebody will buy my bag. You know, I, I think it's so easy to create new memes. It's unbelievably easy. Like you could just say like now Moodang, Moodang is $50 billion target.
Like there is always new meme. So I don't, I think one of those might hit that level. Let's go that way. Yeah, it's, I think more than one will likely still be relevant. I mean, if, if only one from this list is relevant in like next year, in a few years, I think that that's probably bad. Can you remember the BNB coins? No. Imagine this listing from BNB coins. Imagine if Mura had come out, come out during the BNB coins three years ago.
You've no idea. You literally, you would literally be laughing at that this right now. And I'm sure there's hundreds of them from back then, you know, like come rocket to 100 billion. You have. No concept of like what's going to happen in three. You don't even know if Solan is going to be the thing in three years, right? And most of these coins are Solano mean coins. Yeah, it's it's a good point.
And it it makes one, it's like the next line of thinking there is like how don't marry your bags. And then how long do you do you hold on to these even in a prolonged bull cycle? I I do want to talk about Mudang just briefly. I mean, this is, I've talked about it on on Twitter a couple times here in, in the last week and, and rightfully so, it's the the biggest runner that we've had on Solana in quite some time. We talked about in paroch yesterday.
We're predicting like, So what happens if it gets over 100 million? I think I said if it goes to, I thought I was going to go to a hundred 120 and then pull back to somewhere like 60 million. We, we got the move up to close to 110 million last night. It has since sold off a bit. It touched 80 million. It's back to 85,000,000 here now. Still up what? Yeah, up 37% on the day. It's been basically up only here for basically in its entire existence.
I mean, it's not that old. It came out on September 10th. So it's two weeks old. Two weeks ran to 100 million A few thoughts. So 1. I feel like this meme, this meme itself is is more viral than I thought it would be like when the we first started seeing the the videos of the hippo. It's cute. Is this going to have staying power? It seems to have permeated pop culture at at least here for a few weeks. So it's got more than just a a
handful of days staying power. I think my concern and I don't know any of this is just a concern. Just evaluating this token right now as I saw a lot of people sharing their sales on the timeline this morning for Moody and Victory laughing the returns they got. I didn't see anyone talking about buying it, so I am kind of curious, you know, who is buying this chart here? I saw Cook, Cook said. He bought it.
It easier than the billion dollar price target, right I. Just don't know like genuinely like I saw this thing at third. It's about 2530. I think I mentioned it on the show as it was as it was rallying right, maybe 20 ish. We saw it. I saw it first and I think I was late then, but I did not think that thing was going to go to 100 million then because we've seen other memes like that, like
a popular culture memes. What has there's been other ones like Hammy hasn't, wasn't there was like things have become? Conversion, yeah. Like it's been very hit and miss, right? Very, very hit and miss. This one just seems to have done well. I don't think you can if you then think, oh the next TikTok meme, I'm going to like full port.
You could also just lose everything because there's there's a lot of different TikTok memes that go big and nothing has really happened to them in the meme coin space. Yeah, it feels like it was kind of like a perfect timing scenario with the, you know, soul pumping. You had the the meme leaders like whip and Popcap pumping and just the, the general sector coming back alive. And this was the hot new meme. And I agree it's, it's hard to replicate. I think most of them struggle in
this area, right. So last week on the show, when we first started talking about it is when hit 20 million, hit 28 million, that's when I kind of started looking for a dip to enter. I didn't enter when it hit like 17 and then it it shot up. We we will certainly see where it goes from here. I think the other interesting one, I mean, mother is back. I think this is probably one of the bigger surprise, surprise price action on memes.
That's how it's pretty good. So it it had its initial run to 1/4 billion fell 8085%. I think there's probably some questions to people's mind. Is Ziggy going to stick with this? And it all indications are that she has indeed stuck with it. It's back to 100 million. Like she flew to Singapore to tout this. She's been touting the the move to 100 million on her page. I'm going to try to find the the tweet Now we've got Ansem and Arthur Hayes both touting this. So yes, yesterday Anthem, this
is this is last night. He's saying mother is a meme coin integrated into three different start-ups. Motherland, the online casino dream Vault, which is that her only fans, then Unreal Mobile, the global cell service provider. I've kind of forgotten about that one, but yeah, that. Sounds like a meme in itself though really doesn't it? Like how people I would love to know how many people are spending mother to buy mobile plans for me. Azalea right now but I don't
think it's high. Maybe the only fans though. Like she does have a legitimate only fans account. Like maybe that's a big one and then the casinos not to be known. I think she's done a great job at this in general though. But let's not. Let's not get ahead of ourselves. Yeah, let's, let's not talk to all this, the future of France,
you know what I mean? I'm just worried the last time the Arthur Hayes and Anson teamed up was to show pups at the very top, so that that alone has given me some pause. All right, I think that's enough. I'm super happy that this has happened. Right. Like remember when all for all the rugs that happened from the celebrity mean point cycle? This one's been done, right? Yeah, hard to argue, Hard to argue with that. I think that rounds out our meme
talk. Just a couple other headlines I thought were interesting from the day. So Jeremy Olaren Circle announced a new compliance engine product. I think what made this more interesting was Zack XPT in the top comment pointing out the compliance flaws from their own products and how easy it is for him to find sanctions violations and North North Korea people receiving USDC payments on Circle.
So that, that thought, that was an interesting spin on that, that new compliance project, effectively a transaction monitoring tool from monitoring compliance with US and global regulations for, for stable coins, as I understand it. So we'll see how, how that product fares in the market in the NFT space. News out of art blocks. So they kind of announced their new vision and effectively they are leaning into the, the physical X digital hybrids.
They had their first project to really kick this off. It's going to be with artist MP Cos I think anyone who's close to the art block scene will know that name. The project is called Bouquet and there's going to be like 320 or so total pieces, 300 of degenerative artworks. There will be an exchange for physicals. You can kind of see a glimpse of what the physical sculptures here will look like. So it's an interesting movie here from our box. I think they needed to pivot.
They needed something fresh. They took a long pause to kind of reset. I think demand was basically at all time low, but supply was pumping out on a weekly, monthly basis. I think they finally saw that and now are are acting. I think it's an interesting new direction. I think there is demand for for physicals. We will, we will see, you know how much there is. And then perhaps at last story here, this is maybe more on the negative side, maybe more of a bullish catalyst. We'll see.
So that this the ape coin Dow Secretary Bojangle guy is resigning. He effectively wrote a letter with all this kind of complaints and, and rationale for, for leaving the ape coin Dow, pointing to just structural inefficiencies, effectively overspending inactive stewards across the community. People who received, you know, nearly $10,000 a month and don't really show up for work.
A a broad lack of comms and, and basically just not many notable contributions to the Dow. This I think did light a fire a little bit under some folks in the eight coin Dow community. I think Wabam, who he's been a good spokesman for the Dow basically come out and said the only thing that we care about now is ape Jane and wasteful spending from the Dow has to stop. Only the only thing that anyone should be focused on is, is Ape Jane at this point.
So I mean, this is what it took for them to kind of come to that realization. Then then perhaps this will end up being a positive catalyst. Curious if you have any reactions to to this man. And of course, you were, you know, deep in the the ape ecosystem at one point. I'm not sure if you've been following the ape coin Dow thoughts on ape chain. Do you think they're going to be able to to pull it off here? I mean another L2. Is it an L2? I think it is right. L2 or an L3? I've kind of.
Maybe. I think, yeah, I don't know, man, Like maybe maybe they've been shot. Feels like pudgy Penguin is doing the same thing at the moment. I I bet I said that they were spending too much money before like very little sort of return. I think they need to like the way that those foundations work. Like you do need to show that you have like an actual operation at hand. So maybe they needed to do this. This is cryptos major problem, right?
Dows are that's tough. Getting stuff done is tough. It seems pretty. I don't think Gordon and Gaga spend their time thinking about 8 chain genuinely. I think they, they do not care about it. They they, they realized everyone made some money out of it and they're happy about that. But they're just trying to create a cool ecosystem for the NFTS and like a more of a membership club. Yeah, I think that jives with what I've seen and and heard, you know second and third hand
as well. I think that's it's tough to be bullish on Apecoin on a long term time horizon. It's still at 500 million market cap, 830 million FTV, but it is up 40% off the bottom. It is somewhat benefiting at least from this alt corner. I so anyone who stepped in at $0.60, even $0.70 is feeling decent about their buys. We will certainly see how those age. But with that, I think that takes us around the horn. That's everything I wanted to cover on today's show.
Mandy Mando, thanks. We went deep across the park, so I appreciate your thoughts. As always, want to shout out to our listeners for tuning in to today's show. We'll be back tomorrow. Farooq will be back to break down all of today's action. As for today, go have a great Wednesday. Make it a beautiful day.