I just had to observe one minute of silence before the show started. For our fallen soldier, today is a very sad day for for rug radio. Today is a very sad day for for, for rec Guy. Today is a very sad day for FOMO hour, formerly known as GM Web 3. Formerly known as GMNFTS, formerly known as smoking Jackets. If we want to go that far, you know today, in, in, in, in this bull market's first major correction, we have lost. We have lost one of our greatest most fearless bulls.
We have lost a man that that accepted to step into a ring with the man 10 inches taller than him in the in in in the middle of the the the desert of Dubai. We we we we lost a man that that you know that that that is growing his hair to lengths never seen before. I mean, Mando, you know, top family member of of our fallen soldier, you know, how are you this morning? How you feeling? It's an emotional day. It's an emotional day. I woke up, it just felt like any
other day. It felt like any other day today. And then I saw Bitcoin just slowly go lower. And then I I I opened up my chats and I it's just disaster. Like I I don't know how he has to describe it just just got me really emotional. He's been with us for so long and I just don't know. I'm just not going to see him again. And it just feels, it just feels really emotional at this at this
stage. Yeah it's a it's a rare occurrence that we saw you you know bull posting saying you're long and we saw our fallen soldier who I shall not name you I. Just did it because it just felt like the right time, you know, Like it just felt as though a rebirth. As one life dies, another begins. Lana's hitting 82 as we speak. A. 100. He would have looked. He would have looked if he was alive. I. Believe he carried us through $800 E carried us through 11 red channels in a row.
Anyways. Anyways, anyways, I think I think that was a good memorial. And yo-yo yo-yo yo-yo, what up? What up? Good morning. Good morning GMG Tuesday, January 23rd, 2023. Look at that. Another beautiful date, beautiful day. Sorry I had to run it back because that is definitely not the vibe I'm looking for here this morning. And I love how Ovi on video was eating this entire time as Mando and I I was just riffing off,
totally improvising. By the way, did not tell anybody anything before going on. Ovi. Mando. Good morning. Was he just eating lemons, by the way? Was he back eating a lemon? Is cheese. I was eating cheese. Oh my God, it's so funny. I love snacking on cheese, by the way. I was like my snack of choice every day. Good snack. Cheese is good snack. It's. Healthy snack, by the way. Oh, how you doing this morning? Yeah, I'm good. Yeah, feeling good. On On a more positive note, you
know formal hour hits its hit. Its 2000 follower on XI was just looking at that 2 seconds. Up only. Up only you know. Cracking a new audience I am now see. When's it gonna break each price? Yeah, I mean, I mean what's gonna break it first US going up or ETH going lower We don't know yet. But I do want to see more FS in the chat for for our fallen soldier of course. So today on the show today, today let me get those topics out market updates and moves, you know, as usual.
You know another day, another opportunity to get dumped on by by Barry Silburn and grayscale. You know, it's really just like another day. What's the reverse of another day, another dollar because it's it's going the other way around. Definitely not another dollar this and that. You know, NFT market as usual. Solana Bitcoin is. There's a a few things going on there actually. It's kind of heating up if you ask me, with like kind of crypto not being for sure. For sure.
There's a lot of cool stuff happening on that front. A lot of a lot of great news that were picked up on Mando minutes. I'll probably go be running through that this morning. And then last but not least, we'll be joined by Andrea and Antonio of Palm Foundation actually could chat all things Palm chat with what's going on with them, whatnot. We just did a video with them at and Joe Lubin actually in Miami. Art Basel was a great one at our house. They were our partners there.
So excited to have Andrea for the last 15 minutes to show to chitchat about what's happening in that ecosystem. And as usual, this show is powered by Ledger. So without further ado, why don't we shake this? This. You know what? I think OV has a lot to say this morning. Why don't we go to OV Daily Market Report brought to you by Rug radio? Oh, just what's the word? Hey, guys. Yeah. So I mean there's not really much new today.
Yesterday we had the largest grayscale out GBTC outflow which I think was 640 million but there was also it was also the third largest BlackRock ETF inflow. So the net number the the net output yesterday was just like 7. It wasn't it was still net outflow but it wasn't a large net outflow. It looks like this morning grayscale grayscale Bitcoin transferred another 660 million or so to Coinbase. I don't know like how much of that is like get get sold.
It looks, it seems like yesterday the the amount that was the outflow was larger than the amount transferred. So I'm not really sure, but it just seems like to me, you know the market slower because there's continued outflows from GBTC and everyone is looking at that total assets number which is still north of $20 billion for GBTC.
And I guess the fear is like what happens if, you know, the inflows from the other ETFs start to slow down or start to get outpaced by the outflows by GBTC and then we're going to be in a pretty ugly situation. The other thing is like, you know, we've had the ETFs have still shown a net inflow of like 1.1 billion in in the last seven days since they've started, and we've still dropped this much in price. So it's like, you know, how much more would we have dropped had
it? Have we not had an inflow created? I think that's why I've been a bit more like bearish I guess this morning because it just seems like a ton of people would have had that GPTC was trading at like a $0.50 discount over a year ago and that discount is now 0. So there's a ton of people who are have been in the money who are able able to monetize that after it the ETF conversion and actually get out of that trade. And that's the part that's more worrying.
It's not worrying if someone sells GBTC to buy the Black Rock ETF because that's like a net neutral flow right. But if someone had like this great GBTC trade on and then they they're now selling that which they're up, they're up massively on it, right? They they bought it at a $0.50 discount to to Bitcoin and in that same time Bitcoin has
tripled in price. So and if people did that on large amounts of size, they've they've really, really crushed it. So if you're seeing an unwind of that trade now, a lot of that money isn't flowing into other ETFs and I think that's the risk. The risk is that like we've had this point where inflows have outpaced outflows, but we're you're starting to see the
outflows increase. You're starting to see the inflows decrease and what happens if they cross and what happens if in seven days you actually end up erasing the entire net inflow created by ETFs. And what happens if it gets worse than that because the number of, you know that total value of north of $20 billion in GBTC is like a very high number. So I think like that's my concern and I think that's the risk here.
I just, I just find it hard to see us like rallying until either they just stop selling because the outflows are done and beats bitcoins at a loaner price where people are like I don't want to sell it anymore. So I don't think that 20 billion number goes to zero. It's probably some portion of the way through that, but we just don't.
I mean, I just don't know like I don't know how much more there is to go. And it's one of those things like as the price goes lower, it kind of gets worse because people are like, yeah, well, I'll just get out the trade or it reduces demand for for Bitcoin ETS from from the the newer buyers. So yeah. See, see. I would the only argument I think that's that's that's true. Well, it's been the total outflow from from GB PBTC. 3.3 billion.
So the other side of that is that 1 billion of that was FTX. Yeah, right. So the other side of it is that some of it was actually for selling and I think they still have a position. But if you remove that, then you also have a slightly different scenario of right. We could see like if that starts to slow then you start to see a much bigger inflow picture and that rotation becomes slightly stronger. The the new news I felt like today was, was was the other stuff.
It was like Mount Cox is about to start distributing something like a billion worth of Bitcoin to people. Everyone's dunking on Bitcoin. So maybe you see some outflows even from the the 9:00 but this morning I saw like the nine Fidelity saw inflows straight, straight away. A bunch of the other ETF seem to see inflows right in the open. So I don't know like I feel as though it's easy to get bed up
on that right now. But like when I saw the FTX headline, I actually thought that was like a really bullish headline because I was like if FTX has been the majority of the GBTC selling, then this is really more a temporary thing. And we could continue to see big inflows as a net over the next like month or two because volumes have still been really, really high across, which indicates you know, it's still
been a a relative success. That's the only other thing I would say it's like a it, it might accelerate, but it also might dissipate like there's two halves to that. It could, it could get worse because everyone gets a bit more bad up and everyone wants to get out of Bitcoin. But also you could see like well if the FDX stops selling then it could be it could be signed to turn.
So I think that the FDX thing was yesterday and so that's done that's so if we sort of see like additional outflows after the FTX are done, then I think that's kind of bearish. It means there's more to go. So they're like this morning there was another 660 million transferred like after FTX, right so and so and and yesterday as well which is also after FTX because the FTX headline came out yesterday that they had sold last week. So we had an.
Additional position no. I don't know how much they have left. I think they have quite a big position. I need to double check how big, but I'm pretty sure they do so I think it could be then them as the seller but. Yeah, it may. It may well be, but. Which makes it more, but I don't know. But I'm, I'm, I mean to look at
their balance sheet. I think no one really know like unless you're like in the on the inside seeing all these flows not or if you're at work at grayscale like you don't really know like how much more there is to come. I think that's the problem like we don't of that of that 20 billion number, the question is 0. They have no more. They have no more. Right, so $1.2 billion have been sold after FTX, like non FTX
flows at least. So that isn't that terrible though So. It's pretty bad, like 2 two biggest two of the biggest outflow days in a back-to-back post FTX. But it's outflows, we already spoke about this like it's not really outflows, it's just like somebody may may be transferring to A to one of the other ETFs. So the net, yeah, I mean the, the net number at the end of the. Day has been not excluding, yeah
not including like 2 right? Has been a small negative, but if it if that changes like you're still getting people, you know getting out of it. So yeah, I don't know. Yeah, I mean it's, I mean sure, I guess we're going to dump a little more, but I don't think it's, I don't think it's just going to rip a $20 billion sale for like the next two months, right and do this everyday or unless this is what's expected of them I. Don't think they're selling 20.
Yeah, it's not. It's but I just don't know what that number is. Is it? Is it 2? Is it 5? Is it 10 like? So 3 1/2 so far, right? 33 sold so far. A lot of people seem to think on a timeline that like, it's the ETF's fault, but I think people realize that if it wasn't for ETFs, there would just be no inflows as well, right? Like, 'cause I think people are
mistaken. Also, how much, And am I wrong to say that, like, Barry Silber and these people needed to sell all this Bitcoin anyways to repay people? Like, they screwed themselves so deep, so deep with Celsius and Genesis, all this good, all that good stuff that they were
running right to the ground? Mind you that, you know, it's it's almost like if it wasn't for the inflows that we're getting, which are what, a billion dollars a day as well, right from from from the the, the C9 or whatever they call it, yeah. So if it wasn't for that half a billion dollar coming in, you could argue that like we'd be in a much rougher spot over here. So two sides of the coin, sadly. ETFs have definitely been a good thing for this market.
Yeah, like, there's no doubt in my mind ETFs has been a good thing for this market. I just want to. Mention that because it seems like a lot of people seem to say that it's the ETFs fault, but like there's also a missing the other side of the coin. Exactly. It's just like it's one side of reporting there. That's why, yes, obviously that means you can sell your GBTC. Like why if I own GBTC, what I sell, I own it.
The only reason I believe is they just GBTC can still be converted in kind, like can be converted into Bitcoin. I think that's maybe one of the only differences, but it's really just more expensive for me to hold it. So you could continue to see outflows, I think for a while. Right. I guess this is what we're going to see. I mean, look, one thing's for sure, it's Johnny Webb 3 here posted on the timeline. We're seeing an OSF Mando Divergent. What does this mean for TA charting?
I mean, lads, what is going on? I feel like. I feel like. You know, I don't think we're disagreeing, actually. I think you are disagreeing if I I don't. Even know he posted that. If you go on Obi's timeline right now, oh, look at how much, Look, another 600 mil Coinbase. Look at that. Hold on. That's funny. That's like it's funny. Posting pictures that. What's the next post? What's the next post, Mando? Sorry guys, it's not looking good. Now hold on. Now.
The post after that. Now the post after this. Not this one. Oh, I told everybody to be cautious. And he's dunking on you, Benny and I, for, you know, for what? You guys, you guys completely arrested me two weeks ago when I said it's time to be cautious and I like at the. End of it. Oh, that's fine. I think. Capo. Like, you're right. Like at this stage, this capo's just crazy. It's like our own Kramer and then this infamous tweet. I mean OV this, you sold your account, right?
I actually missed all of these tweets like I've been working all morning. I missed. I missed him. Go Floor Bear rock. Did you see? The the GM web, the from our group we have our own. Chat. We have our own chat where we were talking about like what we should do with some of our treasury and I think we agreed that we wanted to go along Solana. So I don't really know like. Hold on you guys, We've seen what he's been doing. We're not talking about the Rock
Radio Decrypt treasury here. They're talking about their treasury, different businesses, just everybody. Knows we got hold of that, happy that we trade our own treasury, if I'm honest. Their treasury, these guys, Sam put it at the bottom of the thing, but you guys trade that treasure around, that's crazy. No, no. Yeah. Very, very, very. Trading it, We're just deciding what asset we should make, yeah?
What happens in the instance that that you got disagree because Mando you posted this morning first time I've touched leverage in a couple weeks which is true. You haven't leveraged traded since ETF approval feels like the right time to lay before that right. So feel like the right time to layer into some so Long's prayers up clearly thus far you should be OK for now for the last hour. That doesn't mean you're going to. Get done.
You're going to get dumped on by Barry by like 3:30 PM Eastern Time. Does he own? Solana. Actually, Gary. Gary Berry, Larry. Larry I. Think I just liked some of the alts here. I I told you I bought some, say say and I bought some. You're super clean now. I bought some Solana mainly because funding looked pretty decent. In fact it was negative in in both of those sort of spots. It's felt the headlines today felt more Bitcoin specific.
It was grayscale and then it was it was coming out with the with Mount Cox. So everyone was like Oh my God, Bitcoin's going to zero. And I sat there going like well Seoul BT CS moved down a lot. Says obviously moved down like 40% in like a two weeks. Yeah. You sell that if there's a Mount Gox redemption, I think that could bounce quite well. So I just, I just bought on some of those. But that wasn't me sitting there going like, Oh my God, I want to buy as much Bitcoin as possible.
Bitcoin's actually barely moved since since I bought on that trade. It's up like I mean. The top gainers are suey, blur. Taos seem to be really, really well here, but you know, the rest of the market seems to be quite ragged, especially Ethan. It's beta plays, right? Given that like you you we were saying that I mean I see the time I was saying ETH will be bullish if the BTCTF events are bullish. Sadly Grayscale also has a lot of ETH, I believe over half a million ETH and not half a
million in ETH. I'm talking about 500,000 coins. So you know, you know it's it's not looking great. So therefore what do you look at? I agree with you on the old side when it comes to this, but anyway, so that's that seems like what's going on here, we're not going to bore people with too much of that. There is there's a lot of that going on. Speaking of which, though, you're talking about Mancox, it seems like what? There's a payment coming out soon. It was known that there would be
a payment like yeah. And in the in the world of what we're seeing from ETFs, I think it's they have 20,000 Bitcoin which is equivalent of around 800 million like we're seeing Grayscale basically coming to sell that every day. So in some ways it feels small in this current environment like once you get into Travel 5 figures as things start to feel very small. But yeah they've got, they've
got some to sell. I mean the other big thing that I think people should be paying again to do is what what was announced on a macro level today which I thought was really bullish but but what's been going on in China. So China has it's stock market is at a five year low. It's been really ship time basically for for China stocks particularly those affected by the real estate market.
The China, the China stock market is around 5 to 7 trillion and the government came out today and said they're going to do a stimulus just shy of 300 billion. Now to put that into perspective on a relative basis that's about the same size as the US stimulus announced in 2008. The US at that time had a stock market in the. Teens trillions and it came out with a with a 700 million top program to help save all the banks and basically save
everyone. Like this is a massive massive stimulus like one of the biggest we've seen if that if that is how big they're going to say so that is a money printed go borough moment like of a scale that we haven't seen for since 2020. Yeah that is a huge huge and you saw stocks rise in China this isn't hasn't been like fully fully confirmed it's the Chinese premier I called he he he announced that like they're going to go down this route but
if they do do something like that then that is like another big moment for just like everyone printing money to get out of problems And I just thought it's tough to if I I just felt like we could bounce. I just didn't feel like this was a super bearish day for for markers. OK. Look, we like STEMI. So there's that one coming up and hopefully it's going to save
everybody. Besides that on the market side was just it was just you know good old jam Kramer that seems to that seems let's see what's up with you guys announcing that you'll be back now on the show. Like you guys it's not an airport. Jesus. He's going to come back with like a mango juice or something. Anyways what do you think I mean OV you and Jim Cramer share you know share share share vision at this point you know bear brothers, Jim Cramer says now that bitcoin's down 20% from its
high. I expect a strong stand to be made but it won't hold because not enough money is coming in. New theme number go down. This seems to be the new team here. When when are we going back to reverse Jim Cramer thingy going on? Because it seems like seems like Jim Cramer's been kind of right for the last week. Yeah, we will. We will. I I do believe we will. I mean I'm still really bullish the rest of this year. I still think we're in a massive bull market and an uptrend.
But you know, you just need to be conscious of flows. And this isn't just like, for me, it's not just like SEC, FUD or like you know, other just random random things we can't really like appropriate like an amount to it. This is like active selling in size every single day. Like imagine, let me let me put it this way, like imagine you have a meme coin, right? That's like $10 million market cap and you everyone loves it. Everyone's really bullish on it.
But like the biggest holder of it is someone is selling like, you know, a shit ton of it every single day. And because it's like a meme coin, every time he sells it has a big impact. Like that's what it feels like is what's going on with Bitcoin right now. Because so much of it, you just know every day there's so much of it that's going for sale. It's just having happening on a much grander scale than it would do for a mean coin.
So like, I'm really, really bullish and I think these dips are going to become amazing buys for people eventually. But it's just like we're also at a point where, like, Bitcoin is in the last. I know we're down off the highs, but in the last six months Bitcoin is still up 30% and a lot of alts are up three to five X maybe even more than that. So like a some kind of a correction makes sense.
And I don't know, like maybe we've had that correction and maybe we've had that dip maybe we go higher from here, I'm not really sure. But the only thing that I do know is if we keep if the the thing that I'm worried about, I'm I'm not sure where we go from here. But one thing I am sure about is if we start seeing net outflow numbers from ETFs and you start you see that $1.1 billion net inflow get eradicated which could happen in a few days.
Then I think we're going to be a decent amount lower from here. And I think that's the risk and we just have to watch out for that data. That data could change. I don't really know, but it doesn't feel like you know I I was hoping we we knew about the GB TCAA while back and I was hoping like after three or four days they would have sold what they wanted to sell and like the outflows would slow down but the
outflows keep going higher. And yes there's there's inflows coming from from the other nine, but that that number is slowing as well. So you know. Sorry, it's connecting to Mendel what he just said to us, and it has to do with what you're talking about right now. No, no Celsius network moved $1.2 billion worth of E. Celsius have got a lot of money that pay that pays. It was a good run. See you guys. Guys, we've all died. Oh. No. Oh God. Bouncing Eve, Oh, we're already down 7% today.
Let's move 1.2 billion there. Oh my God. Oh fuck. Oh fuck. OK. So where do they Where do they move it to, I mean. They are liquidating their whole treasury by the end of this month, I believe, so I didn't realize they had that much eat left. I mean, it's OK. So this month there's only seven days left, right? Yeah, I think they, they agreed that they would pay back creditors in January. So like, I don't know, like I thought it was more going to be
happening right now. I thought they'd largely sell. Remember, like during the first couple of weeks of January they were selling, They sold a lot of, but I didn't know they had 1.2 million left. It's funny, man. Headline is so in your face, isn't it? It's like, it's like, yes, I read it like five times to be like, is that really like? So much, yeah. A jello bite saying I missed inflatable.
I think I'm going to go get my Christmas decorations back out and bringing the inflatable back at behind me. You're right. I mean so much, you know, like so much for like transparency in the space, right. And everything being on chain where like Arkham Intelligence can just tell you at any second like who's selling what and how much and where it's going. Oh my God, it's just comical this day. We're just like, it's like all of us are just like here every day just getting ducked on.
And like, I understand at the end of this dumped on. And end of the day, like, I have so much respect for all of us like crypto participants because we can take a lot, man. Like, right. If you're still here, just keep on going, all right, Just keep going. It's just January 23rd, baby. Episode 44. See 444. Today's episode 44. A FOMO. Hour FOMO is how many letters? 4 hour 444-4424. You understand? Like astrology. Numerology. OK, everybody just chill for a minute.
We'll be fine, right? Right, Amando. I don't. I'm done, dude. Showed it all. I'm not, I'm not encouraging people to sell, but I'm just saying like 2 weeks ago everyone was euphoric and a lot of people were round tripped whatever they made two weeks ago. And so it's like, it's not like, it's not like I'm not saying sell here. I'm not saying and you know, if anything I'm saying like you
should average down. But like it just goes to show like, yeah, don't underestimate how things can move and where they can move. And if you make life changing gains, you're gonna take some profits. And that's it. Like. Where is more than that? Where's the next mogul guy when we need a prayer on the show? All right. Well, I guess, you know, we shall see where that takes us, ladies and gents. But don't, I would say also like, we're also a lot of this is like us.
Like we're joking around between one another. We're like, OK, let's get dumped on another day. But like, don't just go like panic selling your whole like life just because of like you're seeing all this stuff going. On I'm buying like not. Everything's, you know, not everything's gonna go, you know, not everything's, you know, all bad now. OK dude, I'm fucking bullish as fuck I might. What Mando are you giving in right now? I just, I just showed you the trades. I'm.
I'm moving in Ohio. Solana. Solana, are Solana, Maxis here we're we're we're big man let's on the show with Jupiter coming in. Speaking of which actually that's what I was I was talking about yesterday but Meow who has the so only the space right. One of the most anticipated drops air drops in the space and one of the biggest builders right now is called Meow. But he's a Chad, let me tell you that.
But Meow yesterday posted on Jupiter, which is arguably one of the most anticipated airdrops this year thus far. And at least what's going on in multiple phases drop yesterday that the AirDrop of course goes live on the 31st, but that they ended up launching, dropping a launchpad.
And I thought that was really interesting and super bullish in general for the slalom ecosystem because obviously a lot of stuff is being built on there and obviously, there's a lot of wealth has been created over the last year in that ecosystem. And so what's going to happen? And I'm curious to hear your thoughts here for the people who don't want to read, they're launching, they're dropping a launchpad. You guys can go see like what's what's the details of it, what
not. But what's interesting here is that it's going to come out in twofold. So the Jupiter air drop is on the 31st, which is massive, but there's another token launching before that. Yeah, you that. Manlets cannot read. Come on. I know it's very long, but you know what I did? I actually read it all because I figured that we need to talk about this today because like in positive news, like actually happened in the ecosystem, but there's going to be, they're saying first two projects for
LFG beta, beta. So LFG is the name of the launchpad and they're say we are trying out a lot of new things with this launchpad and many, many things can go wrong. As such, as we will host, we will host a lower stakes launch 1st and then finally eat our own dog food with Jupe SO1A Fun Coin managed by our good friends. Ovo LS OVOS NFT will launch this
week. Some help from with some help from me, I will have zero financial stake in it and Jupiter will have 0 involvement in the meme coin and then they're launching their main coin three. What do we think here? What do we think is going to happen here? Of course, like Jupiter AirDrop is massive, right? It's as if like just so people understand. It's as if for ETH, like the unit swap AirDrop just happened all over again kind of right? Is it fair to say like and So what do we think here?
They're launching it's coin first with a project to show the launchpad works, make sure it works and it's battle tested, Then launching the droop AirDrop. What do you guys think? I haven't seen a deck do a launchpad before. Normally the launchpad you'd associate with like Binance or Coinbase or one of these like guys. This is interesting because they've got their airdrops, so clearly they they're going to use that to like encourage projects to launch through them.
Probably I guess they get some sort of token allocation, I don't even know, but I've I haven't seen something like this. Uniswap doesn't even do this sort of stuff right? Like does Uniswap have a
launchpad? This is this is a new model of of trying to launch coins on chain Maxis I think will love it. Obviously the majority of on chain coins that we see are shit coins, so I don't really know if that suits having a launchpad because you're basically getting in bed with a bunch of shit coins. I'm pretty sure this this group got involved in one yesterday. I wonder if that would have made it to the launchpad, but the we. Really bought a shit coin right before everything.
Newt. I love it. I love this game. So yeah, I don't know. It feels like a dangerous game. But let's see what happens. Yeah, no, 100%. What do you think? Oh yeah, I know you. You've been dabbling on Jupiter. You've been using DCA tool a lot, right? I think you've been dabbling right. You don't do a little. Thing. I think Jupiter's incredible, the EU, the UI on Jupiter is like the UX Jupiter that the user experience is incredible. Like I always just use it because it's so nice to use,
even if I like. I'm just fucking around like lose everything. It's it's incredible and I don't like. So yes, like there are a lot of shit coins predominantly love shit coins that common chain. But there are like real projects that launch coins on chain first that perhaps don't get tier one listings. And I think you know Solana, we we're expecting a big increase in building on Solana and there'll be more and more
projects and tokens. And I think yes like it maybe has a reputation for a lot of mean coins right now but I think they shouldn't like discredit any of the people doing you know some some real work on that blockchain and more stuff to come that I think could actually benefit from you know from the achieve launchpad and look like some people prefer to trade on chain than they do on sexes. Like obviously people who don't pay tax and all that kind of stuff.
But it is easier like you know you're operate like for like if you're always operating on chain, it's much easier to just go to connect your wallet and and transact And it is to like send your thing to another, you know to a sex and then wait for them for confirmations and then trade it and and then back etcetera so. It's, you see, no taxes if you trade on chain. Is that a rule? Well, it's not a rule, but if you don't want to like dox yourself, then because right? OK, but I know you.
Have to take your money out somehow, so you're doxing. Your debt. You'd be surprised at the amount of people who just live on the Internet and have no intention of taking the money out into real real life money and just, you know, fuck around online like you'd be. Surprised wallets are also untraceable, so. Yeah, I mean, it's just always have that soul. No one will. Find me, Yeah. I'm I'm, I'm proud, I'm proud, proud of all my trades. I'm proud of your trades, too, I said.
They could have a lot of them with you, but Oh my God, it's like anyways it's all a lot. I saw a lot. So that's going on. I would, I would just say like the reason why I want to bring it up today though the Jupiter things like you guys like listening to this like should pay attention to what's happening on Jupiter. Like this is seriously could be something really big and like the 31st is 7 days away. We could be still back by then. You know it's one day everything's done, one day
everything's back. Like the market sentiment completely changed starting next week and like and you could see things take a good turn for the better and for what it's worth like just because majors and stolen some the L coins are getting decimated. It does like the NFT market is like the it's not like all the crypto's dying like when we we've seen that historically like Bitcoin will go down and stuff like that figure itself out.
But like NFTS will still pop. Like mean coins will still pop. But you have maybe in U.S. dollar terms like your opportunity is a little lower but you can still still stack all the coins that you're you know going after. There's still some really good trades out there which leads me to the second thing that I wanted to talk about today. And I see our our guest is in the is in the studio already but non fungible Dow which was like announced like a magic Eden
thing right? And so looks like there's a lot of stuff brewing on the NFT side that was announced yesterday. Looks like there's going to be a token right with the ticker sign NFT that is going to be launched and so the non per non fungible Dow they're saying introducing NF, DAO powered by NFT. Non fungible DAO will be a community owned decentralized organization on a mission to develop and drive adoption on the protocols that willpower the future of NFT commerce.
And so it also says that it was originally developed by Magic Eden, not, sorry, nonfish, that owns and governs the best open source technologies which were developed by Magic Eden. Yeah, yeah, yeah. You know how it works. You know what this is? This is Magic Eden coin. We don't have to claim that it's not. So anyways, Magic Eden is pretty much in the business of coins.
And what do you guys think here? I mean, that team I have to say and we've said it a lot and every time there's news like they are really just plowing through this. I like this. I think this could be, this could be pretty big. What do you guys think about it? Yeah, I think it could very popular platform, yeah. They they brought a new wallet. They brought a new like open source platform now for development and they brought a new coin like Magic Eden are doing everything that Open C are
not doing well. I guess obviously they bring out a wallet, but they're definitely going down a more aggressive Web 3 route. We like that. We like that team. There were periods where it felt like they were jumping from 1 ship to the other, but now they're like leading. I think team is strongest in many different fields, so I think I think people are way, way more on board with that. Yeah, I think this is definitely a case of credit goers with credit is due.
I mean what do you think? Oh yeah, what do you think this could mean for the NFT market, right. Like you saw obviously on the blur side, Blur did bring a lot of liquidated first and worked out. I mean right now one of the only tokens it's up is actually blur. So what's what do you think this this means for for the like overall NFT market? It should be good, I think.
You know, NF TS have become a bit the weird one because it's, it feels like there's not really much real volumes anymore and a lot of the volumes are just farming and whether, you know, I know Blur is is finishing, but there are other platforms where you can farm. Obviously there's a lot of farming on Solana right now. So yeah, I don't know, just I think we'll have another NFT season again. And I think it, I do think it just comes after like a big
crypto rally. I think that makes more sense to me. But yeah, it's just you know, compared to like you know, if you're if you're around here in 2021 and even the first half of 2022, the NFT market was completely different. Like there was just so much focus on every new project that came out, so much volume going through and people trying to get stuff with good traits and everything. Like it was a, it was a very super interesting market and it just got very commoditized very
quickly. And now it just seems like there's not really any, I mean there's not a ton of real volume compared to what they used to be. So I don't know like I think it would be nice to see it come back and I just, I just don't feel like you know there's in the past a lot of these platform to tokens it would go back into you know the Stemmies would go back into the NFT market and it just feels like it's not going back into the NFT market right now, it's going to to other places.
Yeah, notably, like meme coins, for what it's worth. So we'll see where that takes us. But it looks like on the NFT market side, just to go over that quickly, here, let me pull up digens. I mean stuff still running, you know, not still doing pretty well. I did see the autoglyphs. Do you see all that 22 autoglyphs moved OTC from from the Larva Labs collection, So you'd love to see that. I don't know if the prices were disclosed, but I'm assuming it's
high up there, right? There were gorgeous glyphs that moved. Really nice ones, yeah. Yeah, yeah, yeah, yeah. They're they're like, they were like, let me show you. I'm sure Rd. posted about them, but there's some, they were from the Larva Las collections, these two at the bottom. Yeah, no, wait, that's the same one. It's there was a post about him. I guess he there it is. These two. This one's nice. Oh yeah, very good. Yeah, yeah, they're great. Love these so.
That was amazing. The first was cool. So cool. So they moved from the collection and again on the art side, I mean the Sotheby's auction ended and and I don't know if you guys saw that, but the cat, the Quantum cat got $240,000. Yeah, it's wild. That is a very high sale. I would say traditionally that's that's sometimes like the good projects like we saw that with like Invisible Friends, we saw that with what other projects did like a one of one sale on
Sotheby's before they launched. I don't think many did on Sotheby's. Maybe it's open sea. As well other beaches. It's like pretty aggressive place to to do one of one sale beforehand. It maybe justifies now the $4000 price tag. For the NFT, but yeah, that's super high. You have the I think people got AirDrop this magic ticket on for Magic Eden, which people are now speculating will be somehow related to the AirDrop. Doodles. Doodles. Keep going man.
Doodles are running news out. No one knows what it is, but it's coming. They're nearly. 2 1/2 forecast to buy doodles? It's. Cool cats to buy doodles to buy Disney Cool cats also moving I. Think doodles require black? Doodles to apply back. Well, they bought knew what Doodles did do, which I think a lot of people didn't appreciate. They bought that studio. Great incredible buy like we we had them on the show. Remember the CEO came on talking about?
That and that apparently has been a complete game changer for their business like that. That business still operates independently to doodles and makes a ton of money. Like tons and tons and tons of. Money. Very smart. So it's really helps their their cash flow I think of the business. And. You for example, like if you were to look at that versus Moonbirds, you'd be like where's the money coming in? Doodles now have a cash flow generating business in the heart of their own business.
So that does help them. I think it does help them. They paid a lot for it. But now in terms of runway, I think they're in a much better spot. These people get paid like hundreds of thousands to do some of the shorts that they make. So it's just like Grey Wolf is it? Or I forget the? Name there. It's a yellow go. I forgot the name but I know we hosted them when they came on and they acquired them. It was really good and. Golden wolf. Golden wolf?
Exactly. So that's that's going down and they're doing the same. Maybe something to do with that, I I don't know. But like that's a proper studio that has changed that whole company. I think so. Yeah, that was a very good acquisition from them. Still going on the NFT side. I mean you had a rise in, let me see on the east side quickly and then we'll go on Zuki's up, back up with 7, two pudgies still. I mean they're, they're just strong, right.
They're holding that line pretty strong after a very sharp move up punk's still above 64 ETH. Some nice cells yesterday again love to see that the apes seems to have bounced a little bit so they're back above 25 ETH. Doodles you guys have seen. But it's kind of like the Taco town right now. It's jumped a lot from the lows over 2X right from the lows. So I'm not mistaken. So 240 and then the rest of the market like the on the NFT side, like even me bits.
I mean I'm seeing a lot of chatter about them based on the larva labs pump and everything saying like yo like you know me bits are also like that third larva labs project blah blah see Sergito and everybody like buying them buying them up. I saw Token Angels buy them seven more Jamie and a bunch of people. Cool cats, I mean even Danny. Even Danny bought cool cats, which is wild to me. Took a took a took a break from buying all this generative art
to to sweep a couple cool cats. So on the end, depend, as we mentioned yesterday, still building, still doing really well and whatnot. And even yesterday I mentioned like I think it was Tyler that swept Y'all's floor like on the red guy front. So yeah, a couple days ago, soul front, I mean done. That's natural retracement after this big pump the other night. Magic Ticket is a big conversation of the of the moment which you already mentioned. It's up 50% today.
The frog Anna seems to be holding pretty well around the sixth soul. And of course Ovo L Like Ovo's project pumped like crazy after like now announced that the first launchpad like token that's going to come out of Jupiter, it's going to be their token. So obviously that jumped a ton and on the rest of the side Mad Lads are seemingly getting some sort of a pull back for for the people trying to join that community. 148 sold and sold this, you know, about 35% down from its highs.
So in dollar terms some good entries on the Solana NFT side of things. And then last but not least on the Bitcoin side, yesterday's meta. Remember yesterday I talked about this AirDrop that a lot of people got for like being recently active wallets on Bitcoin? So that thing ended up going to Porno 24, Bitcoin 4 which is like 1000, like it was like $1200 a peak or something or maybe it still is, I don't exactly know with Bitcoin being so volatile, right.
But that seems to have worked out pretty well. And a reminder and shout out, I do want to give shout out to one of our listeners actually Leinster that wrote a tweet about this explaining to people what to do with this. So I need to go do that so you can self transfer it and it's kind of like a game and once you transfer it to a wallet so you can transfer it to yourself. That's what these deeds told me he did. That worked for him.
You it will activate something and it's some sort of a game and it's going, you're going to be like mining rune token for having this. So I don't know what's happening here. I don't know what's going on exactly. Nobody really does.
But I'm kind of liking this. I kind of, I mean, I didn't pay for it. So obviously I like it, but you know, there's something going on here, and it makes me really intrigued because that's a lot of the stuff that people thought were impossible in ordinals, right, due to the cost. And it's kind of happening. Are we seeing the birth of the first chick coin like that, like happening through an AirDrop?
I don't know. But but maybe you should have bought these puppets, Mando, because you were gotten that AirDrop too too had you done. So I know I got some I got I got some of the error. Oh oh wait, you have puppets? No, I have frogs. Oh, frogs. Oh yeah, the you have the Bitcoin frogs. It's true. So that drops at .024 right now. So we'll see where that takes to us. But current Bitcoin price, so bitcoins about 32 K I'm just kidding, he's your friend for a second.
Obi was like told you so anyway, so that's about it's about $1000. But anyways, anyways, anyways, why don't we bring what do we bring our special guest of the day on the show. Where's Larry? Where's Larry? Where's Andrea? Hola. Hola. Como estas. Andrea, how are you doing today? Very excited to be here. I am like pinching myself to be on the phone. It's like big, big fame for. For literally for sure. No. So thank you. So much. Hey Andrea, thank you for being here.
Yeah, thank you. You guys at Palm Main Foundation, of course for being great partners and great friend of ours. The conversation we had at Basel was great. I saw the clips starting to go out, but that was a good one with Joe, of course, Papa Joe, Lubin talking about, you know, all things Palm, which you guys are going on with, you know, Polygon, and and all the stuff you guys have been announcing right before the holidays, right? Which is a lot.
And there's a lot going on in your ecosystem for sure, you know? So we were Speaking of NFTS, wasn't it? DC Comics did like huge launches. Comics, Damien. Hers. The currency is also on palm. Yeah, exactly. Where is it? Right there, you see. It right there. Woohoo, that's a good one also. Oh, it's nice. Yeah. I, I, I I like my, I like my currency a lot. Kept one of the NFTS though still on Palm and and definitely claim one of them.
So you know Andrea maybe give us a TLDR, what's happening in your ecosystem. You know I know you guys made a lot of announcement on the Palm side. We talk a lot about you know different chains here L ones, L twos. I think it's good to get a little update of what's happening on the Palm ecosystem. Absolutely. T LDR is we migrated from a POSPOH chain to a Polygon CDK which is APOS chain now last year and we're on our way to become a CKEVM chain by this
half of the year. I know that you're all talking about Hoopiter and how they're battle tested, but if you want to talk about battle testing, Palm is backed by consensus and by Polygon. And so we're building for not the next five years but the next 15. And we're also launching A token. This is alpha for everyone. We're launching A token this year. I'm not going to tell you exactly what date, but it's coming soon.
And so we're very excited to, you know, we've been heads down working to improve the platform, the bridge, I know people were having issues with that. So we have basically improved all of the infrastructure on the Palm side in preparation for the token launch. And in order to gear up for that, we also launched the Palm A Collective, which is a Dow of the network last week. It's a governance as a service
tool. So basically anyone that creates A Palmydeem, which is a an abstraction layer account can then verify up to three verifiers and then anyone with a click through can create a Dow. Why does that matter if you create a subtle within the Palm collective? Because that's the way that you'll be able to unlock a grant in the form of Palm token. And so we're inviting everyone to, you know, come to the Palm collective. You have a link in the in the space in the space.
We pinned it at the top of the Twitter Spaces. Exactly. So go to the Palm Dao, follow the Palm Dao and the Palm Foundation to get the the Alpha as as it comes along. And the other thing that we're doing to incentivize people to join the Tao is we opened up a call with the with the biggest Latin American art fair called Sona Marco. So anyone we're doing a call for digital artists from anywhere in the world.
You the only thing you need to do is first mint your artwork on the palm network, then create your palm ID and then submit it to the Palm DAO Super Chief Gallery. NFT is one of the curators and Glam Beckett from Sad Girl Bar is the other curator. They're going to be curating 5 three to five pieces to be showcased in the Palm Collective booth at Sonamaco. It's the only instance where an artist can access this fair without gallery representation.
And we're going to have a sorry for the meters, but I don't know this on feet, but it's going to be 5 to 3 feet screen for for us to be showcasing the curator, the curated art on this fair. Why is this important for us? Because we're bridging digital art and why this is here to stay and why it matters to
traditional spaces. So people that are only used to buying physical art pieces are for the first time going to be able to see digital displays and also hopefully begin to understand the consequences of that. OK, wow, this is really cool by the way. Shout out to Super Chief. Love Ed, love that team. We've done some work with them prior. We will be doing a lot of work with them in the future as well. So really good people when it comes to art.
Sona Michael, I've heard of Sona Michael before. It's super cool. I mean massive, massive, like gigantic art fair in Latin America, but kind of like to the world as well. Like it's really important. So if you're an artist listening to this, like there's a lot of opportunities right now and it's probably like less crowded type of opportunities. So like jump, you know what I mean? Like, go for it if you're trying
to put your art out there. Yeah, the only thing is I forgot if you got if you get Q rated, you get a $500 grant and then all of the submissions go to a Palm Collective low boat to and the winner gets $1500 from the Palm Foundation. So in addition to getting your art display, you get some cash as well. So yeah. OK, so the reason I run into like touchdown, double, double on this 'cause I know we have a lot of artists that listen to
the show. So it would be really cool like I think for y'all, like if you want a good opportunity to build like to build, you know your name further and and be represented at one of these conferences and big art fairs is one of them, especially the Super Chief. And Glenn Beckett is awesome lover art and her one of ones and all that work. I remember looking into that like two years ago when when Sad Girls bar, right. Sad Girls Bar came out and it was really cool.
So big fan and I think it's super cool that you're doing that. So a lot of artists down there, I see y'all, I see y'all. I see Ryan Koopman's, I see Sarah's script. You know, I see a lot, a lot, a lot of names down there that are familiar. A lot of even even I like tabs. You should submit your memes, but I love memes. Seriously. Like you get a grad A. Meme in one of the biggest in the. World, that would be crazy. That would be amazing. No. Let's make that happen. Let's make that yo.
Let's make that yo. But I don't know if you want to see. I like tabs as memes and they have between us. But maybe. Yeah, definitely questionable memes. Like yo put your you should maybe always today. It's not fair. Don't put your art in there. Yeah, but honestly, it's it's like a really big art fair. Like it's a huge deal. Like Sona, Michael's like, not like it's really, really a big deal when it comes to the art
world. So definitely touchdown, that I know Palm is doing a bunch of. I mean, Andrea's like whole purpose is like elevating creators and all that stuff. No. My. Entire life is about elevating creators in the web through space, especially diverse creators. And I'm really happy to. I don't know how I got this job, but I'm happy that it helped me, you know, actually do the thing that I'm very passionate about, so.
I love that over. Here. So you know you're saying why build on palm which is why you're just touching on like battle tested obviously with the backing of consensus which I you know I know they're putting a lot of you know effort and time money everything into into that as well. I got to sit down with you and Joe Lubin for an hour in Miami. So I heard it from the. I mean, we heard it from the from what it what's so saying
from the mouth of the whatever. From the mouth of the Yeah, whatever the Mothership. 'S mouth. So I heard it all myself, which is really cool, love to see that. So what's the outlook now? Like what are we looking into in 2024? You know, of course, like we're talking about the market right now, that's just like that's short term, right, because we cover market trends obviously, but 2024's still looking like an incredible year ahead of us. So what's what's in store for
you? Like what are you guys excited about Palm Network for 20? Four, well for us we're excited for people to just start building and trying the new POS chain and and the new technology that we're you know putting out there for people to build in. We have new documentation in docs, docs, docs dot, palm dot IO for any depth to just start building on the Palm network as well. And what I think makes us incredibly special is we are building for the creator and this chain is by and for the
creator. But the other thing that we are very good at and continue to explore is how to bring brands into the space and have them connected with their fans and and creators now. And so we already have in the network Candy Digit that has the DC comic, NASCAR, WWE etcetera.
So we also want to position ourselves as a network where they were big brands for sports and entertainment can start you know dabbling into Web three and having them transition in a in a into a chain and into a secure space as you were saying.
We are battle tested. We're backed by the two biggest you know companies in this space and So what we really want to do is show brands that might have been you know spooked by 2023 and and all of the the things that happened and you know rightly so they're skeptic again bring time with all of the influence and all of the backing that it has and position it as a place where brands, fans and creators can all commune and
hopefully start a new a new. I don't know if a bull, a bull run, but a new iteration of of Web 3 where first it was digens, then it was speculation and now it's more of a mass adoption. And So what we wanna do is no code tooling, easy to use systems, which is basically what we've done with the Pandao. You don't need to speak there to use the DIAL system now. Exactly. You can build your own your own
soap house. You can you can tailor to your communities, you can let them tell you what they need. And especially for brands, I think this is important and we were talking about this in in Miami, but you know for the creator, of course we went with three We want power, we want to be able to commercialize, we want to be able to a peer-to-peer. But for a brand they're like, but why would we care? We're very happy with the status
quo. We tell you what to buy, you buy it, but that's I think that's ending. And and we're in a paradigm shift where now we're entering an influence economy where the consumer expects to have a say on what the brand is building and what they're going to
consume. And so turning the consumer feedback into a Dow mechanism where the actual company allows their consumers to have a say on the road map and the and the and the products that they build and you know put up for sale is going to be a pivotal for them to hopefully you know survive. So that's what we're trying to do.
We're trying to have a very easy, you know, shift for a brand to join the space and an easy and an easy path also for someone that's crypto curious that doesn't necessarily know how to. It's been an NFT or trade or or all of these things, but just wants to learn more about the technology. We also have the Palm Academy for that. So if you're a teacher, if you have something, something to share, the Palm Academy will
also become a DAO. Anyone can submit a class and then the DAO will vote on who teaches the class. So you can create your own curriculum and in the end, for each class that you take, you collect a soul bound token called proof. So you're creating your CV so that the community itself will let you know if you're good, if you did this, if you did that, if you learnt, if you built so that we can all refer and hire each other instead of just
trusting. I went to Harvard or I have a debt of millions of dollars to get education. So that's another code for for for Bob. So let me ask you something, because I know for a fact you guys doing a lot for creators in general. Like, not just. Yeah, like artists and creators in general, like, so maybe someone like ourselves like want to would start a show or learning mechanism or a course or something like that. I know for a fact you get that's your mission, which is really cool.
What is the best way to direct everyone because it's a lot right? Where where is the best way to direct someone that is genuinely interested right now in joining you guys after listening to the show? To the pandao, that pandao dot app is the best way where you can, you know Start learning from us. Out of there you'll see everything. There you you have the the Pan DAO app basically you can thank you. So yeah, if you go there the first thing you will do is create your pan ID.
Once you create your pan ID, it's like 3 clicks. You can you can add verifier so you have your mail, your Twitter or your discord and so you can then start collecting. You can participate in in the grant. You can participate in a vote. You can create a community, you can build on Palm and through that you can also become a member of the Palm Academy of the Palm Foundation of the different Daos and some Daos that we'll start creating.
Some from the Palm like a contributor, you know, contributor face, and others from just the community building their own things. And so if you see those four things, can you scroll back up, Those are the four tools that we have on the DAO. No, the Palm ID is the first one because we want security in the Palm network. You can have a Seldomimos, but at least you know that you're
talking to a human. The community is the Sodao, so anyone can just create a Sodao. And the proofs are the solvent tokens that give you membership to the different communities and plan and collective proper and allow you to also prove that you took a class, you build something, you went to an event, you came here, you came there, you etcetera. And then the grants are just for you to get either Fiat or token or palm token grants. And if you scroll up a little bit more. Up or down.
It's up, up, up here, up, up. There's like a spinning D that one that's spinning D Once you create your palm ID, you can collect. There it is. Uh huh. That's spinning D That's the membership proof of the palm collective. So once you once you claim your palm ID. You, you become a member of the Palm Collective and that will give you the ability to vote on the Dow of the Palm network and help us, you know decide how we build it, where we're going.
This is a community network and so we want to hear from you. All of the decision making process once the the token comes out will be happening through this Dow and you'll have you'll need both things, you'll need Palm token and you'll need the proofs to unlock the different votes.
So if you want to learn about Palm, the Palm Collective is where you should go and your start building, start using it and you know start telling us also giving us feedback about what you want to see next and we'll start having more boats for you to choose artists for you. You know, protocol decisions, everything's going to be happening throughout that application. Yeah, that's awesome. I mean, listen Palm dao dot APALMPALPAL. PAL. M DO dot APP. It's all in there.
It's really cool when it comes to creator in the creator economy. Take it for me like I've been a creator for a long time and I I genuinely think it's going. I'm not trying to posture it or anything and I know you guys also give a lot of money away and put people on places, so like may as well go and get it. If you're listening right before the masses come in, this is like the easiest opportunity you have in crypto to like go and catch grants. Like take it now while you have it.
So Andrea, thank you so much for coming on. Thank you for being an awesome partner and looking forward to seeing you again. Thank you so much. Me too, and thank you for everything you do. I'm a big fan and thank you for having me. This was great. Ciao. All right, all right, well, that puts an end to this show, to this quite bearish show, but hopefully Mando tomorrow or bye will be fixed. Don't worry, he'll be like ultra bull posting again and like maybe like a month.
But it's OK. Well, it'll take time. But anyways, we'll be back. But with that, with that, with that, we will see you all tomorrow morning, 10:30 AM Eastern Standard Time, 7:30 AM Pacific Standard Time for another episode of formal hour on Rock radio. Let's go.