Good morning, good morning GMGM folks. Welcome to another episode of FOMO. Our day is Monday, February 17th. It is present day all day in the USA. We were almost going to be off for today, but we could not be off today. Folks, there is a famous quote. There are decades where nothing happens and there are weeks where decades happen. And this week slash weekend was a decade moment for crypto, or at least the meme coin sector. That's certainly how it feels here.
This morning we had a scandal that reached a president of one of the largest countries in the world that has rocked the entire crypto ecosystem and has rocked the Argentinian stock market. The impacts are wide and the story is getting deeper by the hour. We are going to break it all down on today's show. No Faroque, sadly, he is out in Asia. I think Mando is going to be joining us. He's not on just yet.
Want to hear from him? He broke down the story this morning, but I've got Logan on with me to Crypt Rider, previously editor in chief over at Secretary. Logan GM How are you feeling after this weekend? Hey, good morning Tyler. How am I feeling? My my head is in a a mess of chaos and frenzy, yet I don't know how else to describe it. It's been a wild, wild what? Last 486072 hours? It's just been bonkers. No, no other way to describe it really.
Bonkers indeed. We've got Mando now and the shirt is on. I need it this morning. Mando, Jim, how are you? I'm doing good man. How are you? I'm doing good. I think I might have aged another year this this weekend, but I posted this last night. I feel like this whole situation went so fast and we'll get into it in a second. It feels like we're already starting to maybe come out the
other side of this thing. Like it was anger and depression and now it's almost like some of the vibes are starting to flip a little bit and we actually might see a path out of this. So we'll talk about that, folks. What are we going to talk about on today's show? Well, I think we got to start with the the Libra scandal. It was the story of the weekend, arguably the story of the year, maybe even the cycle, what happened, who's involved, the coffee zilla interview and then
market impact. What happens now? What happens to Seoul? What happens to ETH? What happens to the meme coin sector? We'll get into all of that. Plus we got to talk, share some positive news. There were several actually really positive macro bullish headlines on Friday that have already been totally forgotten about. We also got some big news out of Kaito this morning. It looks like that Kaido AirDrop might be as soon as this week. So some surprising acceleration from that team.
So there is a lot to get into before we do that. Shout out to our partners. So for one, Galaxis. Galaxis is a Web 3 platform empowering creators and brands to build unstoppable communities with full ownership and independence, trusted by icons like Donald Trump, Steve Aoki, Mike Tyson and the NBA, shaping together the future of engagement. And everyday we see people's wallets get drained. Fairside is about to launch the fair alternative to insurance for crypto scams.
Check out at Fairside Network on X. If you get drained, you won't get wrecked. We love our partners. As always, shout out to them. Mando. If you're ready, let's get right into it. Who is the man Macro Daddy of the land. Can you dig it? Yeah, GM everyone. So it has been a bit of a weekend. I actually was kind of checked out this weekend. I came back from Paris. As I was landing, the Argentina coin dropped and then it kind of
was pretty. By the end of my taxi to my house, it was clear that it was already like semi rugging. And then I just like occasionally went back on CT this weekend. So I, I, I did largely miss like the back and forth and the drama, which is why I did like ATLDR today. But it's, it's very, very tough to separate kind of them even the macro move today from this because it's AUS holiday. So obviously there's not a lot
going on in macro. There's there's some light stuff going on. Like, it does feel as though, you know, the Ukrainian situation is kind of coming more to a head slash resolution on 1/2. You have the US and potentially Putin trying to negotiate this kind of separate to Europe and Ukraine. And then you have Europe essentially trying to reorganize right now to have a say in what's going to happen.
There's been a lot of talk about them potentially putting troops in Ukraine. And that one's just kind of, it's coming to a head though, basically Ukraine, like it's very, very clear that we're going to have some sort of AI. Wouldn't know if it's going to be a resolution, but things are starting to get done, which is going to be an interesting one. And even Argentina stock index is down 7 or 6 or 7% on the back of what's going on today with this Libra coin.
But elsewhere, it's like, it feels like a bit of a, a non event in macro. There's some big raises going on in AI, it looks like, but like this week's very quiet from, from even from a, from a data standpoint. We get FOMC minutes on Sun on Saturday. I think it's a German election, but largely it's, it's a, it's a very quiet week, which means we can just kind of talk about crypto a lot this week, apart from some of those geopolitics stuff and, and, and like different leaders meeting each
other. But yeah, this, this coin happened on Friday. And obviously a big rug. Obviously, maybe I won't go into all the details of it, but the ramifications have really been that a lot of people calling to the end of like the Seoul casino, a lot of bearish takes on Solana. It looks like Solana is down about 1010% since I got out of that taxi ride. It was over 200 then and it's now a decent amount lower than that and kind of hanging out in the mid one 80s at the moment.
ETH is is higher. So a lot of people moving into ETH. You obviously have the unlock coming up for or have a few unlocks during these months, which people are also taking advantage of. And but it it feels as though the main thing is just been a bit of a sentiment shift, like the casino is a little bit rigged, whereas I think pump fun, you know, the vibe of pump fun since the start has been like fair launches, you know,
this sort of stuff. And even with if like team members or in that sense insiders got in the sense of like the rugging here seems seems pretty high and it seems kind of institutional levels of like ringing at several levels. And I think people have been really annoyed about the whole like hyper rotation meta when it's clear that like this stuff has been going on at the same time.
So I just think like a lot of people have just bit have just come out of this weekend being like, right, I don't want to be involved in Solana anymore just because it's just a gambling Jane and I've had enough of gambling because I've been losing money for too long. So a lot of movement, it feels like away from that into Eve BNB Bitcoin and part of that is matched up is matched up with with some positive developments
for those other majors. So you've had Bitcoin Abu Dhabi revealed that they have a large amount of of Bitcoin. This is a this is a sovereign wealth fund with with Billy and hundreds of billions of dollars potentially to invest. You've had you have obviously, like I said, the the ETH unlocks, sorry, the Solana unlocks.
But there's been some talk at least from ETH side about increasing gas limits and just a resolution to some of the SEC cases against people like Coinbase unit swap that there's a movement even for that for XRP as well too, pretty, pretty clearly at the moment. So maybe some of the fuds surrounding some of the other changes is alleviating at the same time that people are getting annoyed about the Solana casino. So I don't know how long this
has last. Generally, I, I'm not, I don't think this is a nail in the coffin for Solana, but I think a lot of people have lost a lot of money. And this is this leaves a really bad taste in the mouth for for a lot of people to the extent that they kind of are looking for trades where they can just set and forget it now for a little bit. And there's not a lot of that on, on Solana. Like Solana was the hyper rotation chain, which you can make a lot of money on.
But like now people are just completely giving up on that. It feels like and, and, and, and moving on. So it'll be interesting to see how this one develops. The bigger the biggest movers on the back of this have have been ETH, but also some of the like the legacy ETH memes. So like MO Mog is up a decent amount today.
Pepe's up. Some of the BNB memes have been doing slightly better, but that that's what I've that's what I've generally seen is interesting to see like money, even like the more D Gen. money is is flowing in there. And then for majors, it seems to be seems to be ETH ETH is the the main outperformer, although, although BN BS doing decently well too. So yeah, I I don't know whether how this is this one's going to develop from here.
I reckon we'll hear a lot more, but but this doesn't feel again like a cycle top to me. This feels like a is Solana still the trade of the rest of the cycle rather than a nothing about nothing about the flows again, stable coin usage, general usage of the blockchain, even the way the market is reacting right now where it's not like everything's dumping. Like if this is FDX, everything would have dumped, right? And it's not. It's not.
In fact, I think crypto total market gap is probably pretty much the same as where it was at the start of the weekend, which tells you that like it's really just a reassessment of of where we are and what to earn. Yeah, I think that's spot on. And I want to get into that the downstream market impacts of this. I think, Amanda, we have to talk a little bit more about what happened with with this story. So you actually did quite a nice job summarizing this.
So I was curious how plugged in you were this weekend. It felt like maybe you were unplugged. I was going to be unplugged. Yeah, it was a good weekend to be unplugged. You didn't age as much as the as the rest of us. So effectively, kind of what happened, they're starting to be growing chatter about this Argentina coin launching on Friday and then.
Have you heard about it? I had not heard a single word, but I was in Paris, so. I had one chat group say that they had heard rumors of some kind of Argentina coin and that was early Friday afternoon. No other details beyond that but but that right there shows you how wide this one was. Because like I am not a well connected trenches. So like this was a very public rumor at this point in time. It was Valentine's Day. So I went on stage for Friday
actually a little bit. It's Valentine's Day. Actually, the markets were pumping on Friday. Like hype was over 27, like Fort coin was up. Like a lot of the, the tokens were green And like it felt like, OK, maybe we're starting to round the, the bottom on some of the, the recent depression and then that the Libra coin launches. I was actually at dinner with the, the family when this all dropped.
And so I, I kind of missed the two hour window that this all really ran up and then immediately back down. So this coin launches, I think Logan, if you were maybe jump in, I think it it opened basically at a dollar you could not which was a a billion dollar market cap. You really could not have gotten in much cheaper than that. I don't think. So you got in there, it ran as high as four. And then like you can see that
this is the one hour chart. So in the second hour of trading it already went from 2:50 down to to sub $1.00. So within the first two hours, anyone who bought was already down on the token. And you kind of lay out some of the events here. So Malay, the president of Argentina, tweeted about it. I think that the idea of the token was to help fund business development in Argentina.
People started kind of rallying behind the, the 'cause even though there's a lot of questions about why you would crowdfund in via a meme coin like this, there were some loud voices on the timeline who were promoting this. And then, you know, quickly things started to go South. Malay tweeted again that he had nothing to do with this. And that's what really effectively killed the, the token. And then like the, the rest of the, the weekend, the, the story just really got deeper.
So it seems like this Kelsey or ventures Hayden Davis person deep into it. He was kind of was Portnoy the one who exposed him, you know, for the first time. I don't think so. Portnoy protected his own ass there. Really. Right? Seems very, very clear that he told one side of the story and then it turns out he was reimbursed $5,000,000. Like that's wild to not to like not say that bit of the story when he when he tries to describe that he was the good guy in all of this.
Yeah, so, so Saturday was all spent just trying to unpack this. It was a lot of speculation, like, OK, who were the insiders who was involved in this? And then Portnoy comes out Sunday morning. He's like, hey, you guys want to hear a story? And he runs up the spaces and and tells his side of the story.
Effectively he was told about the token because he was actively researching who'd potentially help him launch his own, he had info about it, he traded it on the gun and he lost and he was reimbursed $5,000,000 from Hayden. He also was offered tokens to promote Libra, which he denied because he wanted to be able to in the post disclose that he was being paid and they didn't want him to do that.
So he said he, he he could not do that, which some have kind of pointed to, to Portnoy, you know, putting him on a pedestal as the only honest person in the trenches. I think perhaps that's a, a side conversation path we could go down. But that's really what kind of to blew the lid off all this. So Portnoy was the the first one to really speak up, I would say. And then this basically everyone immediately realized, OK, there were insiders who got tokens.
There were insiders who knew about this before. And then what happened last night, coffee Zilla landed an interview with Hayden. I have actually not had a chance to listen to this. It dropped last night after I, I went to bed and I was busy this morning not able to, to catch up on it. But I think Hayden effectively told the the whole story. I listened to it. I listened to it all. Yeah. What were your takeaways? Oh, yeah, you wrote about it, too. He missed the sniping.
He still has $100 million, which he's kind of using as leverage here. What are your takeaways, Mano? I mean a lot of this stuff I think if you're not familiar with with meme coins will be shocking. Like the whole like, oh, he bought a ton of the supply at the same time. I feel like most people in in meme coins kind of know that's going on. Maybe not to the extent I think the shocking stuff was that this appears to have been a repeat a group that was like a repeat
offender, right? Repeat offender, some of the biggest coins. So he was involved. He said it's basically he was involved in millennia and that they exited basically, he says. And then that wallet has since been since been linked by bubble maps to a bunch of other rugs, which is kind of what I saw the moment it came out. I remember like a lot of people say, hey, this wallet, this deployer wallet's been linked to like tons of rugs.
If you remember, like that was like the first bit of thought it was like, hey, he's look into this deployer wallet. And then the other thing is it is the bit about Trump. So he said that people have been asked to had been able to get in that $500 million. I don't know if that's Mark Current or, or FTV out of dinner, which kind of matches up. Like we knew there was those
dinners beforehand. I'd be very unsurprised if the if like the links there go back to the Bitcoin magazine team, you know, like the Bitcoin team that we're like organizing all of those dinners. I would be very unsurprised if that's like the the, the insiders that are being spoken about here. Then what else is there? Yeah, just like the brazenness about it. So like the brazenness around the, the idea that some of these these influencers were getting allocations plus tip offs.
He's basically just like, yeah, that's how that works. He does point the finger like more broadly at like obviously the token launching platforms that are like there's a lot of people who stand to benefit from these coins doing well. And that he also maybe points to the question like, how do we expect these teams to make money? So like, how do we expect the Trump team to make money? How do we expect the, the Argentina coin to make money?
Which I, I actually, you know, like in all of this, I do agree. Like people want to launch coins and say they make money, right? And we we still don't really if they're going to be the launcher, that's what we don't like. That's why we've kind of coalesced around this concept of like adopting a existing coin. Do you know, like that's why people felt better about Portnoy and all this sort of stuff. But that's not going to be the case for everyone, right?
So like, if Trump wants to launch a meme coin, he's not just going to adopt A current meme coin and say, this is my meme coin. So maybe there isn't a proper resolution there, but it's very, very clear that if he's trying to shroud like muddy the waters and be like, hey, there's no perfect way to launch. The way that they did. It was like the 100% worst way to launch. They basically one sided LP and then started producing liquidity as it went higher. Like that is the number one way
to extract. So the idea that somehow like, oh, everything is as bad as each other is not the case. Like the the the way to do it is maybe fund it with stables at the start or if you are going to do 1 sided then then you have to. If you're going to reduce the LP you want to buy some you know as their cell pressures. If you're going to reduce the LP buy some as the cell pressure or
add to the LP as it goes higher. They did the exact way to like perfectly rug a coin here, which I think is should be noted. Yeah, that's a big part of why things went South and why this became such a a scandal. Maybe everything is totally different, you know, if if they actually market make this a little more properly. Well, I've seen market makers come out and say, yeah, this is the exact opposite of how it
should be done. The other thing is like he's doxed living in LA like this feels very LA vibe. This feels like an LA rug and part of Behance to like an LA number of rugs. Let's let's say I I I don't know, but what's clear to me now is that there's a number of different people who look implicated. I would say the most obvious ones are are some of alongside obviously Kelsey, who's like basically putting all his cars on the table. Everyone else has denied, right.
Everyone else has seen to be like, no, I didn't know anything about it. Or if I did know about it, I didn't get paid from it or we weren't insiders. And that includes Meteora, that includes Jupiter, that includes moon shot, that includes that includes all the influencers. And I think we're going to see a lot of stuff come out now about, about people who, who not just this, but other ones.
It's it's very, very clear that like there's motivations both from like media organization, people like choose, choose Rich Nick, I'll just Nick nasty Nick all like trying to get screenshots of like what was said and when and all this sort of stuff. So I think we're going to we're going to get a lot of stuff from from different people.
Here it is now, you know, a lot of people made a lot of money on these coins and it was the same people each time and they aped a disproportionate amount relative to what they ape other things. Yes. And I think it's now that's more than now a pattern of behaviour when this now comes out, like you need to be whiter than white, in my opinion, to, to be like, I, you know, I, I wasn't involved in any of this. Like, why were you yoloing $1,000,000 into this coin,
right? Or I don't know how much, but like, let's say hundreds of thousands. And then you're, you're saying that that wasn't the case for like all the other ones. This doesn't really like this can't have been the only one in my opinion. Like I think, I think it's now pretty clear what was going on. And I think people are very, I, I, I think people are 100% justified to be furious about this, like absolutely furious because the meta was always rotate.
There's a new runner each day, same people winning, the same motivation to get into the coins, like big screenshots or this sort of stuff. And and then it turns out that like it was completely rigged and people had insider knowledge or they would maybe like Portnoy was given money, just given money. I, I, it makes me think that like, yeah, the people just don't want to buy a new coin. And and there's people have been feel like they the tables have
been rigged for too long now. That that's the big take away and Logan, I I want to hear from you here in a second, but this meme coin game has been going on for a few years. I mean, technically since Doge, but then like Pepe and Mog and then I think it really blew up on Solana with whiff starting in Q 4/20/23. It felt like more of a fair game for quite some time, but it's felt worse and worse over the
last quarter. And this scandal just blew off the top that in fact, everyone has been playing a rigged game on at least on these major launches. And people don't want to play a rigged game. And now they're starting to point fingers at, OK, who was complicit in the rigged game and who benefited from it the most? And it seems clear that investigations will go deeper and and it seems clear that there was a large group of tokens like we know for sure Melania is involved.
It's clear that Trump was involved the Trump token and very likely some of the other recent high profile saw a coin launches. But Logan, curious man, I got to jump in. And Logan. Slightly. That guy Champtogram was literally on the board for this fucking group, right? You remember that guy from NFTS? I'm not familiar. You don't know champtogram. Champtogram. I think I know what you're talking about, but. Chelsea, right, like he's like very high influencer friends
with them all. Yeah, like it's I think, I think we're about to find out a lot of stuff because these guys. The other thing is, if this does turn criminal, then you're going to find out everything because the one way to yourself from a criminal trial is to basically start ratting. And I think that's that's the next stage of this, right? Is that like this Kelsey guy clearly, clearly has dirt on everyone. Right. And he's talking. We've got a Diddy Diddy situation on our hands, you know we.
Asked about one thing and just jump in here. Yeah, I was going to say, Mando, to your to your point about Portnoy speaking up, I mean that that's the the one thing you can say here is that he was the first to willingly chat about this and sort of kicked off a lot of what has come to transpire over the course of the last 24 hours in particular. So for that, I guess a small kudos is owed to sort of getting
the ball rolling here. You mentioned talking about, you know, just why would you randomly ape this stuff? I think, you know, when compared to some of these other high profile launches, this was the most questionable. Maybe if you disregard the CAR, the Central African Republic one, this was the most questionable in terms of legitimacy right out of the gate. You have the deployer stuff, right, which was highly
questionable. And then also too, if you just did even a minute of research, like click the website in the tweet from Malay. The thing about applying for funding is a Google form. The support address is like just randomly Kip protocol something support@gmail.com. I mean, these things are are things that typically would have been major red flags to everyone. Yet somehow, some way many people allege that they that this was real right out of the gate.
Like, how are you willing to take that chance that it's real right out of the gate if you don't know something else? Just it was, this was crazy, the whole thing. I mean, I don't need to add too much to summarize the actual events themselves, but there, there's a lot here and. And everything's going to come out. Yeah. And I look forward to consuming that content when it does. That was what jumped out to me. It's like Banks was gone very publicly defending himself.
He said he aged 500,000 on the gun or something along those lines. And then he, he shared his thesis that that this would be bigger than the Trump coin was his upside like what you thought, like this Argentina coin that has a Google form to, to fundraise for businesses was going to be bigger than the the Trump coin? I just think, I think a really dangerous precedent had been set in the last few weeks, you know, over the course of meme coins as
well. It's just like the willingness to engage with things that likely aren't real anyway. Like we don't care actually if it's real or not. Like that's a really horrible game to play. It's actually, it's one of the reasons I didn't do that well on Trump. It was because I was trying to figure out if it was real or not, right? Like as, as a lot of people were like, is this real or not? I, I'm not willing to take the chance personally. And I, I didn't gamble on whether it was real.
And then you missed it. It was gone. And it seems like we all those things just went out the window there. There was no more caring about whether it was real or not. If the tweet stayed up for a long enough time. I started to see those things like, well he also posted on Instagram like we haven't seen 500,000 other accounts get hacked on all social platforms. Look at the chill guy thing. Like every social platform that
guy owned got hacked. It's just it's really dangerous bad precedent that hopefully starts to wash itself out with the rest of this stuff. But just a a wild timeline. There's a lot of ways we can unpack this, man. I know you, you've got to run here in a little bit. So I'm curious for your thoughts on the meme coin market. Some people are calling it dead forever. Like I've I've already seen some folks who are a little bit
perhaps more realistic. I kind of like this, this tweet from Dime here saying basically we were at peak of Mount Stupid 2024. We're now entering the valley of despair. It does see a path out of it. I'm I'm curious for your read on where the sector of the market goes near, near term. Yeah, look, I think I think we have to appreciate the the the how the meme market has evolved. Like you just said, originally it was, you know, like die hard
communities or like OG memes. Then it moved into cults, I would say like the the the ear of Murad. And then it moved into the hyper rotate. You know, any coin goes after Trump. OK, I, I, I would be unsurprised is if after a period of, of, let's say just peeling, we, we move back into either one or two like the, the, the 1st 2. Like I'll be unsurprised if Pepe does well in a market like this, like genuinely, I'll be unsurprised if Mog does well, the coins that maybe have been
around for a little bit longer. I can I'll be unsurprised if I doge did well. Do you know, I still think people are looking for Bitcoin plus returns. You know, there's no way you have $240 billion of stable coins and bitcoins at 100K And you're telling, you're telling me that like people are just going to stop trading memes.
This is not the case. But what I do think is that like maybe the era of, of what we have just seen, which is like Internet capital markets into buy the coin of the runner of the day into hyper rotation. I, I think that era may be a little bit dead. And I don't think people will
necessarily want to play that. And I think a lot of that is on Seoul. So I think and and that leads to questions about Solana use that leads to questions about Sol D5 that leads to question to a lot of stuff like this was a just the way the the multi layers of scams to this just feels bad.
Like this wasn't just a, you know, melee backed out it it then I unveiled a a layer of Kols and systemic rugging that just like I think people for like hundreds of millions of people just do not feel good around. It seems that some of the this is a legend. It feels like there are people working at some of the protocol teams that were perhaps plugged into this. I'll be very curious if more information on that comes out.
And it's a tricky 1 because like we, I don't, I do think the protocols need to have the information added like they need to be ready. Like if we're, if we're thinking about what are the processes and controls to put in place to fix this, like we want, I mean, ideally some level of diligence done from protocols like this as a way, you know, to, to prevent major, you know, scandals like this. Now that's a larger debate on like how much onus should be on them. They have the resources to do
that, so on and so forth. Now you're not talking about open markets necessarily anymore. So it's a bit of a longer discussion. But like the moon shot team, for example, Decrypt had a nice write up about this. It was eye opening. Like they borrowed $160 million to have. A. Moon Pay, sorry, $160 million to have enough capital on hand to support trading at launch. Like that makes sense. And they helped facilitate what
was a successful launch. So you can, you can go into the merits of the, the token itself, perhaps separately, but like that makes sense to me. It makes sense to me that Jupiter would have information so they could verify a token address or not if they're sharing that information with the outside parties ahead. Of course, that's where where things get really tricky. And I do think it has eroded some confidence in these protocols.
And we talked about on the show how, you know, one way to play this market was to play the picks and shovels. And it's hard to, I, I feel like they're not going to be spared. You know, if the, if we're going to get a reset in meme coins on Solana, which I do think we will, it's a question of how long it is. I think that's going to impact the pick and shovel plays as well. Logan, I feel like you were going to jump in there.
Feel free to. No, I was just, I was just clarifying on the moon pay thing. And that was actually it was, it was during the the whole thing. So it wasn't, you know, necessarily before the launch, Keith Grossman indicated that he didn't actually know the Trump coin is coming. But nevertheless, I mean, these these protocols worked together in that instance to ensure that
things operated smoothly. And I'm totally for them knowing or at least some of the parties they're knowing and doing as best as they possibly can to protect consumers. I'm, I'm totally for that, you know, so someone at Meteora is probably needs to work with somebody, somebody at Jupiter probably needs to work with somebody. And they are taking small steps. You saw like the Jupiter organic score thing that they're working on. It's not perfect. Nothing's perfect.
Nobody has the answer right now and how to do these things in the best possible way. But one thing that can't happen and should never have happened again, this is all alleged, is that these people are taking that information that they do have and they're acting on it, right? And they're creating advantages for not necessarily themselves, but their friends or other folks close to them. And that that's a huge, huge problem.
That's a very simple like, no, no, that unfortunately has seemingly has gone on for a long, long time. I think Mando may have said this in the beginning. It felt like this stuff had probably been happening, not maybe even related to these coins that we're talking about today, but like sort of had this sense that insiders were always winning. But this is just kind of the unveiling of that in a very, very major fashion that.
OK, yeah, we knew we were playing a rig game before, but like, the dealer just showed us the rigged cards. It was the scooby-doo. They pulled the mask off exactly. Oh who the the scooby-doo bell on this man. Now before you go, can ETH win here is very one of the biggest winners. Easily, there's there's an obvious win for for that, in my
opinion. If there's any time for for East to regain the culture, it's this, if I'm honest, like you have the Solana unlocks this month, which already made it look slightly precarious into into what just happened here. People still want to degen, you know, and I don't think ETH is the place to degen, but I think in a period where people want a bit more stability, ETH can win with some of those battles. Pentoshi is calling for all season.
There's a few voices on my timeline who are continuously calling for all season. I've seen some folks who said, I got to go, sorry guys, keep going on the ETH Bitcoin bottom was is in you look at that chart. I mean, this is not a great looking chart. It's hard to to sugarcoat it. I mean, unless you really think it's just going to go down forever. It does feel like this could have been an inflection point.
So not only did we have like the implosion of the Solana casino, we have the staking ETFs getting approved. That was the storyline that was largely kind of brushed under the rug this past week because of everything else that happened. And, like, that feels like a big deal. And, you know, who knows, maybe the Solana ETF is delayed a little bit because of this international crypto scandal. Like that could be an impact.
Yeah, I'm sorry. I'm only laughing just because of the absurdity of the situation. I man, it does feel like, and I don't really hold any. I, I was making the consensus trade that everybody else was and it felt like, like, why, why hold the East? Like what was the point in holding ETH over the course of the last year or so? I wasn't actively participating on the chain. I was doing all that everything we were doing right, we were doing on Solana.
And that's largely the case, you know, Bill, but the tailwinds are are there and and quite obvious. You know, the staking ETF stuff, as you mentioned, Trump's own kin buying and building a defy or, you know, whatever you want to call their world liberty financial on largely via Etherium's rails and you know, acquiring Etherium assets you have. And then this major, major narrative shift over the course of the last few days. It was a big thing for a long time.
You remember months ago founders suggesting that they were moving from Etherium to Solana or considering watching the thing on Solana because of, you know, the community, because of the activity, because of like the warmness that was coming from these protocols and the founders and they weren't getting that on Ethereum. And now you've got this point where it's like, oh boy, there's a chance that some of the the protocols are not operating as faithfully as they should be.
You have participants feeling scorned and burned. Things might, you know, feel a little greener back on the other side at this point in time. It does feel like you said inflection point dog, at least from that perspective of sentiment on my timeline, it feels like this weekend was a major shift towards you know what ETH hasn't rugged us in a while. And that's that's a. That's a old faithful. Of course, Bitcoin is is the
real old faithful. But if you think there's going to be any kind of an old season, it does feel like Ethereum is probably now back front and center. Of course, also while we've been talking that Ethan's been selling off, it hit like 2840 before the show is back down to 2780. So. So who knows how this will play out. Logan, I we got Mando's thoughts and what what are your thoughts about? Like are, are memes going to come back? How soon? What what's your current like mental model?
You've been in the trenches? A. Little yeah. I, I, I, I don't think memes are going anywhere. It's, it's developed its own ecosystem at at this point. And I think it operates, of course, it, it's very closely tied to what everything is happening in macro and is impacted by that. But it's its own little bubble of activity that's not going
away. And as long as you have things like pump fun and other token launch pads that make it easy as possible and, and nearly 0 cost to build tokens, there are going to be many, many more tokens, millions more tokens created that are going to be traded by ourselves and everybody else for the for probably a while. At the very least. I do think it's going to need a little bit of a reset. One of the big questions has been how do we keep launching
these? How do we do the big ones, but also like, how do we just keep launching them to make it fairer for people? One of the things that both Coffeezilla, Hayden and I think many, many other folks recognize and talked about is like there is an unfair advantage beyond the insider information. There's also an unfair advantage for, you know, the technical acumen and the sniping of contracts as soon as they're live in the blockchain.
People getting the tokens and astronomical amounts of tokens prior to anybody's, you know, any real person's. Opportunity to buy them and creating, you know, just completely unfair advantages in that way. And yes, it's a skill issue in some way, right? I don't know how to do the technical things that those folks are doing using whatever they're using, right to to make those purchases, whatever you want to call that.
But at the same time, like if you want to create fair launches and and pre sales, to many people don't think pre sales are the best fair launch either. Like we got to, we got to find some other way, find a happy medium of sorts so that it doesn't feel like only insiders are winning. Insiders are always going to win, you know, for the foreseeable future and probably ever.
But like, you got to, you got to shift down the win percentages a little bit to like, you know, maybe they're not winning 98% of the share. They're winning like 70% of the share. I I don't know what it is, Tyler, but we got to do something slightly different about the token launches to make it a little bit more fair. Or else this doesn't exist in the same way.
And then you do, I think, go straight back to Murad's list and and the cult communities, because that's literally the easiest and at this point in time, probably fairest way to just kind of back a meme and and feel OK going. You can't feel OK going to bed with any meme coins right now. Not on Solana, no way, not a chance. Maybe, maybe far coin, but like that has not been that has not escaped the last few weeks. I know it's just starting at at basically this final level of support.
Even Kobe waited on the conversation yesterday, right? And he said it is a self correcting problem. And I agree it is a self correcting problem. He also, you know, says there there are actors here who are just going to always do this stuff. And even later on in this post, he even like jokes about launching a coin and then people someone launched it, people traded it, which just proved that the point that the casino
is is not going away. So I think there's a lot to unpack if, if we're being realistic about all of this, I see the take that folks are going to rotate to true builders, you know, more real projects. Of course, I'm, I'm rooting for that. I, I want that to happen at the same time, like they have to be priced correctly to where folks think they're going to be able
to get a return on that. And if a new great protocol launches, but if it launches at $3 billion, it's probably not going to be that appetizing, you know, for the guy who's got 2 to $3000 to, to play with. Yeah, I think it's naive to think that that that person isn't going to likely look back downstream. So I do think that the meme
market will continue to exist. I love Mano's point of perhaps we can erase the last few or move past the last few iterations of the cycle where like we're just trading phrases and news events and country coins and perhaps get back to to to the OG days when we're when we're it was actual memes and you can actually go to sleep and maybe things moved a little bit slower. And then of course the cycle is
going to play out again. So even if we reset, it's silly to think that we're not also going to do this because this happened last year. We had Q1. We saw like with run up to about 3 1/2 four billion. Then bone came out. Bone was the top the bull off top weekend. Then Slurf came out and it was. Small. And again. It's the descending loops. I mean, it really is none of those things. People are always going to keep
trading those. Next time Elon changes his handle, people are going to be trading those coins. And I think it's totally fine to be trading those coins. You just got to know where we're at. We are at the very bottom loops of those like ephemeral news event things. You know, we were talking about this last night that Echo the Dolphin thing that Kobe tweeted about. That would have been a $20 million coin like maybe even 2 weeks ago.
And I think last night, like one of the hundreds that launched made it to like maybe 2 million or something. Like just know, just know, know where you're at. I think it's OK to keep trading those if that's what you like to trade. Like if you're quick to identify things that are happening in the news or whatever and you have fun trading that stuff, like the opportunity's there. There's not much of it right now. There's not a lot to squeeze out of it, but I don't think that's
ever going way. The tokenize everything thing that much. That cycle continues to chip away like we everything is getting tokenized in some way or another right now. It's our attention. And yeah, it's it's it's wow. I would I would love a reset. I'm tired. Everybody, you know, everybody's tired of this current iteration of memes.
The one thing about that like ephemeral news headline thing, which has been a a big piece of this last meta is it the speed at which it operates, you know, and that's that's a part that is just like really difficult to continue to participate in when you can't feel like you, you run away that the runner from 1 to 50 million in a day and you miss it. You can't look away from your phone like that stuff sucks. I I do hope that stuff's behind us for the most part.
That's the reason why people like the Marad memes and like the whiffs and the Pepe's because there was you didn't have to trade it in the first four hours to get in. Like whiff was available for weeks, sub 20, sub 50 million, even far coin and far coin was at sub 50 for a month. I mean the the second one up a little bit, but there there's time. The Marad coins were dead for nine months. Go look at the charts like you could have entered at whatever price you wanted and seen
tremendous returns. I do think that's where we'll get back to. I think Marat might still be a big winner in all this, and it's funny, he had all the pitchforks aimed at him not too long ago. I sort of hope so. I don't have any of those bags, so maybe I shouldn't hope so much, but like I kind of at this point sort of hope. Well, for many reasons, you know, beyond this, right?
He keeps saying everything's going to be higher and whatever as he keep backing up his timeline like all time highs in February, all time highs in. Marking all time highs every month for a little while more out as much as we want that to happen. SPX is 650 million, MOG is 350, gig IS300. So these are still fairly high, Marcus, but of course down a lot from people. We've got a few minutes left in the show. We did 50 on Libra and rightfully so.
I think there was a big piece of news this morning. Folks probably have seen this, but Kaido has been the talk of the town. They had last week. They introduced their token. The news from this morning was they've taken the snapshot. Let me try to find the announcement here. Yeah, snapshot 4 yaps has been taken 4:00 AM UTC, and they're doing a snapshot for the NFTS 4:00 AM UTC tomorrow. So that's what, 11:00 PM Eastern
tonight. So this will be the, you know, probably the last big day of trading for those NFTS for for quite some time. What makes this even more interesting perhaps is in their next tweet that they're talking about these new pre tge projects going live on their launchpad. Voting will begin next week integrating Yap votes and Kaido
on chain holding votes. Some folks are saying maybe those are the votes from the NFTS, but my initial interpretation of this was does that mean we're actually going to get these Kaido tokens in the next week? So it feels like the TGE could actually be happening. We saw some of the perhaps early info on this cane Leo Canelo, however you want to say it, share this info yesterday, do some on chain sleuthing. It looks like Kaido is going to
be on base 1 billion supply. There's three buckets of tokens, 57 percent, 10% and 33.3%. And folks are starting to speculate what that actually means. So we do not know that 33% is going to an AirDrop, but it's likely 33% or 10%. It's probably one of those two buggers. And of course we don't know what this blitz are in there. Loki, what's your, what's your reactions to, to, to Kaido? We've seen some wild price speculation going around the timeline this weekend.
Do you think that we're going to get the token this week and and where do you think it's going to come? Out yeah, I do I I think you'll get the token. I don't see any other way to interpret really the on chain nature of that post. You know, tokens are consistently used as governance for or for governance purposes and voting and whatever. So it would make a lot of sense
to refer to it in that way. And then, you know, to provide it, especially if you do a snapshot and, you know, the the deployment has already been done and and basically confirmed by is his name. You miss, I'm going to mess up. Yeah, Yeah. So I do think he'll get it this week. The really cool part. I mean, kudos to Kaido in the fact that like, you know, there's lots to be said about the quality of the tweets and the yap earning and all that stuff.
And I'm a skeptic for much of that as well. But like, the willingness to just kind of do this and not let it play out anymore has been has been nice. It was like, what yaps were put out there in early December, maybe be late November. Yeah. So like a couple months. And it really started to do to crescendo where people started to farm it much, much harder maybe in the last two weeks, at least on my timeline.
And it was becoming overwhelming and overbearing, like the amount of stupid yap tweets and the yap the same thing happens with every AirDrop. You know, I don't blame the people, but it's the hopeium about like, if it's this, this is how much you'll earn those things. And you know, probably this was already planned, But if it wasn't to put the kibosh on that is a is a real cool move. So I, I'm excited to see what happens, but I, you know, I
don't have many apps. I think I finished with like 21. So I wish selfishly, I guess I wish it would have extended out a little bit more, but I'm not, I'm not mad. I'm, I'm excited to see what happens. And I think that's cool that they kind of, you know, shut it down in like a A2 month span while it sells. Many other farming programs have lasted years. I thought it was going to go at least another month if I'm being honest. I I want to shout out Ultra for
finding this. So he went through their GitHub. Again, this is unconfirmed, but he's laid out some speculation for what he thinks Kaido will be. He basically said this is just an early warm up stage. They're going to turn into a decentralized data network. They're going to monetize it that way. And he's laid out how miners and validators will be able to participate and earn rewards in that ecosystem. Rewards here being Kaido tokens. I still unclear exactly what
what all of this means. And he says they're going to generate revenue through sponsors, users paying for premium features and search services. It's not a stress to me that that people would pay for this data. Yeah, I I don't think so either. And actually like as an aside, I was looking up, you know, decentralized data network, you know, decentralized data Big Lots of buzzwords, right. But like GRASS for example is a big decentralized data protocol if you want to.
Call What kind of data does GRASS? So that's your excess Internet bandwidth, right? I'm not, I'm not a tech guy here. So I might be misinterpreting something and and misrepresenting it. So I don't mean to, but all I want to do, relatively speaking, is that this is a decentralized
data. My understanding of it is it decentralized data and you're trying to kind of cut out some middle men, much like Kaido would be doing in this way, if I'm interpreting that post correctly and rewarding users for it as opposed to somebody in the middle, right, That's aggregating it. I'm just using this as a frame of reference, $1.57 billion FTV for something similar. At least in buzzword, not perhaps in actual, you know, actionable, technical, whatever, cahoots.
I don't know. But I looked at that and I, you know, when I see that and I see all the buzz around Kaido and then I see those things that are unconfirmed. Of course, this is just speculation from the GitHub. It doesn't seem as outlandish to me that it would be a $1.5 billion FTV type protocol. I don't know. It's tough. It's tough for me to to make up too much else. I mean, we're speculating. We're like 5 layers deep on the speculations to get to that
point. But what seemed more outlandish to me previously seems less outlandish at this point in time, I should say. So now the Coyote tokens turning $1.20 on AVO pre pre markets it was up at 240 over the weekend, but actually on decent volume. So it had one and a half million in volume. But now it looks like the volume is off a Cliff. It's getting on like 50K in volume. So what's that give it? FTB yeah, these these are FTB. So it's trading at 1.21.16 FTB
right now. That seems that seems OK based on again, a lot of a lot of like really weird back of the napkin math type stuff. But like, I've seen worse of course. In Legendary, he did an OTC deal with Lucify, paid $30. That real that's. Real. That looks like it's real. So we'll see if that bet pays off. But he is putting money out that he thinks he has to be worth more than $30.00. So there's been some outlandish price takes out there, I think on purpose to generate views and
whatnot. They're not going to be 100. Could they be 30? I mean, clearly Legendary thinks they they will. I'll be happy with anything over 10. I think at this point, hopefully more than a dollar because something people will be disappointed if it's a dollar. The great thing about the way you did it, Tyler, though, is like you didn't, from my understanding, really go out of your way to be farming this. You know, you acted kind of on Twitter like you would act.
So this is a bonus for everything you're doing. Anyway, that's awesome. Well, and that's how I thought you can even make the argument that the system gets degraded the longer the farming is open, and perhaps that's why they shut it down so fast. It was already getting degraded pretty heavily like 15 people made the same tweet on my timeline and 15 smart people made the same tweet and and whatever that happens with big news and stuff.
But like you can tell that a little bit of it was, you know kind of related, which is which is unfortunate. I am very happy to not see the I've earned X amount of yaps in the last 24 hours tweets. I'm glad they'll be off my timeline. The real signal for Kaido was when people were organically tweeting about topics and you can see where actual mindshare was and who was driving conversations and that data got distorted during farming.
And hopefully we get a reset here and we will see who was just speaking up to earn yaps and who actually cares to to be in these conversations. So I am excited for that, though I think there's going to be more seasons. I think there's also likely going to be vesting of some kind. Before we wrap up, I know we're over. Let's recap our myriad bets we had. We had some success over the
weekend. So Diamond Hands Poker played out on Saturday. Looks like there ended up being 10 markets at least 6,000,000 Pingu bet. So I'm, you know, pretty happy with the overall pot sizes. Our boy Farouk crushed it. So he he won the largest pot. So that bet was a winner. No on four of a kind hit. That one was a little bit of a a sweat because I think someone may have been dealt it, but they didn't they didn't play it and so it didn't resolve. And then there was 72 did was a
yes, that was an underdog bet. Yeah, our analysis was spot on. Unfortunately, I cannot participate in these. Otherwise the Faroque 1 was my top bet from the stream on Friday. I would have been able to cash in. It was like what, 40% or something, 45% when we were talking about it. Yeah, that's a + 150% gain slogan. Gave everyone the alpha. I gave everyone the outfit. Yeah, well, hopefully so. Hopefully some people made that
bet. I did not watch the stream, so I can't suggest that the analysis I provided, which was that pro could be a little more gun slingy than Luca. I don't know that that's actually what transpired, but I'm going to tell myself it did. So yeah. Well, the the results were, were were good. Love seeing some real money markets on me and exciting for more to come. Folks, we're going to go ahead and wrap things up there. Thanks to our listeners for tuning and thanks to our partners as always.
We'll be back tomorrow at 10:00 AM Eastern. Until then, go make today a great day. Goodbye.