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FOMO HOUR: $95k BTC, the MSTR of Solana + Memecoin Comeback
Recorded: April 28, 2025 Duration: 0:45:39Space Recording
Short Summary
Bitcoin hits 95K as institutional interest surges, signaling a bullish trend in the crypto market. Major developments include significant ETF inflows, new project launches, and a notable rise in meme coins, while regulatory scrutiny looms over NFTs.
Full Transcription
Thank you. Thank you for joining us here this morning. I'm going to start
the show in just a minute or so.
It is going to be a slightly different show. No stream. Today,
we're having significant technical difficulties. If you haven't seen this,
the entire country,
countries of Spain and Portugal are offline. No power, no internet.
So our friend Mando is likely not going to be joining us here today,
my trusty co-host.
And now it seems like Twitter is going out in the UK.
So our trusty producer, Sims, is having difficulties launching the stream,
connecting it to Twitter and all that.
So I'm running solo.
We're just going to do a
casual Monday morning catch up. If you've got hot takes, feel free to shoot that hand up,
join the conversation. It is going to be a little bit different here today. The thing is, folks,
this was a big weekend. A lot was going on. If you were around, you saw this. So I will at least go through some of that before we start.
Some shout outs.
Cyber Nomad, Carlo, Jeeps, GM, CRK10,
UCALP, having CJ, GM, GM, Harry, Krishna, McNutt, the homie,
GM, Zanzibar, T-Block, ST, McFly, GM, GM.
All right, we've got Myriad up here.
We've got FOMO Hour up here.
We're probably not going to have any intros today, so I'm just going to jump right in.
Good morning, everyone. Welcome to another episode of FOMO Hour. Today is Monday, April 28th, 2025.
And folks, it's another green morning out there.
It's a little less green than it was a few hours ago.
When I woke up, the board was bright, bright green. It does feel like we are on an extended crypto heater right now.
Bitcoin has been pumping.
It hit 95K this morning.
More and more institutions piling in.
Alts are pumping.
Memes seem more back than ever, all while stocks are kind of even.
So the question on my mind is, is the decoupling finally here?
So I'm going to share my thoughts on that here this morning.
As I mentioned, no Farouk.
He is in Dubai at Token.
He's going to be out all week.
Mando will be on mostly as long as the power gets restored
to Western Europe, but no Mando today. Logan will be on later this week as well. Some surprise
guests will likely pop in as well. So I'm going to take us through the news, my thoughts on macro,
then go further down the risk curve, play some, what am I buying? What am I selling with some of
these recent meme coin runners. Before we dive in,
shout out, as always, to our partner
Wallet Connect. Wallet Connect is
the connectivity network shaping the future of
on-chain UX. If you've connected to a Web3
app, you've seen Wallet Connect, that blue
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to stay ahead of what's next. We love our partners. Also, shout out to Yeet, folks. If you didn't see
this, Yeet is offering double airdrop points through the 29th. So that is tomorrow. So you've
got a little bit more time to go and get those points. All right, that's our intro. I'm just going to start talking the
market here, a little stream of conscience. So looking at the crypto board, Bitcoin 94,340.
It's up 0.3%. It's up 8% on the week. ETH 1790, down a tick, still up 11% on the week. So actually
outperforming Bitcoin on the week. You don't see that too often these days.
XRP was up a lot. It's up 3% this morning. Sol was over 150 when I woke up. It's around 149
right now. So it is down a touch as well. Looking over at the stock board,
looks like pretty much an even day here. Dow up about 0.3%. S&P up about 0.1%. Tesla was a nice mover here this morning.
It's back to 294, up 27% or $62 in the past five days. So clearly some strength there.
From a new standpoint, Walter Bloomberg, his account was going off on some Besant comments this morning.
So Besant sharing thoughts on India, on China.
So it looks like India may be one of the first trade deals done.
It seems like there is a growing alliance between the U.S. and India,
at least with respect to this trade war.
He also spoke positively of the negotiations with China.
He said China did share some exemptions on the tariffs,
I believe, earlier this morning,
which he is pointing to a sign that they want to de-escalate the trade war.
Negotiations with Asian trading partners going well.
He thinks China wants to de-escalate.
Says it is a complicated relationship. And that's kind of where we're at on the best at China
conversation. We talked about Western Europe out of power here. That's a big headline.
The other aspect of this US-India trade war alliance, it does seem like there is escalations between India and Pakistan right now.
I think there were some military scuffles in the last 24 hours.
So something to watch.
Hopefully that does not escalate any further.
So that's a roundup of some of the big headlines.
I think the week ahead is one full of tech earnings. That's at
least what CNBC is pointing to here for the week ahead. Back on the crypto board, it really feels
like the big headline from Friday from the past few weeks is just the institutional buying power
and the institutions piling in. So the ETFs had a massive week.
If you didn't see this 3.04 billion in net Bitcoin inflows over the last
five sessions,
some days at two,
two and a half month highs,
even the ETH ETFs caught some love 104 million in net inflows for the ETH
ETFs on Friday.
That was their highest day since mid-February,
so two-month high there as well.
This morning before the show, news out of Michael Saylor.
They acquired another 15,355 Bitcoin for $1.4 billion,
average of 92,737.
So it does seem like Saylor maybe DCAing a bit.
He's not just totally top blasting,
so he's in the money on those buys already.
So Big Mike, he continues to buy.
And then we just, we keep seeing outrageous,
or maybe not outrageous,
we're seeing some more and more bullish price targets for
Bitcoin. So just this morning, excuse me, Standard Chartered predicted a new Bitcoin all-time high
in Q2. So sometime before June, they're predicting a new all-time high for Bitcoin. This comes after
Cathie Woods and ARK shared some very bullish targets for Bitcoin on Friday in a new report.
I actually covered this in the newsletter this morning, but I'm just going to run through
these if you didn't see this.
It was in their big ideas report.
Looking out to 2030, they are now forecasting a bear case of $500,000 per Bitcoin, a base
case of $1.2 million per Bitcoin, and then their bull case is $2.4
million per Bitcoin. They're saying their previous forecast didn't account for Bitcoin's network
liveliness. So effectively, they're discounting or they're taking into account coins that they
feel like may have been lost or will be permanently held, so they won't be sell pressure. So that's
the adjustments they made.
Other key drivers they pointed to in their forecast,
Bitcoin is digital gold and capturing part of that massive $13, $20 trillion gold market.
More institutional adoption, we've been talking about it here.
Emerging market demand, Bitcoin has a hedge against currency collapse.
Certainly have seen more stir news around that lately. Corporate treasuries, a massive
one. We're seeing these on a day-to-day basis right now. Scarcity adjustment, which is their
major adjustment from this active supply. And then more macro tailwinds pointing to
de-dollarization, inflation fears, and financial distrust. I would say I personally agree with all of those.
And I know I feel like when people talk about Cathie Wood and ARK,
they tend to poke fun.
They've had some periods of underperformance,
but she's had some big winners.
I was looking at this.
I was researching it for the newsletter.
She called $4,000 price target pre-split for Tesla
price target pre-split for Tesla when that was still pretty not popular, which did come to
when that was still pretty not popular,
fruition or pretty, yeah, it did come to fruition. So she nailed Tesla. She's nailed Roku, CRISPR,
and Squared. And she was early to Bitcoin. I didn't realize that she was touting Bitcoin as
early as 2015. So she's been in this camp for quite some time.
So I thought those were interesting.
I wanted to share my general thoughts on this market right now.
And I don't want to jinx it, but are we finally at the decoupling?
I was in chats with some friends.
It feels like a lot of folks, especially folks who are running small companies, who are in e-com, are very bearish on the economy in the near future and view that these tariffs have not really had their impact yet.
And I think those folks are pretty bearish on stocks.
And that's a pretty fair view. I think it's hard to be super bullish on stocks over the next three,
six, nine months, unless you think that the trade war is going to be resolved.
At least that's my personal view,
or that all the worst is priced in.
But it's unclear what that means for crypto.
I think over the past year,
maybe we thought it would have dragged crypto down with it,
but that's becoming less clear.
And perhaps it was this macro escalation,
this trade war, these tariffs,
was the trigger for a real decoupling event right now.
I feel like my anecdotal read is that people want to invest. They want to be
risk on. They want to put their cash to work. People don't want to be holding cash. That's
the feel that I get. And I think we've seen signs of that. Anytime there's been positive news,
we're seeing these massive candles across equities, across crypto. Folks want to put their capital to work. If stocks are less invest, it's hard to underestimate it. Like this is,
we've got sailor coming in with 1.5 billion per week. We've got a new strategy competitor
launching with 21 capital. Every week we've got more and more institutions building these
corporate treasuries. It feels like there is a near infinite bid for bitcoin right now and i think that's going to
protect the floor and i think my view is i do think the bottom is in on bitcoin i do think we
will continue to grind higher will we see a new all-time high in q2 like standard turner predicted
man i don't know if i was quite there yet, but that would be something to see.
It feels possible. It feels very non-zero. I guess my gut, are we going to have a Q2 pump,
summer pump? I wouldn't have said Q2. I guess I would have thought maybe more July, August,
a little bit more time chopping in this range, grinding back up. 108K still feels pretty far away to me.
But, I mean, it's a 13% move.
We're up 18% off the bottom.
So certainly in the realm of possibilities.
And if these institutional players continue to buy,
they could definitely drive this.
The other wild card is the U.S. Strategic Reserve.
They have to have that plan in within 180 days.
That clock is ticking. I think Arizona has their bill up for vote today and that might be the first bill to ever
go through that includes Bitcoin purchasing at a state
level. So that could be a potential big bullish headline.
So watch out for that one.
So there are some tailwinds. There are some potential drivers here.
It's going to be interesting to watch. That's kind of what's on my mind. I think the other
story here is, so if you think Bitcoin is going to pump, what else? Is it going to pump in a silo?
Is this going to just be a Bitcoin cycle or a Bitcoin meta here in the next quarter,
couple quarters?
Or is it going to bring other things up with it?
I'm kind of in the latter camp.
I do feel like other things are going to run.
And if you think Bitcoin is going back to all-time high
in the next couple quarters,
like Standard Charter projected,
I do think more things will move along with it.
And I have to say, Solana is kind of at the top of my list now.
And it's not because of memes.
It's because of this institutional demand.
If you didn't see this,
it was kind of buried on Friday afternoon.
Friday was a very busy day of headlines. I've been checking out more on Friday. I might just
say check back in. So DeFi Development, this was previously that company, Janover, I believe they
were the first company to announce a corporate treasury. It was not that large, but they filed a registration with the SEC on Friday to offer up to $1 billion worth of securities.
And they are going to use that money to effectively build a sole corporate treasury.
So far, they've acquired $48.2 million worth of sole.
So we're talking 20x.
20x that amount, if they are able to pull off this
securities offering. It's a lot. It's not
sailor levels with respect to Bitcoin,
but it's some substantial buy pressure.
And what's the market cap of Solana?
Solana is $90 billion. So we're talking about over a
percent. That's FTV. So even more of a chunk of the market cap there. And they're not alone,
right? I think we've seen other companies start to spin up in the last couple of weeks, specifically
building sole corporate treasuries. So I think sole is on my list of alts that I think will also move
in a scenario where Bitcoin goes to all-time high.
We've seen some other alts catch some love.
Certainly we've talked about hype quite a bit on this show.
SWE has been a fast horse lately.
This Walrus Protocol on SWE, who we have partnered with on the show,
they have done quite well as well.
Let's see.
Walrus up.
Yeah, they're up 46% on the week.
SWE's up 65% this week.
So there are going to be some alts that move along with it, is my view.
I think there's an open question.
Will we see meme coin too?
Will we see crypto AI round too?
If I had to bet on one of those,
I feel like it would just be broader memes.
We're seeing it.
I'm going to get down the rich curve here in a little while
and talk to my views on some of these recent meme runners,
but I think we're seeing some pretty strong signs of market demand for these memes.
When I woke up this morning, Fortcoin's $1.20.
So I think it's hard to say that meme coins would not run along with Bitcoin.
The crypto AI headline from Friday as well, man, it feels forever ago, was out of paradigm.
They invested $50 million in decentralized AI startup Now's research
at a $1 billion valuation.
Now's has been loosely tied to a handful of those crypto AI tokens.
I think the Nothing token from Shlom's somewhat tied in. I actually don't have the full details
of the tokens tied to announce, but that was Paradigm's biggest
ever bet on AI, as I understand
it, or at least crypto AI.
That was a big headline. I was curious
if that would pump the crypto AI board.
It did to a degree.
So if you look at the crypto AI markups, $8.8 billion right now.
It's about 2x off the bottom.
So from those early April lows, it is up pretty substantially.
Virtuals is, I think, the clear leader on the board right now.
They're back to $840 million, up 18% on the day.
AI16Z is still second, up 11%, $300 million.
Go down the list.
They're still only like five, over $100 million market cap.
I'm not totally sold that these are the tokens that are going to run again
in a scenario where Bitcoin runs. I think maybe the leaders will continue to do well
virtuals clearly has a large community a lot of support behind it um and they've still got some
wild cards still haven't been listed by coinbase yet i feel like if we have another crypto ai run
it could very well be some new players and some more app-focused product focus.
So it's a little harder to predict
because I'm not sure that we have the examples
right in front of us.
But I do think that we will likely see
some new metas pop up in this scenario.
And I think we'll see memes continue to run and be a central part
of this if Bitcoin continues to make new all-time highs. So I'll talk some more specific thoughts
on that here in a few more minutes. Just go around the horn on a few other pieces of news
from this morning.
I guess I didn't include this in my institutional summary for Bitcoin,
but Coinbase breaking news this morning.
They offered a new Coinbase institutional fund.
It's offering yield on Bitcoin for non-U.S. investors right now.
It looks like it's going to target 4% to 8% annualized net return.
It's going to employ 4% to 8% annualized net return. It's going to employ a cash and carry trade,
leverages the discrepancy between the price of Bitcoin and that Bitcoin perp to generate returns.
So that's where the yield will come from.
I think that's just another reason, another driver
that's going to make Bitcoin even more attractive for big players to hold.
If you can get 4% to 8% on Bitcoin plus potentially capture
the upside in Bitcoin price action, that is pretty attractive. So that was a big story
from this morning. We also saw Monero. This was a strange situation play out. So ZachXBT reported
on this. It looks like a large Bitcoin holder.
They had 3,520 Bitcoin, $330 million worth.
It looks like they were exploited.
Unclear exactly who did it.
I think some early speculation it might be Lazarus tied to North Korea.
I don't think we know for sure.
And then they instantly sold and moved the funds through Monero XMR,
which jumped 51% briefly here this morning.
We'll see.
Is it still up?
It's up 15% now. So it's retraced a lot of that move.
It's a scary headline, right? Seeing someone who's held for this long has this
massive amount and it's just gone. Here this morning, I was reading through some of the
thoughts in the thread and Zach, I think one of the immediate responses is this is another blow
to self-custody, right? And Zach's response was, well, usually these exploits are sophisticated
social engineering phishing attacks, and you're not always, and those can still work when you're
holding tokens other ways. So if you're holding on Coinbase, you could certainly still be socially
engineered or phished holding essential exchanges.
I am curious if banks getting into crypto,
if you could hold your Bitcoin in a JPMorgan Chase,
does that significantly lower the risk of social engineering and phishing scams?
My gut read is it would.
I feel like people are less likely to give up their banking information,
or maybe that would just drive these sophisticated hackers to focus there.
But it's tricky to see these and want to hold a lot of one's personal wealth on chain.
It's risky and it feels non-zero.
That could happen to anyone.
You just have to take serious precautions. I think having a fully cold device that you only,
you don't really ever use to hold your significant long-term holdings makes a whole lot of sense. So we'll see what continues to develop from that situation. Other story, maybe not a huge surprise,
but we talked about the Trump dinner last week.
The announcement of that Trump dinner
and that the top 220 Trump meme holders
would be able to go to an exclusive dinner event
and that the top 25 would be able to go to,
I think a pre-dinner cocktail hour with the president
was enough to pump that Trump coin from $7 to $15.
Well, now Democrat senators are demanding an ethics probe over this dinner.
This is coming out of Elizabeth Warren and Schiff,
urging the Office of Government Ethics to look into this dinner.
Not a huge surprise there, but I mean, at the same time,
I do kind of understand where they're coming from on this.
This feels about as pay to play as it gets
to be able to just buy yourself up to the top 25
on this leaderboard and get access to Trump at a cocktail hour.
I think there's probably a few people out there that it's worth that investment to get in that room.
So I do understand where they are coming from.
I'm not sure that it's going to have any impact.
This dinner is coming up.
It's May 22nd.
So unclear they're going to be able to stop this or have any impact.
So just add this to the list, ethics concerns.
So those are the major news stories from the day when it comes to more broader crypto.
I do want to talk about this meme pop in a bit more detail.
So again, when I woke up this morning, Fort Quentin was at $1.20.
That's my leading global risk indicator right there.
It's flashing pretty green.
$1.20 does feel like it's resistance.
If we break through that level,
I think it's going to be pretty game on for the trenches.
But I will say,
I was spending time with the family this weekend.
I had one eye on my group chats pretty much the whole time.
And I was popping in and out to get to the computer
and make some trades.
And it's really the first time I've done that,
I'd say since late January, early February,
when the whole meme coin bubble kind of unwound.
And we went from hyper trading to basically no trading in a matter of
four to six weeks. There's some serious signs of life on this board. So there's a couple drivers
at a bigger level. So Radium is going hard on their launch lab and new rewards. So on Friday,
they announced 150,000 Radium in rewards for those who traded Launch Lab tokens last week.
That radium token is at $290,000 I saw this morning.
So that's almost half a million in rewards right there.
And then they've been doing 50,000 a day in ready rewards for those who are trading Launch Lab tokens across platforms.
So that's 150,000 a day.
It's not massive on an individual level, but it's pretty nice. They've been doing this every single day. So those are solid rewards.
And another kind of surprise and then Catalyst, I think this played out on Saturday.
Oh, actually it launched on Friday. I'm mixing my days. So Let's Bonk. So the Bonk team effectively launched Let's Bonk.fun.
It's their own launch pad on Solana.
It enables easy meme coin launching.
Press create. Fill out the details. Define your supply.
1% on every swap goes to Let's Bonk.fun
as well as a small portion of trading volume.
And the fees, this is the kicker here.
A portion goes to the development bucket for the team.
A portion are allocated to their bonk sole validator.
And then a portion buys back and burns bonk tokens.
So we saw a lot of the Solana community,
A lot of the Solana community, a lot of the meme coin community kind of rally around this
a lot of the meme coin community kind of rally around this.
as a pump fund competitor who is putting the funds back into the ecosystem,
primarily through that buy back of the bulk token.
Whereas pump fund, I think folks are viewing rightfully or wrongfully more as extractive. I think for the first time, we saw Pump's meme coin market share
fall below 90% over the weekend.
So that was one of the immediate impacts.
And then Bonk, man.
Bonk was a huge winner.
It's up 64% on the week,
back to 1.8 billion.
So Farcoin briefly flipped Bonk last week,
and now it's down $700 million.
So Bunk went on quite the run in response to this.
And rightfully so, if you think that Let's Bunk
is going to have traction,
then that Bunk meme coin is very interesting here.
Certainly, it's crossed my mind.
I have not bought into that disclosure.
But the other impact is, man, this Solana meme coin board,
I'm pulling up DAX right now.
One could describe it as electric.
So let's go down this list.
House coin, huge winner of the week, and arguably the biggest winner of the week.
And it's up 24% on the day at 69 million. I think that's up something like eight to nine X
from local lows this past week. This comes after Ansem did a double hard shill on the token. I
believe that was Friday afternoon,
describing it as one of the perfect meme coin setups that he likes to look for,
a community growing through a more quiet bear market.
Disclosure, I have held this one for a while.
I think we talked about it on the show.
It has become one of my larger meme coin holdings.
I agree with Ansem's thoughts.
This one always stuck out to me.
It's got the very clean, silly, but reliable narrative.
If we're going to flip the housing market,
you've got folks like Vapital who are loud voices
just talking about how Zoomers can't afford houses,
so you just buy house coin instead.
And then the other wild card, if you haven't been following this,
they've been doing a pretty large boots on the ground campaign
to spread the house coin message.
So they were hanging posters in the streets of LA.
They were on bridges in Chicago this weekend,
just probably a mile from where I live,
spreading the gospel boots on the ground.
So that's some serious hustle. My gut take on this one is it's going to go higher. I think we're
going to consolidate in this new range at 70 million. Perhaps we see a 30% pullback. A 50%
pullback would probably surprise me.
I think it goes past 100.
And then when it goes past 100, we're going to see, okay, how strong is this current Q2 2025 meme coin market?
Because I'm not sold that it's super strong.
We are nowhere near back to December 2024, January 2025 levels. We're nowhere near that. Daily runners are going
to $2 million to $3 million range right now versus $20 million to $30 million. So we're off by an
order of 10X with kind of the upside. But on the flip side, it feels healthier. So now is the kind
of time where you can actually start to get into some of these and build positions.
So I like house.
I'm long that one.
Going down this list, Hosoko Cat.
I'm not really familiar exactly with what this is.
It was, I think, featured as one of the premier Let's Bonk token launches, I want to say.
I think Bonk Guy is behind this one,
perhaps driving some of the action here.
So it's up 150% now at $30 million.
Quite the run from this one.
So I don't hold this one.
As much buy, sell, hold, I don't know.
Bunk guy makes a lot of predictions.
Some of them pan out.
Some of them don't.
I think I'm a sell Hosoko.
I'm not a Hosoko backer here.
So let's go down the list.
Another trend that we've seen in this recent meme coin market
is these viral topics that go viral on TikTok. Maybe they go viral on X and then someone spins
up a meme coin. You couldn't get on Twitter this weekend without saying this 100 men versus one
gorilla conversation. To set the matter straight, of course, 100 men can defeat one gorilla. Anyone who's on the opposite side is
out to lunch. It's just an absurd take
to think that one gorilla could beat 100 men. We
conquered this earth with our bare hands, with
tools that we were able to make. We can take one gorilla.
From a crypto perspective,
what happened, of course,
is folks created a meme coin.
It ran to 5 million.
It was one of the big runners of the day.
I guess yesterday was the day this thing really ran.
It's selling off a bit now.
It's at $3 million.
I did trade this one.
Got in.
I made about a 50% scalp on this
this is one of those that if you're long this
you are long this meme is going to continue to go more viral
my gut is the meme
the virality of this has peaked and we're probably on a downtrend
so I'm probably on a sell MVG but
hope that it continues to do well
another winner of this weekend was this troll token.
It's up 50%, 22 million.
It's been one of the bigger winners of this past week.
This is a weird one for me.
I don't really see a whole lot of troll talk on my timeline
other than people just talking about price action.
I mean, it is, I think, a pretty OG meme. I think there were some
PVP wars that kind of played out with this one. Caused a little bit of fun last week.
I did not hold this. I haven't really traded this one. Chart looks okay. So we had, it went to 30
million, pulled back to 12. Your standard 60% pullback. It's now doubled off that local bottom.
If I have to pick here, I think this one probably goes higher,
but I'm not trading this one.
Trade carefully.
Trencher was another runner.
It's getting to that $10 million range.
It's up 55% on the day, now at $8.5 million.
I think there were some stories about the artist on this one.
I saw some comparisons to the chill guy situation.
Certainly grinding up.
I don't see this meme.
I don't see it on my timeline.
And for that reason, I'm out.
An interesting one.
More of a microcap and disclosure.
I had bought into this one.
This NEAT token.
Not in employment, education, or training.
I saw a lot of this on my timeline over the weekend. It feels somewhat related to house
coin, but I'm not sure I would necessarily call it a beta. The whole house coin mantra,
Zoomers can't afford houses houses so buy house coin instead
zoomers are going to be needs within the ai takeover it's going to be very hard for new
people to get jobs so that we're going to have a whole lot more people in this category
of not employed not in education not in training um and And what does that mean here for society?
It's a larger question.
On a zoomed-in microcap meme perspective,
this does feel like a narrative that's got more legs.
It's not tied to some kind of a viral trend.
It's more of one of those organic memes
that could perhaps have some legs.
So I think this is an interesting one.
It's a microcap.
It's at $3 million. Of course, understand this would go to zero at any time. I have not
done a deep dive into who the holders are, how much they're holding, that type of thing.
So tread carefully. Folks, give me 30 seconds and I will be right back. Quick break.
All right.
Sorry about that.
But we are back.
Let's see.
I've gone through most of the – okay, let's talk about some bigger memes. So I went down this a lot aboard. Pingu. Man, I feel like I haven't gotten to talk
as bullishly about Pingu in quite some time, but this is a fun one. Folks, this has been one of
the biggest, single biggest winners in crypto on the entire week. Let's see. Seven day. Pingo's up 132%. It's back to 1.2 cents,
$700 million market cap, $750 million market cap, over 1 billion FDV. I think it started rallying
as I think Lucas shared in an interview that he bought $5 million worth of the token.
I think they're also kind of giving some incentives right now for Pingu content.
On the timeline, early reports out of Dubai and token seem to show that Pingu is everywhere out there.
So the brand, the culture, it's out there.
The founder is buying back in.
And if you look at the chart, I mean, these are the charts you look for
in a token that you think has some longevity.
You've got the long consolidation, perhaps some time capitulation,
and then it starts to curl, and it looks like the bottom is in.
This is where these get interesting.
So I did rebuy some Pingu here over this weekend in disclosure.
And the thing is, all-time high on this is over 5 cents, right?
So we're still 80% off all-time high.
There is some room to run.
So I like the upside on Pingu quite a bit still at this level.
But of course, $750 million market cap,
$1 billion FTV is not small by any means.
So it also had an impact on the NFTs.
Those Pudgy Penguins folks, they're back. 12 ETH, 11.85 to be specific.
But they're up 10% on the day, 21% on the week.
So nice little move there.
So that token having some impact on the NFT market.
The other one, shout out to our good friend OSF.
So Rekt.
The Rekt brands came out with a surprise announcement on Friday that
they had been doing some buybacks of their own. I want to say $100,000 worth of buybacks. I think
it came from drink sales. I'm not exactly sure where the income came from, so don't quote me
on that. But this is another one that's up quite a bit.
It's up 77% on the week. It is at a $20 million market cap, $34 million FDV. If you take a look,
it's a very similar chart to Pingu. It had that nice run in December. Let's see, market cap, hit $130 million market cap, December 18th.
And now it's back at $20.
So we're at 6X.
It's an all-time high here.
Folks, I shared my drink reviews of Abstract Apple, their new flavor.
And I'm not kidding.
It is a very good drink.
I had more over this weekend.
I'm a fan of the flavor.
So they are producing an actually good product.
We're already seeing glimpses out of Dubai and token that the rec drinks are everywhere.
I can personally vouch that down in Miami, those rec drinks were everywhere,
which perhaps is one of the catalysts for that December run.
When people had the drinks in their hand, it's more top of mind.
And they like it. And then they start to think about the token. So maybe this will be one of the catalysts, but I like to bet on
OSF. He's clearly betting on himself. I think that buyback was a huge message to send to the market
that he is not going anywhere
and they're betting on this thing.
So I think you have to love that if you're a holder.
And if you're looking, at a $20 million market cap,
you could buy a pure meme like the troll coin
or some of the other ones that I rattled off,
or you could buy more of a meme coin tied to it,
a real team and project driving it forward.
So disclosure, I did buy some of this over the weekend as well.
I am long wrecked once again, and it feels good.
It feels good to be long wrecked with the homies.
I think that goes through the meme headlines that I wanted to talk through.
NFTs, just quickly to round things out,
a good friend Jeeps shared that punks did hit a new all-time high.
Not all-time high, sorry.
Punks hit a new local high in ETH terms.
Finally broke through that 44 ETH level, hit 44 and a half ETH. I think that was
a high not seen in over six months, I want to say. So nice little move there.
Talked about the pudgy move. The other story is this class action lawsuit that came. This was
just announced this morning as well. It looks like plaintiffs are coming after Nike. $5 million lawsuit over alleged NFT securities violations.
Plaintiffs are alleging that Nike's marketing
propped up unregistered securities
tied to those artifact NFTs.
Investors claim they were blindsided
when Nike pulled its support in December 2024.
Lawsuit claims consumer protection violations
and seeks damages for lost NFT values.
I guess not a huge surprise to see this one come out.
I was personally impacted by this.
I still hold those artifact shoes.
I forget what they're called now.
It's been so long since I looked at these things.
Oh, the crypto kicks, I want to say.
Man, I thought those were elite digital collectibles
at a point in time.
Maybe they still will be,
but I feel like the odds of that are substantially less
at this point in time.
A lot of people are upset about this artifact situation.
I think this also comes, what, just a handful of days after the art was situation i think this also comes what just
a handful of days after the art was briefly taken down on openc based on where they were
supporting the images so not the best situation here for the artifact nft eco if you were impacted
by this i'd say maybe pay attention to this. Maybe you'll be able to get a little bit of cash back. So look out for that. I think that's it, guys. I didn't know how long I'd be
able to go solo. We're at the 45-minute mark. So had a little bit to say. Thanks for bearing it.
Thanks for sticking with me here this morning. It's kind of a fun solo stream, if I'm being honest.
I think what made it fun was that there's a lot of action.
I think that's one of the bigger takeaways from the show today
is that things are picking back up.
I didn't really kind of come to a conclusion on the memes, meme market.
I'm not saying anyone should dive in and buy these tokens I bought,
but I do think if you are a person who has traded memes in the past,
and perhaps you took some time past, now it's time,
and perhaps you took some time off. Now it's time to start paying attention. Maybe make some smaller trades. Get in there. Get your muscle memory back because it feels very non-zero that
we're going to start to see some bigger action out there. So time to pay attention. And, uh, typically it's sell may and go away as a, as easy put it
this year, it might be buy in may and pray. That's what I'm aligning with by may and pray.
I, in fact, I've been, I've been buying an April and praying quite a bit. Uh, so hopefully that
strategy plays out. Hopefully we will have a fun summer
like Standard Chartered predicts
with a new Bitcoin all-time high
in the next few months.
We will see if that comes to fruition.
Folks, tomorrow we will be back
as normal with our streams.
Amanda will be on with me.
Logan will be on with me.
So we'll be back to business.
Oh, double yeet spits.
We'll have double yeet action tomorrow as well. As for today, that's going to be it. That's our show. I want
to thank our listeners. As always, thank our partners. We'll be back tomorrow, 10 a.m. Eastern.
Until then, go make it a great day. Goodbye.
