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FOMO HOUR: Bitcoin Hits $110k, Alt Winners and Launchpad Wars
Recorded: May 22, 2025 Duration: 0:58:49Space Recording
Short Summary
Bitcoin hits a new all-time high of $111,700, signaling a bullish trend in the crypto market. Meanwhile, Avalanche partners with FIFA to launch a new collectibles platform, while a major exploit threatens a DeFi protocol on Sui, highlighting the ongoing challenges in the space.
Full Transcription
Thank you. GM, GM, everyone.
We're going to start the show here in just a minute.
We're giving it some time to get our speakers up on stage while we wait.
A few shout-outs. Husker, Erking, Joe B, GM, GM, Emlo, Medex, CJ, Harry Christian,
the homies, GM, Nick, D-Gentai. D-Gentai up at the top of that yeet leaderboard.
How about that? Shout-out to D-Gentai.
He's the yeet goat right now. He is. He's the Yeet goat.
He's always up there. He really is.
Who else we got? Poria, T-Block,
Danny, Admiral, Le,
Kazi, GM,
GM, MP Boogie. All right.
Good handle.
Sims, whenever
you're ready, let's kick it Thank you. Good morning.
Good morning, everyone. GM, GM, and welcome to another episode of FOMO Hour.
Today is Thursday, May 22nd, 2025. And depending on where you're at in the world, it is still
Bitcoin all-time high day. What a day. Bitcoin smashed through all-time high.
111,700. I think I saw it peak. It's at 111,000 right now. A lot of other coins are moving too.
And the question, how high are we going? We're going to break it all down on today's show. No
Farouk. He's traveling. He's got some meetings today, but we've got Mando and Logan in the house. And GM, how you doing? What a GM. What a GM. It was volatile yesterday, but it was good.
It's good. I'm expecting a same sort of day today. I think we're in some clean air at
the moment. You never know where this is going to end when Bitcoin starts breaking all-time highs.
But it's been a fantastic 24 hours.
It's been fun to watch.
And how volatile it was yesterday.
We got the technical all-time high hit.
An immediate sell-off, like 3.5%,
just to wipe some folks out before.
It'll happen again today, just to let you know.
It'll happen exactly the same.
Every day.
This is your first Bitcoin all-time high, which I don't know if it will be.
But know that every day is super volatile.
You'll get a good entry.
Well, it certainly played out like that yesterday.
Logan, GM, how are you feeling today as we celebrate Bitcoin all-time high?
Yeah, good morning.
I'm feeling well.
The weather is still miserable here, but the market cheering me up a little bit.
I got a text from my dad this morning asking me about what the easy and hard roads were.
So I'm hoping we're getting ready.
That's probably a bad sign, actually.
Let's address that question for your dad.
But I hope we're getting ready for easy road.
Man. Well, your dad. But I hope we're getting ready for easy road. Man.
Well, your dad's clearly on top of it.
And as for the weather, who cares what the weather is right now?
Like it's easier when the weather's bad, it's easier just to stay in.
Lock in on the screens a little bit.
Because there's been a lot of action.
Wasn't sure if it was going to be just a Bitcoin rally with alts lagging,
but it looks like some alts are starting to move.
So we're going to talk about that on today's show.
We're going to go through the market report.
We're going to go through the SWE exploit.
Cracking breaking news, they're launching tokenized stocks.
Solana Mobile and a new Solana ecosystem token tied to that.
LaunchCoin and BelieveF, they've got some new competition,
a new rivalry in the ICM markets.
We've got FIFA dropping on AVAX Plus.
More before we dive in,
shout out 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 logo, it's everywhere.
An icon of trust in crypto,
as recognizable as Visa at the checkout.
If you want to learn more,
follow at Wallet Connect on X and Telegram to stay ahead of what's next. We love our partners
as always. Mando, if you're ready, let's get into it.
Can you dig it?
GM, everyone. everyone so yeah we did
we kind of already
touched upon it a little bit
but we've seen
Bitcoin
smash through the all time high
it just flirted with it
touched it
and then
dumped a little bit
I think
I bought
I bought
ETH back
I think at
was it 24
yesterday
one stage
I think it was
there was definitely it was.
It was 24hand. There was a few of these which just wicked
horrifically.
Yeah, it was there,
right? Yeah, 2460.
I definitely bought some back there.
It was a...
I think we're just going to keep on seeing this.
It's starting to hit.
Mainstream's starting to pick up on it.
CNBC's run articles, you know, Bitcoin all-time high.
Yesterday was not a great day for macro.
So what you've been seeing in macro is bond yields have continued to go higher.
By bond yields, by the way, I've just been like people's perception of what interest rates are going to be in the future.
And those continue to go higher and because of the high amount of debt globally
you know us 10 year we've already spoken about if this goes up above five percent it's going to be
it's going to be a bit of a worry and the stock market is starting to react a little bit so it
was down yesterday on the back of that which is um which wasn't a great sign and this is not just
in the us either like japan is is where people are most worried about.
And their bonnials just keep on hitting new highs.
So strange one and increases the worry about tail events.
Ray Dalio is out there at the moment being like,
you need to pay attention to this.
Like this is all going to end horrifically.
And I don't think he's necessarily wrong,
but I don't know if...
I think crypto could do well, let's say,
as one of the assets that performs well,
even in that environment.
Gold will be the other one,
but I do think that's why Bitcoin is so strong at the moment
and probably why dominance has remained so strong as well,
because this is not like a rip-roaring rally
that's taken us to all-time highs.
It's been one where there's been fears
just around the chance of some sort of crazy thing
happening in the bond market
and that nuking everything
that's kind of taken Bitcoin at least higher.
Bitcoin dominance has come down a touch today
because ETH rallied and most of the L1s also rallied.
He's had a little bit of an altcoin season.
It's amazing how much alts move with just a small dip in Bitcoin dominance.
Do you know what I mean?
Yes.
Bitcoin dominance has gone from, it's down half a percent today.
How nuts is that?
And you've seen big moves across the board in old coins the biggest
ones have probably been hyper liquid continues to grab the attention it's one of the few coins
here which is about to break through all-time high um and that was what it achieved back in
december so it's at 31 i think the all-time high was around 34, 35, but a lot of positive momentum right now.
I think the fact that James Wynn has got this, like,
unbelievably massive trade on Hyperliquid
is very good advertisement for the whole thing as well.
And it's been, yeah, it's been a good trade, I think,
for everyone who's kind of been in it.
The other big move is you start
to see some of the the the major meme coins move i would say so fart coin finally broke 1.5 definitely
been one of the better performers over the last 24 hours mog has had a decent move. You've had, I would say, yeah, ETH memes and some,
I guess it says WIFT did okay yesterday.
Yeah, memes are definitely picking up, let's put it that way, and AI.
Those narratives are coming back as the things that people want to own.
I'd still be wary here just because I don't think participation
is anywhere near as high in
this rally as it was in previous ones. And I think it's mainly around Bitcoin. So, but it does feel
as though if ETH can keep going, then an altcoin season can still, can still be, um, still be
talked about and people will automatically get drawn into the most risky, risky stuff.
Right. Macro news.
I think the biggest like crypto wide headline has been coming out about these these exchanges now moving into tokenized assets.
And it's moving quite quickly now. You buy it, do it earlier in the week.
And then today you've had Kraken come through and and say we're going to do it too it feels as though the next move would
really be coinbase here they had spoken about doing tokenized coin coin stock if you remember
on their platform if they were to move it to other ones that would be a very big
um a big move particularly it would be for global users I don't think they do it in the U S but they clearly feel like they can do
this.
So I think that's a good sign.
Other signs of like massive risk taking other than James Wynn funding has
not gone that high across the board.
It's remained pretty low,
but open interest has gone high.
So I think there's a lot of people coming in and doing the basis trade,
but, um, but yeah, it's not normally last time Bitcoin, but open interest has gone high. So I think there's a lot of people coming in and doing the basis trade,
but,
but yeah,
it's not normally last time Bitcoin,
like when above these sort of levels funding, like really spiked,
really,
really spiked.
And it hasn't these time,
these times.
So it probably points to the idea that we've probably are in a market of
depressed funding for,
for a while now.
And I think that will change.
There was a big deal for world coin they got 135 million led by um a16z and then we've seen this morning that that one of the
major defi protocols on sui is facing um it was it was still unclear to me because i'm not a dev but
like there was talk either being hacked
or that the Oracle provider, the major Oracle
provider for the DEX had been
facing an exploit. Either way, there is
someone draining tens of
millions of dollars from that platform right now
and bridging to other
chains. I think he's bridging
to ETH.
Interestingly,
Sui just hasn't really reacted i think people just know like whenever
this sort of stuff happens you're meant to like five a dip but oh no it's reacting a little bit
more now actually like when you like rallied which i thought was like kind of strange but
uh we've spoken about that we don't really know what happens on sui that that often this was one of
the few major defi protocols on sui and for it to get hacked it will really affect their tbl i don't
can i bring it up live sui tvl um sui tvl right now is down 10 it's it's it had gone above 2
billion it's now at 1.9.
I don't know if that's even delayed.
I would imagine a lot of people taking their money off Sui right now.
And then some other headlines.
Obviously, this is a period right now
where you're getting headlines from chains.
There's a lot of Solana week,
Sui week, AVAX week.
Avalanche announced their partnership
with FIFA today,
which I thought was big,
but maybe not as big as people were making out to be.
And yeah, that's about it.
Yeah, that's a great rundown.
Maybe let's just dig into the SUI exploit a bit,
and then we'll go back to Bitcoin and majors here.
So I think it's still a little unclear exactly what happened.
So let's start there.
I thought this breakdown from Abhi was pretty good here.
So basically CEDIS protocol, one of the primary LPs on SWE,
suffered a significant exploit, it looks like.
like and then the exploiters have been draining the lps uh what happened in the wake was basically
And then the exploiters have been draining the LPs.
all the top tokens on swi instantly dropped 80 to 90 as the their liquidity pools were being drained
we see it still now so like the number one like lo-fi it's down 75 percent this hippo token down 80 percent squirt down 90 percent
um so that was a part of the immediate impact there it looks like it was 200 million in total
so far that's what the early reports are saying so fairly significant as you mentioned they've
been taking some of it off uh off chain think the USDC token on SWEED
de-pegged quite a bit during all this as well.
I was unable to find the specific chart for that.
I think a couple reactions on my side.
So the SWEED had reached $4.20, $4.20
right before all this happened.
Likely one of the bigger alt movers.
I mean, up five or six percent.
And then now it's giving back those gains.
I don't think it's a huge surprise.
What I haven't seen on the timeline, and maybe this is not surprising,
is a lot of people who were personally impacted by this.
It doesn't say a lot.
I've seen a lot of folks kind of racing
to talk about it
but I haven't seen anyone say
oh shit my hippo position is down
I forgot about Sui Dang
that was a big one
I think it hit like 200 million
so Mudang is up on the back of that
oh jeez
Mudang is probably the play
Mudang is probably the play. Mudang is probably the play, my friends.
Those candles are
tough.
It was...
I'm going to buy some Mudang.
It was $300 million.
Maybe
Mudang backers were behind us to kill off one of
their primary...
Maybe this was really about Moodang all along.
Moodang up 8%.
Come for the hippo, you better not miss, you know?
I wonder how Ovi's OG Moodang has been responding to this.
I should ask him how OG Moodang is doing.
We got to check in on the OG Moodang,
major Moodang token spread here.
I am curious what this means.
I think this is a bit of a blow
to SWE here and a little bit early
to react.
It was on my top
five, top eight
list of potential fastest
alt horses in a
Bitcoin rally. Now I'm curious if it gets
crossed off the list.
Logie, what do you think?
Yeah, it's really interesting because we just talked about not really knowing
too many people that are personally affected, yet at the same time,
it felt like this was a chain and a brand that just had a ton of momentum,
at least as alts go.
So same sort of thing for me, Tyler.
As far as considering
other potential baskets you know should a real and true alt season come around this was
of course an ecosystem that i i kind of had on my list is like hey definitely want to check this out
and to me yeah this this just feels like a major momentum staller you know kind of think about the
nba playoffs and things like that how you can just feel the momentum of a moment shift so dramatically kind of
feels like one of those events at the same time.
As Mando noted, a lot of these things over time,
you just get shrugged off, right?
So there, there,
it also presents a pretty clear opportunity likely with any very legitimate
tokens. It's difficult with meme coins, of likely, with any very legitimate tokens.
It's difficult with meme coins, of course, but you pull up Walrus here.
Any other legitimate ecosystem assets here on SWE that you have conviction in, should you already know them,
or that you had interest in potentially learning about, now is maybe a really good time to kind of like dig your claws in a little bit and see if there's something of substance here as attention and as, you know, feelings about SWE and these particular protocols may be kind of at a local low, I would imagine.
So I think you could go both ways. For me personally, it just feels like a, yeah, it feels like a definite, like a reset stall
of a lot of momentum that it's been building
over the last couple of weeks.
I think you brought up a really good point.
And like, we've seen this before.
If the team comes out, addresses it,
you know, perhaps finds a way to make impacted users whole.
I think this is a blip that you can get past.
And to your point, maybe it slows down near-term momentum,
but with the financial power behind this one,
with folks like Raoul Paul behind it,
I'm definitely not going to cross it off the list of runners.
I would not bet against SWE making a new all-time high in 2025
let's just say that yeah i think one of the things i'm trying to like hit myself over the head with
a little bit more recently too and i think mando has said this on the show and i think osf has
tweeted a handful of times as well as like just like needing to be okay with buying the really
bad headline stuff yeah you know what I mean?
if the,
you know,
the conditions are right for it. Like,
of course,
if SWE or any other thing had bad headlines,
you know,
and,
and it wasn't a real protocol or whatever,
then you may not buy it.
But if you actually like believe in SWE,
you know,
I'm not a foremost expert on it,
but if you actually believe in it,
like these really bad headlines present themselves with great opportunities. And I'm trying to get better,
just emotionally myself as like being okay, you know, cause I'm just like everybody else. And
when the bad starts piling up, you get sheepish and scared. So I'm trying to beat myself over
the head with that type of stuff that like, Hey, now may be the time, right? For those that are seeking an opportunity.
Yeah, very good call.
Well, let's go back to the big dog.
We had to talk about the SWE exploit,
but the biggest news of the day still by far.
Bitcoin, new all-time high.
I think it hit 111,700.
111,750 overnight.
It's still hanging out at 111.8.
Okay.
It's still hanging out at 111. Okay. It's still hanging out at 111.
Logan,
your dad,
he texted you.
I think that's a great question.
Are we on the easy road or are we still on the hard road?
So we're referencing,
Kobe who it was,
John something who basically said the road to 110 K is the hard one.
And then the road to 200 or 250K is the easy one.
So do we think we finally have broken through 110K for real?
I don't know if that's directed at me,
but I don't think I'm quite ready to say that we've broken through,
but it feels like we're getting ever closer.
That's what I'll say.
I mean, it was just a couple months, which feels like eternity,
sort of this choppy stuff.
I mean, we're not too much above the all-time high that we set when.
Was that November?
The first 108 or whatever?
It was mid-December.
December, okay.
So, I mean, five months.
It feels like much, much longer than that.
I think we're getting close.
It's just, it's difficult for me to, you know,
I didn't pay close enough attention to, like,
the Bitcoin moves during the last cycle.
I was more focused on NFTs and stuff, like, you know,
like a lot of folks were.
So it's difficult for me to remember the potential violence.
I saw somebody tweet this morning, you know, about the move in 2017. It might have been Moon Overlord or something like just how violent it can get, how swiftly you can go up. It's difficult for me to know and feel and remember the easy road for real. So I'm sure I'll know when we get there. I think we're getting closer. I don't know that I'm ready to say we've maybe hit that accelerator path just yet.
I'm looking back at 2017.
This was really before my time.
April 2017, Bitcoin was $1,000, and it ran to $17,000.
I think that's the type of banana zone move folks are talking about.
And then 2021, the parabolic move from October the year before,k up to 63 in a full 50% drawback by through
summer into late summer so like in July bottom and then November was the peak 67k before the
that bear market started what number do we need to hit to think that we're safely on the easy road?
Is it 115, 120?
For me, again, not the foremost macro expert,
but a really big psychological for me would be more like 125K.
I don't know why.
That's just the number that stands out to me.
Mando's going to have a much more, you know,
educated guess here, I would imagine,
than what I can provide you.
I actually have no clue.
That's kind of the good thing about this,
is that, like, when it breaks all-time high,
there's nothing in the chart that can tell you
when it will stop.
Like, if it's hitting new all-time highs,
you can judge from the last time it broke
where it faced significant resistance.
So I think the last all-time highs were 72.
And then when it broke that,
it kind of didn't really hit resistance until 90.
And then we battled around there for a while.
And obviously, it went all the way back down to like 72.
So when you say we've comfortably broken 110,
what I would always say, I always say this,
like you will get another chance.
You might even get another chance to buy Bitcoin below 100.
Just like have that in your mind.
So like when you're like, oh, I need to go all in.
The higher it goes, the less long you should be.
Let's put it that way.
So change that for your mindset a little bit more.
Yes, some of the altcoins will have some huge moves,
but you should have been longest at 80K.
And now you should know that the volatility is really going to pick up.
So even in a day,
like I sold,
I told you when we hit all time highs,
I was selling some of my ETH position.
I managed to buy it back five or 6% lower than that on ETH,
but that's not a small move.
I would always be wary of being max long at the highs.
You're not James Wynn.
Speaking of, big game James.
Let's pull up his position.
So at one point, he had a billion in this position.
A huge 40x long on Bitcoin.
He had 10x long on Pepe.
And it looks like he's also 10X long on Bitcoin. He had 10X long on Pepe. And it looks like he's also 10X long on SWE.
I don't know if that's been added overnight, but he is down a bit on the SWE long.
Overall, his position's up 24 million.
Notably, during yesterday's volatility, he went from being up 13 million to down 19 in like an hour.
So a $32 million swing,
but then it's bounced back and he's big in the green.
Well,
I didn't realize,
I didn't realize he got liquid.
He was going to get liquidated at 19,
at 19,
whatever it happened.
I thought that's what his entry was.
His entry is pretty fucking high.
It's high.
And he like,
he added to it.
I think at one point his, his point, his average injury was like 108.
Like to be long a billion from 109K.
That is ballsy, to say the least.
It is ballsy, to say the least.
What's been going around today is his pinned tweet.
I don't get this guy.
He's shilling Moonpig right now?
Oh, yeah.
He is shilling Moonpig hard.
I'm just so confused about everything about this.
And Moonpig?
Why would he be doing that?
Why does he need to do that?
So many questions.
Apparently this guy, I think Farouk said yesterday,
I have not dug into this. Funded from an Alameda source. Why does he need to do that? So many questions. Apparently this guy, I think Farouk said yesterday, there's,
I have not dug into this funding from like an Alameda source.
He was early to the pay trade,
bought Pepe at like 3 million or 300 K or something absurd.
It made some huge Pepe calls.
And now he's just along with a $1 billion position with Bitcoin.
That's not enough for him.
He's spending the rest of his time bullposting moon pig,
a new mean coin that I'd never even heard of before he was talking about it.
It looks like this thing has actually been around for a little while.
But he sent it up 160% in the last day.
So this is the top meme mover on the board now.
Closing in on a hundred K and if a big game, James is behind it. That's a, closing in on 100K. And if Big Game James is behind it,
that's enough for me.
Just closer, I did buy some of this before the show.
Of course, here we go.
I'll ride with James Wynn for a little bit.
But what I wanted to talk about was...
He's now called Big Game James.
Is that purely a moon pig thing?
Is that now changing moon pig thing? Is that now change your terminology around him?
I feel like we're good buddies now that we share the same meme coin position.
So we're getting a little more chummy.
Are you in a chat by any time?
You might as well get into the moon pig whales.
I wish.
I'd be a lot richer if I was.
To the moon pigs, you know?
I'll get on that after the show, see if I can jump in.
He was running a spaces yesterday too.
It's just like a wild thing to do.
But this is his pin tweet.
He is saying that we're in the hope phase right now.
Oh, April was hope.
May, June optimism and saying a July blow off top.
May, June optimism and saying a July blow off top.
I don't know exactly what numbers he's calling for here.
You would have to, I mean, that looks like 150 to me.
I've never seen this shot before.
What is this shot?
I know we're not.
I think I see this chart of course uh i don't i've never seen this chart before once in my life when i used to trade and try and then i came to crypto and it was just like the only chart that
anyone looked at yeah i'm with you there but i think it's an interesting discussion on kind of
where it is where do things go from here so basically this thesis is that bitcoin blows
off top this summer july and then we dip back down and like following this like we would
potentially dip back down to like 100k below 100k which to me is kind of hard to fathom
that we would what would send this to 150k and then all the way back i feel like if we went to like 100K below 100K, which to me is kind of hard to fathom.
What would send us to 150K and then all the way back?
I feel like if we went all the way back
and gave that up.
Global liquidity has come down a bit.
Global liquidity has come down.
So I would say,
and this again is just my history
of altcoin season
is that they are generally two to three weeks
long.
And I would say it maybe started even a week ago with,
with,
with Pectra.
So I would say maybe we have two,
two weeks,
maybe three.
And then,
I'd be wary.
This is just my,
like people always think that altcoin season
lasts for months. They do not. They really,
really do not.
If that's all we're going to get,
it's going to be a little disappointed.
But you can still have
stuff go to a billion. I'm not saying...
It always moves so quick.
Peanut went from
150 to a 2 billion.
You'll see a few more of those stories.
Yeah, I'd just be wary.
But if you think it's going to last until July,
it's probably going to last until June.
Do you know what I mean?
Yeah, I think that's fair.
I don't want us to forget that Ethan is up 40% already.
Yeah.
And since May 7th.
So in the last two weeks, it's up 1,800.
No, 2,700.
Nice. It's actually going up quite a bit.
It's not the only...
Where was the peak for most
alts? It was like December.
Solana kept on going, but most
other things kind of peaked.
Like the first week of Jan
maybe? Or like the last week of Jan, maybe.
Or like the last week of December it was.
Yeah, I think what-
And that started, yeah.
That was eight weeks.
That was six weeks ago, wasn't it?
Well, a lot of people are going to misremember
how the meme cycle went and think Trump was the top.
But in fact, memes actually topped in early December
with Doge.
Right.
And then fell from 137 to 40 wow 100 billion so how long how long was that let's just have a look at that
so peak to peak to peak and the meme coin market cap was from november
when what was that dip there so that was the the 11th. So that was the election.
Yeah.
Yeah.
So like the election.
So let's say the 5th of November.
Yeah.
Yeah.
That's what I would say.
And then you got a month.
And I would say there's less participation in this one.
So it could be less.
Things can go wild in that time.
Yeah.
It makes for an interesting June setup for sure.
I want to dig into what has been moving.
So, I mean, clearly the top alt is hype.
I mean, man, this thing is going 31.50 now.
I'm out of position on this one.
It basically feels like we're kind of getting into price discovery.
The highest daily daily closes 32.
It did wick higher.
It went to about 35.
but,
but it's,
it's basically an all time high as I haven't seen the hard data on this.
The,
the team they're printing fees and they're buying it somewhere between three
and $5 million back of the token per day.
Um, so, I mean, it's got a good narrative it seems like a lot of folks behind it good fundamentals arthur hayes is calling for a hundred hundred per hype token do we think it gets there do we
think this is the the main alt yeah yeah i I do. I think it goes to 100.
I think Pups also goes to 100. Arthur Hayes
has been very good at calling these sort of things.
Pups?
You heard it
here first, Pups.
Arthur Hayes, wild predictions for every single altcoin that he owns.
Literally, he just says every single one that he
owns is going to multiple
billions.
I think Hyperliquid could,
but that would flip Solana, just to be clear here.
So keep that in mind.
It may.
It may.
Yeah, I don't know.
It looks expensive on some metrics.
On the buyback, I know it looks expensive on some metrics on the buyback I think it looks expensive
and on the but on the chain metrics it doesn't but you know when people try and compare it they
always compare it against they always compare it against Ethereum rather than Radium and that's
that's an interesting one I feel like I've been overly cautious on this one ever since I exited.
And your comment on late,
it almost feels like late longs entering here. I mean, it's already made a huge move.
I'm very, 100 is such an easy number to call out.
But then you're saying it is literally,
it's going to be the same FDV as Solana.
That doesn't feel right.
That doesn't really pass the, the sniff test,
the gut test for me.
Now,
if Solana doubles and Solana's at 200 billion,
could I get to a hundred?
You know,
I think that's a different conversation perhaps.
So I think you need to see some more upwards movement quite a bit in some of the other alt movers
to get there
what also seems out to me is like why
are other protocols not copying
this model
like it just seems so obvious to me
so what do you mean by that
there are lots of other decks
buybacks
there's loads as GMX
none of them have just managed to get to scale.
I don't know what has worked for hype and what didn't work for the others.
That is a very good question.
Like why did hype work so much better than the others?
Yeah.
I think mainly because it got people,
everyone got hooked on the airdrop.
And it is a better platform.
So the, and it is a better platform. So,
and now it's got this flywheel
of liquidity staying there,
but I don't know
if there's not going to be a better
perpdex that comes out in five years.
Do you know what I mean?
This is not a moat,
a perpdex.
There's lots of different ones that get created.
I think it's interesting to see if they will go down the route
of tokenized stocks and stuff like that.
That is something that will draw even more people
to the centralized exchanges if the centralized exchanges
are the only ones that are able to do it.
There's a lot of rules around perps,
which this is why Coinbase doesn't have that perps
for a lot of things in the US, right?
Only for commodities.
There's a lot of questions with Hyperliquid
about whether they are really going to have to operate
in the same way that they have so far in the US.
Because Coinbase only allows Bitcoin and ETH,
maybe, is it, right now and maybe like other things
which are commodities um but largely it's a very difficult that's the one thing they are going to
regulate is perp dexes they've been pretty explicit about that so we'll see i like to be fair
hyperdike has been a great trade i'm not i'm not trying to fuzz a lot of i'm just trying to say
the things if you want to have your the things that you want to be aware of if you want to go big
in it is that you know that them facing some form of investigation or them um or yeah i think the
valuation one is probably fine like i think no one really cares about the valuation in the bull market. As long as James Wynn
is around, I think that's all.
James Wynn
has helped drive this.
We might even
give him full credit for the cyber liquid pump.
Even the move from 9.
9 to 30. We'll give it
to James.
The other alts, they're
pretty undeniable with the market flocked to.
And I guess WorldCoin had its own news.
But when I look at this board, it's AI and memes.
So you've got World, it's an AI trade.
Tau is the number six mover.
At one point, FET was up there as well.
Looks like maybe, yeah, that's top 10.
Then you've got SBX, Bartcoin, Floki, WIF.
So I think it's some clear signal, at least early on,
in what folks are going to be buying.
Farcoin, what do we think here?
It's just been grinding up.
I think Farrokh said $1.60 is the next level.
We're going to get to $1.60.
His charts.
Yeah, his charts.
We get to $1.60 and then we'll do the same song and dance
where we just consolidate dip.
It probably goes back to $1.30.
I'm just wondering.
It's remarkable as a chart.
It just looks so relaxed.
Do you know what I mean?
Like basically since 300 million,
it's just like this unbroken chain higher.
It kind of looks very similar to the Bitcoin chart.
That's what I was thinking a little bit.
Real dips just kind of gone higher.
It's unlike, I don't really
recall seeing many other meme charts like this.
I've been deep in the meme game
since
2023.
Typically, even like your outperformers, like Wythe had
three big 70% drawdowns
before it went vertical.
I guess Farquan kind of had that last year.
It had an early 70% dip.
This one's a, yeah, this is a 50%, 60% dip back in December.
So maybe early on in its life, it did.
Maybe the holder base,
maybe when the holder basis gets this big,
it kind of softens out the curve.
But like 152,000 holders on this thing.
It's almost been like too comfy of a hold.
Like, if you know what I mean?
Like there really hasn't been days where you're really sweating.
It's definitely the coin to buy on any sort of a bad day.
That is what park one is i think if it were to get a spot listing at coenbase or finance
or robinhood for example that would be the thing that would make me
more wary of buying a dip let's put it that way like if it would rally and then i would probably
tell somebody that that really happened just because i think that that's kind of part of the reason
why there's always such a strong bid for it.
People know it's always going to get,
it will get a listing sometime soon.
But yeah,
it is a very good
dip buying. I'm trying to think what else
feels just like that.
Pepe maybe,
but Pepe
is a bit more volatile, I would say.
At times
it's felt like, oh god, maybe that was it for the cycle
for Pepe.
It's really just been Bitcoin and Farccoin
which have felt
like that. I don't think there's really been anything
else. It's just like, yeah, there's always a
buyer for it.
Maybe Hyperliquid would be another one actually maybe hype but hype at times also felt really fucking bad right i mean this was a rough stretch for hype
like yeah right it faced the exploit it went from 27 to 9 no i mean since over the last month
over the last months it does look like hyper liquor was
another one of those coins that like if you didn't try it at the start of this move this
broader move like you didn't really get a chance to yeah it's been much easier since april 7th
that that is a fact sometimes i think oh man what is Fartcoin's explosive
mood? What's the catalyst? Pepe's four times bigger
than it. Pepe's hanging out
casually hanging out at six billion right now.
Don't speak blasphemy
about Pepe.
It hit
12 billion at peak? Pepe's going for
shit my friend. Pepe's going for shit my
friend. I want that to happen. I think
I think
all we want all the boats to rise. my friend Pepe is going to ship my friend I want that to happen I think all
we want all the boats
to rise here
that's what raises the ceilings
Trump coin is still at
I mean it's at 15 billion
it's the dinner this week
yeah dinner's tonight
oh wow
Justin Sun's in Washington.
Yeah, Bitcoin pizza day.
Trump dinner day.
It's a big day.
Is that a conspiracy right there?
Bitcoin all-time hard is happening
in the day that Trump holds a dinner.
That's a little bit conspiracy-like.
I'll get to take credit for it as well.
If that's going to be a thing, I'm going to need Trump dinners every day.
I mean, that's not out of the question either.
There's been two this month, and they are very likely to continue.
Let's keep going around the board.
The out-the-risk curve AI tokens had a nice day as well.
risk curve AI tokens had a nice day as well.
So I talked about the majors with Tau and FET,
WorldCoin.
I guess virtual was kind of even,
but there was some decent moves.
Cookie moved quite a bit.
So it's continuing to grind up on the back of its Infoify launch.
Wasn't sure if yesterday we were late.
Looks like no,
we weren't that late. It's up another
26% since yesterday's show.
So cookie back up to
250 million
FDV. Still 8X
off of Kaido.
So perhaps some more room
to run in that one. Ava is up
quite a bit. And then there was a new pre-sale yesterday.
One of the better performing pre-sales
in some time this
uh distributed ai token uh they're looking to kind of like an ai version of grass the grass
token i've seen it's like distributed compute you can run it locally on your machines uh to
empower like broader scaling of ai tools and products so this thing shot out of the gate
hit 50 million it's kind of been shopping a little bit.
So it was around 35 million.
The pre-sale was 15.
So pre-sale was up two and a half X.
The other one was the new LaunchCoin competitor.
So I'm not sure if folks saw this,
a bit of drama in the internet capital markets yesterday.
So LaunchC coin had been cruising
up to 260 million now down 25 on the day hanging out on 185 and around support the broader ecosystem
down quite a bit it was like 4 30 yesterday morning it's 300 million now so it's down about 30
and uh part of the driver let's see if i've got the tweet, is from a new competitor.
So Gavel came out yesterday.
Their model is a more,
they're going for more equitable on-chain token distribution.
Basically what they mean is a way to avoid snipers.
So their model is...
Yeah, go ahead.
This just looks so Silicon Valley.
It's not even funny.
Everything about that just looks like Silicon Valley.
We're going to gavel your new, our better VC.
I bet they've got a great presentation.
They've probably got like a nice little video
trailer for the whole thing. God, I just
may as well throw up my mouth looking at that.
completely.
So I've basically described what it is.
They have a little bit better model for
how these
ICM tokens, so
Internet Capital Markets team,
like a real builder is launching a product and
who want to launch a token.
They can do it.
It's not exactly like open public markets where snipers can take advantage.
They use like a presale.
So it can still be public, but in a more fair way. I think what caught everyone's notice was Raj, Solana Raj rallied behind this, totally rallied behind this.
Kobe said it was cool.
And someone's retweeting this.
So like everyone was kind of in the, a lot of people saw this.
It rallied.
They launched their initial token IBRL,
which soared out of the gate to 70 million, briefly 60 plus.
Sold off about 50% now hanging out around 40 million.
So a couple impacts, new launch coin, believe app competitor.
When this dropped, came out, everything sold off.
It was a massive liquidity suck,
which to me is kind of a sign of health or lack thereof
in this broader ecosystem.
Right now, that one 50 million dollar runner just
destroyed everything else on the board in the icm era sector like memes were were fine but then it
also forced uh ben pasternak to to respond so he immediately came out uh and shared an update about
their new website live more more endorsed launches happening,
which was the next round of FUD
because then this club token,
this founder launched this club token.
Pasternak responded with eyeball emojis.
So people start piling in.
Then the founder launched a second token, total chaos.
And I think that is what drove
this kind of second leg down on the one can i ask what do you
own now tyler i know you like you get involved in a lot of different stuff and maybe i have to
reveal everything but what are your main plays because i think my plays are a bit more bigger
things right now like i own right now in eath i own pretty much every major ETH meme coin. I own Pepe, I own to Mod, Rex, obviously.
Solana, I have Epic, obviously, and then I have a bit of Fartcoin.
But that's kind of it.
And I just bought some Mudang, actually.
A cheeky bit of Mudang.
Yeah.
What are you involved in?
What's the long tail of Tyler's portfolio?
Bitcoin and Fartcoin barbell is like 80%.
Okay.
Rekt is my third biggest position now.
I'm happy to report.
Nice.
So that's been a big one.
I've been getting into a couple other ETH memes.
And I actually trimmed 75% of my launch core position yesterday.
So that had been one of my bigger positions.
I think yesterday was a sign, A, that they're going to face more competition.
I don't know if Gavel is the one that's going to disrupt them,
but it's unclear they have a huge moat.
There's still a bull case, so I don't want to say I've given up on launch
corny.
If Fashionack and team bring some good founders to the table with good,
successful projects, it can certainly rally again.
So there's still a bull case,
but the bear case has a higher likelihood,
I think now than perhaps it did.
And then yesterday's flooded launch, I think was just another one.
So trim that I'm not really like I,
I had been dabbling in the
Solana meme ecosystem, but at a much
smaller scale.
Small bets just to have some fun on a daily day basis.
Nothing crazy.
So Moonpig's not
some massive position for you?
You're not all in on Housecoin or anything like this?
That's really
interesting, isn't it? Because I feel like we all
were involved in a lot more of those sort of coins
as Bitcoin was breaking all-time
high last time. Yeah.
I feel like I'm playing much tighter.
And I feel like
other people are as well.
That's my read. But Logan, curious for your
read on it. Yeah.
Same goes for me. I'm not
actively really doing too much. Some of that
was because I just got back from Peru and stuff.
But other part is because I feel just so much safer in some of those other assets.
And it also feels simultaneously foolish to be dumping money into Moonpig and shit like that when Bitcoin is breaking all time highs.
that when Bitcoin is breaking all-time highs. Well, you shouldn't feel that fast.
Well, you shouldn't feel that foolish.
Well, I don't know. That's just some sort of emotional feeling that is isolated to me or not.
But every dollar that I'm not putting towards a Bitcoin-type play, we talk about what has felt
like that safe grind, steady grind up, Farcoin, Bitcoin. Every dollar that I'm not putting towards those
just feels wasted elsewhere.
You know what I mean?
And I'm not highly confident
because I was not actively participating
in the trenches and stuff.
I don't have any feel for what's going on.
And as you noted,
one $50 million runner is pulling from everything else.
There's just not enough love to go around right now.
So if you are trying to, who knows, maybe enjoy your summer
if the sun ever shines here again or stuff like that.
You really are not enjoying the weather, man.
Go back to Peru.
I need to get back to Peru.
It's so bad.
You need to get out of there right now.
It rains every freaking day here.
But anyway, yeah, I mean, if that stuff ever comes around,
I want to feel a little bit better whilst still holding to an upward trajectory.
I just feel silly putting the upward trajectory. I just,
I just feel silly putting the money elsewhere.
I mean,
I'm looking at,
I'm scrolling this text board.
Like there's nothing going on.
Like there's not,
like not really any new memes running like a handful.
I mentioned Labubu to me today.
What's that?
Our social intern was touting Labubu very early.
He was in like 2 million.
Nice little 10X on that.
I guess this is one of the biggest moves of the day as well.
It's about 160%.
LaBubu.
I guess Asia loves these things is the pitch that I was told.
Asia loves this LaBubu plushie toy or whatever it is.
I don't know LaBubu.
But the intern's quite happy today
big on webo big on wechat we got a couple minutes left logy i wanted you to take us
through a couple other of the stories so the solana mobile story is actually pretty big
so can you give us the the quick rundown yeah yeah um so of course everybody knew the seeker
was coming it's a second generation mobile phone
following the saga what we didn't know and what was announced yesterday was that uh one pre-orders
will start shipping on august 4th uh so people who have placed the pre-order should expect phones in
the next couple months and then also too it's coming with a new decentralized sort of infrastructure
and architecture uh and perhaps the biggest thing here that I've buried is that the Seeker SKR token,
the native asset kind of of the Solana mobile ecosystem designed to be just that,
you know, beyond just one phone.
So this is not just like a Seeker phone, not to mix the two,
but not just a Seeker phone token token but really for the entire solana
mobile ecosystem so i spoke to uh the gm of solana mobile yesterday for the article it's up on decrypt
and you know he told me that they want to bring everybody along for the ride everybody who's
participating in this ecosystem and what they've done with tpin and sort of opening creating this
sort of decentralized open mobile ecosystem uh you know, which is designed to sort of think
about it from a developer perspective, you know, where Apple and all the gatekeeping
and all of those concerns, right, that have forever been brought up as it relates to crypto
apps and, you know, just apps in general, trying to make that an open network, this
open, permissionless, trustless network
for developers, users, participants.
And so that's where the token
and the infrastructure come into play.
Token to power things,
the native asset of that ecosystem
and the infrastructure,
which is called TPIN.
I'm not the technical guy,
so I'm not going to break it down here on the show for you,
but you can learn more about it.
That to help empower it, quite literally.
So yeah, I guess we'll see what it looks like.
We don't know token launch details.
We don't know tokenomics or anything just yet at this point in time.
But we do know the phone is coming in early August.
It's still available for pre-order, I think around $500.
So it's about 50% pre-order i think around 500 so it's about a five it's about 50
cheaper than the saga was um and it was it was interesting chatting because you know mobile
experiences for crypto thus far have been really hit or miss and probably mostly miss um you know
when i spoke with emmett holier um of solana mobile yesterday he mentioned that uh he doesn't
think anybody's cracked the code yet,
you know, and that's what they're kind of looking to do.
He said most experiences for crypto have been sort of,
hey, let's take this website and make it mobile responsive,
which is largely just kind of like shrink things down.
They're trying to actually, you know,
solve for and make the crypto experience usable on mobile.
So we'll see.
We'll see how they do.
It's a lofty vision.
It's interesting.
I've seen people interpret this as now Solana
has a second ecosystem token.
Yeah.
I asked him
pretty clearly why
launch this token when Solana
exists. It's already a great
token, great brand recognition.
And they want something that's purely representative of the Solana mobile ecosystem. I don't have the article
up in front of me, so I don't want to botch his quote or anything. But you know, it was largely
around those lines that they wanted something solely representative of the Solana mobile
ecosystem. It will live, of course, on Solana, you know, as a Solana token. Everything they do is built on Solana as well.
But they wanted something to represent just this mobile ecosystem
as kind of like an isolated asset from the rest of everything else that's going on.
I think it's going to have big backing.
It's probably going to have the Solana Foundation behind it.
Totally all those folks.
So it's going to be interesting.
We'll see if it's bearish on Solana.
My gut is that it's not.
I think you can paint them out here that it's separate enough and distinct
that it's not really a second ecosystem token.
But I did find that an interesting reaction.
We're almost out of time, Logie.
But the FIFA story, there's a lot of FIFA fans out there.
You wrote the article. Can you just give us the quick TLDR on this one? Sure. We're almost out of time, Logie, but the FIFA story, there's a lot of FIFA fans out there.
You wrote the article.
Can you just give us the quick TLDR on this one?
Sure.
So FIFA announced actually at the end of April that they would be migrating away from Algorand.
They have a FIFA collect, which is like Topshop, but soccer, football collectibles.
They announced at the end of April that they were going to be migrating to its own chain.
We didn't really know much more beyond that. The announcement from this morning is that they are building their own L1 via Avalanche. Avalanche is Ava Cloud
product, which just allows them to, again, control their own, basically their own layer one
blockchain. So other than that, that platform is migrating over. That's kind of the first step.
But they did indicate in the release that future business cases and use cases are being discussed. We don't exactly know what those are. I got a
quote there from chief business officer at Ava Labs who just mentioned that, you know, this is a big
win for potential adoption. People, you know, this is a massive, massive organization, as you
mentioned, tons and tons and tons, millions of fans globally.
And now moving, you know, to a blockchain with a bit more brand awareness, a bit more presence. No knock to Algorand, but how many people are using Algorand? You know, many more folks are
using Avalanche. And Avalanche-like products, and that's one of the keys here is that this move enables them to EVM compatibility, right?
So you can use MetaMask to collect FIFA collectibles
and stuff like that.
It just, you know, it seems kind of like a no-brainer
in terms of potential adoption.
Yeah, big story.
Avalanche, building momentum.
I think they've got good biz dev.
Got to give them credit for that.
I saw VanEck also launched
their Avalanche focused fund yesterday
as well. So there's a lot
of eyes on the Avalanche
eco for sure. So this will be an interesting one
to continue to track. Folks,
we're a minute over. I think that was a good rundown
today. Bitcoin all-time
high. Still hanging out. We'll see if we
are higher for tomorrow.
But as for today, that's it.
I want to thank all of our listeners for tuning in today.
I want to thank my co-host.
I want to thank our partner.
We'll be back tomorrow to round out the week with Fartcoin Friday.
Yeah, and some double yeet action.
Until then, go make it a beautiful day.
Goodbye. Thank you.
