Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
FOMO HOUR: CPI, ETH SZN and Abstract Tuesday with Ely
Recorded: Aug. 12, 2025 Duration: 1:01:49Space Recording
Short Summary
Ethereum's price surge to $4,400 and Tom Lee's $20 billion investment highlight significant growth and institutional interest in the crypto market. Meanwhile, Monero faces a 51% attack, raising security concerns, while new Layer 1 solutions from Stripe and Circle signal emerging trends in blockchain infrastructure.
Full Transcription
Thank you. GM, GM, everyone.
Thank you for joining us here this morning.
We're going to start the show in just a minute.
A couple shout outs.
Who we got? DJ. Thanks for joining us. Busy morning for you, sir. Thank you for joining us here this morning. We're going to start the show in just a minute. A couple shout-outs. Who we got?
DJ, thanks for joining us. Busy morning for you, sir. Joe B,
CJ, Poria,
GM, GM Cuevas,
Mr. Dax.
All right. Sir Pink, the rec guy.
Oh, Tyler, I think your internet's a little bit shaky.
Oh, no.
Hmm.
I wonder why my internet would be shaky here.
Yeah, you're like breaking up a little bit.
All right. Let's see something. Yeah, it shows super fast.
Maybe just a one-time thing. Is is it better now has it been more consistent
I think so
I'm hardwired in
so I think this is
you're all good man
sims I think whenever you're ready let's kick it Thank you. GM, everyone, and welcome to another episode of FOMO Hour. Today is Tuesday, August 12th,
2025, and holy smokes, what a start to today. I think it's ETH day. We just have to call it.
It's ETH day, smashing through 4,400, a new single day record on the ETFs. Tom Lee is going to buy $20 billion more.
Is this the setup to push to ETH 6K? We're going to break it all down on today's show.
No fro, he's still out, but we've got Mando in the house. We've got Logan in the house
and a special guest we'll get to here in a second. Mando, GM, how you doing?
GM, man, doing great. Yeah, it's another day where ETH looks like it's heading to all-time high.
It certainly does.
So it's a good day to have an ETH position on.
Logie, GM, how are you doing?
Hey, good morning, Tyler.
Feeling all right?
Markets hanging in there.
Looks pretty good.
10% away now, right, from all-time high for ETH?
Just about.
I think a touch more.
Want to look up exactly what the all-time high is.
I'm not exactly sure.
I think maybe 49?
I think it's 49.
CoinGecko says $4878.26, so $4,878.26 on November 10, 2021.
Well, it looks like it is in play.
And, folks, special guest on – we're on the streak.
We're doing Abstract Tuesdays.
We've got Eli at Proof of Eli.
He's the host of Max Abstraction, one of the top abstract shows and streamers.
Fun fact, if you've been with me since the Frientech days,
Eli created the Frientech anthem that I played for all the Frientech shows,
one of my favorite songs in web 3 history eli
gm how you doing thanks for coming on gm i'm doing great i throw my glasses once i realized
froke is in here this is my best replacement that i can do the hair the glasses i can't do the
accent but yeah i'm doing good i you know i woke up to eat400. I mentioned it on the show, pre-show,
but for the last two years,
I've been Solana, Maxi, hardcore, just trade meme coins.
And Abstract incidentally turned me into an Ethereum, Maxi.
That's all I touch pretty much now.
So it's a good day.
Fortunate.
A fortunate change.
Indeed.
And you do have the Froak vibe.
Yeah, you know, well, that's a...
More energy.
More energy.
Oh, well, guys, for 4,400.
All right, now we're talking.
I almost had a spit take on that one.
We'll have to lean more into that.
Well, folks, what are we talking about today?
We're going to do a market report, CPI this morning, what it means,
ETH pumping, new record on the ETFs, the accumulation race heats up.
We've got new L1s from Stripe and Circle.
What does that mean?
Monero's facing a 51% attack.
And then we're going to get into our deep dive into the abstract ecosystem.
What's popping off over there with Eli plus some Yeet action as well.
Before we get into it, shout out to our partners.
First up, 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.
And Kraken Pro gives active traders exactly what they need.
Deep liquidity, full customization, and 350 plus trading pairs.
Build your own layout with drag and drop modules and trade seamlessly across desktop or mobile.
Go to pro.kraken.com and trade without trade-offs.
All right.
Shout out to our partners.
We love them as always.
Amanda, if you're ready, let's get into it.
Mando, if you're ready, let's get into it.
Yeah, GM, everyone.
Sorry, not my normal setup.
But it is a very, very strong day again, at least just for faith.
We nearly touched all the time high in bitcoin we kind of dip
back down again and on that that bounce eth has has outperformed again versus bitcoin and xrp and
solana and all the other major l1s i think was one of the only alt coins or one only one of the only
coins in the top 100 up uh over the last 24 hours this morning.
We had a CPI print that came out just before the market opened,
which I think was mixed.
Core CPI was higher, although the headline CPI was maybe marginally lower.
I don't really think it changes anything,
but I wouldn't say it was like some super bullish CPI report.
Points to maybe uh
some levels of persistent inflation which you know i still think they're going to cut rates but maybe
just not at the pace that people thought they were going to and eith ripped on the back of that again
i think the main thing there is that these treasury vehicles and the etfs there's been a couple of
pieces of headlines so with the highest day ever for ETF inflows yesterday, we had over a billion dollars going into the ETFs.
This is now comfortably ahead of the Bitcoin ETFs, kind of day after day at the moment.
So it's looking very strong for the ETFs just in terms of new capital.
And then we had Bitmind, who now has already five billion dollars worth of
of eith has filed for a 20 billion dollar um at the money program uh which is an equity
shelf filing this doesn't mean they're just going to go out and buy that but they they basically
have father shelf to go and do that.
It's very similar to when Saylor's done it in the past.
These sort of figures are close to the figures that Saylor has done recently, but ETH is a much smaller asset.
So as Tyler said, I think in his tweet today, this is the route for them to try and get 5%.
They are being very aggressive about it.
They are being very aggressive about it.
And it's not just them.
And it's not just them.
You know, obviously you have a sharp link file yesterday to issue more shares to buy ETH.
And there were a couple of those.
I think there's Fundamental Global bought $200 million as well.
So there's a few at the moment just raising capital to buy ETH.
It does feel like Tom Lee's vehicle is the top one, though, at the moment.
There's obviously probably been some front running of that,
like a very public shelf island like that, I'm sure people kind of knew about,
which is probably why I was so strong going into the open.
But it doesn't feel like one of these things that's necessarily the right thing to fade.
Kind of makes sense that it would rally
with 20 billion of inflows.
I continue to, you know,
personally as a trader,
I'm continuing to reduce
and buy a bit of Bitcoin here
just because like with each successive
percentage point higher,
I think it's looking a little bit more frothy.
But yeah, I'm definitely not getting out of the whole position
given the strength in this thing at the moment.
Everyone, I think, on CT is very keen to play the rotation play.
And every single time it looks like we're set up for rotation,
it kind of gets burnt.
You know, there was maybe rotation into hyperliquid, And every single time it looks like we're set up for rotation, it kind of gets burnt.
You know, there was maybe rotation into Hyperliquid,
and then that dropped 5%, 6%. There was maybe a rotation into top meme coins,
and then Fartcoin dropped 20%.
Even Solana went all the way back down to like 172, 173 this morning.
72 173 this morning like um it's it's a bit of a graveyard
uh fading eath right now it's complete opposite of what it was like 12 months ago
which was everyone saying oh you've got to get back into e this will be the turn
and you just got burnt trying to do it every single time and it feels a little bit like that going the other way this time
so i'm i'm wary about about reducing my position too much even here
makes sense uh a lot of follow-up questions for you um where did they get i mean i guess one i think one somewhat notable about this move is it's mostly just an eth move right like we haven't seen
I think somewhat notable about this move is it's mostly just an ETH move, right?
Like we haven't seen a whole lot of ETH betas move on the back of this, really, right?
ETH betas have not been the trade.
ETH is now comfortably – I mean, when we were on this show and we spoke about ETH,
just when Sharpling was started, right um eith was trading around
2500 i think roughly it's now 4400 which is up 70 percent yeah maybe slightly higher i mean mog
is up about 40 in that time um Pepe is unchanged in that time.
Think about how crazy that is, as those being popular ones.
And obviously, Rekt has had a different sort of trajectory.
Like, Rekt has definitely outperformed.
But if you played the ETH beta trade, there's a lot of coins here,
which didn't even come close to beating ETH.
ETH has actually outperformed the old coin index
by about 50%
since then.
I wonder
if this is going to be somewhat
self-reinforcing at this point, if folks are just going to
exit ETH betas and just trade
ETH on leverage on hyperliquid.
If you want to
get more ETH beta, you just
go 2x
or 3x and then we'll see
late longs and they're going to have to
stomach the volatility.
This is a brutal chart. If you thought Pepe
was the number one eth beta and it's
red, it's down
1% or 7%
on the month while
eth is... What'sTH at on the month?
It's up 46%.
Like, that's kind of shocking.
Well,
I think it's, I mean,
I did,
it's not shocking if you've been watching this show.
Let's put it that way. Yeah. But
I remember this exact same thing happening
with Bitcoin, right? Like, what's Bitcoin
beta? We need to find, and Bitcoin Visa was even more difficult to pick, right?
So you were like, oh, there's only like three things you can own for Bitcoin Visa,
like stacks, maybe some of the ordinals or runes,
and like a couple of other things like Bitcoin Cash you could have come for
or something like this, but none of them just got smoked by Bitcoin.
And the thing about it is the higher it goes,
particularly on a railway basis,
the more it's a bit painful.
It's like, oh, am I really going to switch Pepe into E?
Yeah.
You know what I mean?
Yeah.
And I don't know the answer to that really because i do think that we
will see some of these coins move but i can't guess which ones i i think it can take up longer
than we think it will do you think it just turns into a situation where eth needs to cool off for
like l2s or or alts to run with it or do you think it's just like lagging
i think it's it's rather than it's just a quick cooling off i think we're talking like this could
take months but for that next rotation it'll probably happen starting with solana but it
just doesn't feel like that right when he stops pumping the whole market sells off it's not like oh this
is the time to rotate there have been certain moments like yesterday where it felt like oh maybe
maybe we'll see a little bit more of a rotation into like some of these other stories and
straight away like he just takes it up again it's just so similar to when bitcoin did this exact
same thing yeah and everyone spent their time waiting to play the rotation.
And Bitcoin just did like an AX.
And what's different about the cycle, right, is this is ETFs,
which is a separate pool of money.
And it's the treasury co's, which are also just buying.
So you don't see quite as much on-chain rotation.
The wealth effect is still very real.
So I do think you can start to speculate on what happens when the ETH wealth effect really kicks in.
And I still do think there is a strong NFT bull case to be made
for top NFTs, not the whole broad ecosystem.
NFTs, I think, are one of the only things that's outperformed ETH.
Like the top NFT projects of the ETH betas.
Pretty much all the major projects.
Because they've kind of kept ETH gains and their flaws have gone higher.
Yeah, I actually haven't been monitoring the punks for any terms as much.
It's at 55. What is it? Yeah, I mean haven't been monitoring the punks floor in ETH terms as much. It's at 55.
What is it?
Yeah, I mean, look at that.
So it's been a great way to build more ETH over the past six months.
And that floor is basically a quarter million right now, which really happened quickly.
I was showing this tweet from Tolkz.
I want to come back to this.
We've seen these numbers before,
but on a market cap adjusted basis,
they are like really insane.
So a billion dollars into the ETH ETFs yesterday
is effectively the equivalent of $5 billion
of inflows into the Bitcoin ETFs,
which is by far bigger than we've ever seen.
So this is basically an adjusted single day record across all the ETFs
is how I'm looking at it.
And then $20 billion from Tom Lee is basically the same that Saylor just did,
that ran Bitcoin from $70K to $100K.
And, of course, there are other factors.
You had the Trump tailwinds post-election in there as well but 20 billion in each is going to 100 billion for for bitcoin i guess say there
said he was going to raise 100 billion for bitcoin right now like what would what would happen so
like i'm saying this to agree with your point like it's hard to it's kind of hard to think that there
is a near-term top in play just
because of this level of
capital inflow without some kind of
a major macro
swing happening behind the scenes.
I want to be cautious,
but man, this is
just such a crazy setup.
Yeah.
If each goes lower right now,
it feels like everything goes lower
rather than just ETH.
So if you want to be long crypto,
basically.
I mean,
I told you I've been buying Bitcoin.
So like I have been rotating
a little,
I have been rotating
since 4K into Bitcoin.
But I mean,
that was before
someone else
a $20 billion raised to buy more ETH.
I don't know.
It feels like this is a freight train.
Part of me does think that as soon as everyone
really rotates from Bitcoin to ETH
is when Bitcoin is going to have the surprise candle up.
Almost like how everyone on X was saying,
everyone rotated to Bitcoin.
Even TG.
Everyone was talking about rotating to Bitcoin.
Same thing, yeah.
Whenever TG full-forts something is when you need to start looking for other
trades, I think.
Logan, curious for your reactions to all of this.
You've been monitoring.
Yeah.
I think the stark reminder here for me has just been the winner's winning thing.
Mando's highlighting all the potential future catalysts as well.
It doesn't really feel like there's any reason to potentially get out of your own way here.
get out of your own way here. A week ago, it felt like ETH was up for infinity percent,
and it had to cool off or it had to slow down, right? Or at least personally, that's how it
felt. That's just the nature of markets and human psychology, I guess. But then if you
take a look at that seven-day number, it's up another 22%, right? So we've talked about hard
road, easy road for things like Bitcoin before.
It feels like ETH is a little bit on the easy road. People are lining up to buy this. Why,
why am I trying to create narratives in my own head as a reason not to participate alongside?
That's what I'm thinking about as I listen to you folks talk about it. Not any like super
insightful macroeconomic thoughts, just more or less like, you know,
winners win and people are committing to buy this asset, you know,
perhaps $20 billion plus worth of it. Like who,
why am I trying to come up with reasons not to participate alongside?
Well, Wall Street only has two chairs, Bitcoin and ETH right now, right?
There are no other chairs at at least for the for the near
future well i guess blackrock chairs but blackrock is the is the big dog this chart sure looks like
the easy road i i don't know if bitmine stock is on the easy road though i do just quickly on this
this trade i think is more tricky now knowing that they're going to be selling $20 billion at the market
here basically as rapidly as they can.
I think the other piece of this is Joe Lubin and Tom Lee
both literally have to race each other
because they're both trying to accumulate as quickly as they can
and the price is going up.
So they are kind of forcing their hand, so to speak.
So I don't know what that means for either of the stocks here in the short term.
And I think if you're unclear as well, of course, the easier trade is just to buy ETH.
Yeah, so Sharplank is down 2% today, 2.5% with ETH up 5%.
That is a frustrating near-term trade,
to say the least.
Yeah.
This is the tricky part, Ty,
we were talking about yesterday with the spokesperson, right,
and these successful companies
sort of needing one.
When I've tried to talk
to treasury company CEOs
or representatives
for reporting at Decrypt,
I'm always asking,
why would you buy the stock
versus the underlying asset?
And the answers are not always super compelling. I don't know the specific answers from Tom Lee or
Joe Lubin, so I'm speaking a little bit out of turn here, but that's the question that needs to
be answered for all of these. Why would I buy SBET instead of ETH? Why would I buy BMNR instead of
ETH? Of course, they say they're going to be able to accumulate it
faster, better. I don't know. I don't know exactly what they'd say.
But that's the obvious calculation here.
We've been talking about the ETH bull case. I am curious if a few of these
headlines from this morning are perhaps slightly
ETH bearish. So we had circle report earnings,
strong stock blew up, stock was up 17%. Revenue is up 50% year over year, 658 million, but
somewhat buried. Circle is going to build its own L1 called ARK. It's going to be basically for stable coins, capital market apps on chain.
And that came within 12 hours of Stripe, another fintech giant,
saying they're going to build their own L1, Tempo, with Paradigm backing as well.
So now we've got Tether, we've got Circle, and Stripe all building their own L1s.
As I understand it, they are going to be EVM compatible, but they're not Ethereum.
So I think a part of the ETH thesis has been this is the stablecoin chain,
and yet the stablecoin giants are all building their own.
So does that – maybe I'll direct this to you and then we can go around the horn.
I'm curious, does that dampen the thesis at all on a longer term basis?
I mean, I've seen some EtherCounts point to the idea there's going to be EVM, that this is bullish, but I don't think so.
I think part of the reason why Tom Lee's done very well is by pitching he says the stable coin chain whether that's right or wrong he has that has been part of the narrative and i think suddenly all the stable coin issuers or payments giants
are going like well we can be the stable coin chain why does that have to be so maybe diminishes
it i think it takes a while to to build scale with these sort of things.
We've seen that even with PayPal
trying to build out their
operations.
I think
Circle will
probably build some form of
an L1,
but I don't think it will be like...
There's nothing revolutionary about the tech.
That's for certain. It's not like what would you want to have on a chain that's good for stable points
that we have all that already yeah i guess that's why i was a little confused by this and this is
is this just fragmenting everything it is to a degree yeah which is not the direction i think
we necessarily want to go.
And I understand why a company would want to capture those profits themselves.
That's it.
This is kind of, and just to kind of go back to it a little bit,
this is kind of why ETH has been outperforming this slightly. It's like this more modular approach is actually finding a little bit of,
is finding a little bit of is finding a little bit
of strength again
on ETH
and against monolithic
chains because people want control over
security and profits
some are doing
going on the full way and then doing L1s
but a lot will go towards L2s I think
Agree I had on the call sheet and then doing L1s, but a lot will go towards L2s, I think.
Agree.
I had on the call sheet before the Tom Lee announcement
this morning that, so what happens when
the big players are out of capital?
But it looks like that's not going to happen
for the near term, so
we scratched that. You have the capital
inflows, I think, dwarfing any other narratives
right now, but we do have to be
watching what's happening with these other blockchains for sure.
And then the other thing happening, Logan, I don't know if you had a chance to dig into this one, but Monero is facing a 51% attack.
And as I understand it, it is a successful attack from this cubic mining company, which is effectively taking a 51% share.
They're trying to orphan all the other miners and basically take control of all the mining, which is I understand it means they can basically control the blockchain.
Not sure if you had a chance to dig into this more.
Yeah, just a little bit. And some of these things
are outside my purview as the
technical mining
infrastructure stuff. But more or less
it seems like they had telegraphed this previously,
Tyler. Indicates
from, I believe, some of the leaders of
Quibbic that they were going to be trying
a 51% attack. So it's been coming
for a little bit. And they've just now gotten
to the point where they officially achieved it.
I think they had a couple other attempts where they got like 24% and 45% of a hash rate,
but yeah, we're able to do so over, I guess, last night into this morning,
depending on where you're at, you're located.
It seems, though, like it is sort of publicity in a way that showcases one the strength
of quibic and then two like what's potentially possible here it doesn't uh indicate i believe
they like dropped the blog post right before i think the show started i don't think there's any
intentions to like maliciously do anything at this point in time like to make this as disastrous as
it could potentially be uh i think it's more of kind of just like a flex on here's what could happen,
which is scary.
Of course,
if you are,
you know,
a Monero bag holder or,
you know,
even just a crypto participant,
right?
These are some of the risks that we've heard and talked about,
but very rarely put to the forefront.
It's kind of an example of that.
Yeah,
this was an interesting one that I saw pop up,
especially as privacy has re-entered the conversation to a degree,
I think, over the last month or so, and Monero's place in that.
So we'll be watching closely.
Folks, we're about halfway through the show.
I want to get into our abstract segment.
I think we went around the horn on the big topics.
It's all ETH.
Boring.
Well, we're going to talk something EVM adjacent, at least here, in a second.
We are doing ETH actions in the show.
The code is ETH today, if you missed that.
So stay tuned till the end.
But Eli, I mean, now it's your time to shine.
What's been happening on on abstract i feel like it's i'm i'm watching it at arm's length i'm not deep into this ecosystem as much
as i need to be and i've got a lot of fomo uh high level what's been happening yeah well one
i would say we're not alone i genuinely thought by now uh abstract would have
caught more mindshare um in the crypto space i thought it was going to get you know i thought
by like by now because what are we like six months in at this point i didn't join until march basically
but i've looked around and i've you know people are busy with hyperliquid. People are busy with mega ETH maybe, but most people still in Solana. Most people still maybe on, on a main Ethereum,
but, uh, yeah, it's, you know, it's been honestly a really, really great week. The whole joke lately
has been abstract August. It's been somewhat of a explicit marketing push that, that caught off
from the team started off really bad. really bad in the beginning of August.
Everything was kind of nuking a bit.
Meme coins on Abstract have been notoriously very, very difficult.
There has not been a ton of liquidity, not a ton of volume.
But in the last week or two, things have significantly moved.
And for example, I mean, dude, a month and a half ago,
I think we only had three coins,
maybe four coins that were above one mil market cap.
Now we have quite a bit.
Volume TVL has increased.
A lot of that came from the abstract team
pretty much pushing, saying,
hey, if you bridge over all your Pangu from Solana,
we'll give you XP boost. And so that was a very,
very cheeky way of increasing TVL very fast. And so it's been doing really well. Projects have
been popping off. Finally, Luca and Abstract have not been super hesitant to dive in on meme coins
on Abstract. They've finally started taking a light to it. Luca went around the other day luca he didn't put much money in i think that's because he's not going to sell any
coins it's not it doesn't really make sense to pour a shit ton of money in them but he went
around and bought i think maybe like eight meme coins and said it was very methodical the meme
coins he chose oh wow and it uh and it just kind of made a lot of them pop off of speculation he
also went on an interview with um shout out ogful Markets where he said, you know, I'm going to make a push to we're going to get some sexless things, you know, for some of these meme coins, basically.
And so that's kind of caused a lot of speculation. The coins he bought are these the ones that he's really looking at to make these push.
And so it's been really awesome. Something I wanted to bring up too is it's,
you know, I think it's a good thing.
I think a lot of people on Abstract
are people who faded Solana
and that whole run
because that wasn't their typical ethos
or vision of how crypto should be.
So a lot of the people are very kind of slow
or slower to adapt it or naive
when it comes to
meme coins. But it feels like, you know, people were scared of meme coins being what drives people
over onto abstract. You know, a lot of more native people really love utility, really love
NFTs. But I've always been a believer that, you know,
what price action is the biggest factor to onboard people, right?
That's what got me into crypto,
but it's what keeps you there that I think is important.
And so, you know, Abstract has games, the streaming,
the dApps, the protocols,
but meme coins have been really hot
and it's been driving a lot of people over.
You know, you were looking at some of the top coins
and a lot of people I know have joined the ecosystem clemente literally uh he the other day he bought a meme coin you know
i would say uh-oh too but i told him he's not allowed to dance if he dances i show up to his
doorstep so it's been doing really well uh but yeah high level it's it seems like in abstract
august has been a big marketing push where new meme coins are joining, new projects, new games are not only being made, but almost bridging over.
They're coming over here because there's product market fit.
And it's been a really, really great month.
And I do think it's funny.
I have a slight edge, I think, maybe as a creator, an investor, a trader, because I was in Solana for the last two years in the
trenches nonstop to where I see dips and I have zero fear. I see pullbacks. I'm like, okay,
if I zoom out a little bit, it's fine. It's just funny because we have a little bit of pullback
maybe yesterday after a 5X on almost every new coin, everything was popping off. And yeah,
I think everything's setting of setting itself up,
especially with the Ethereum run looking juicy.
I think it bleeds over a little bit.
There's a lot to unpack.
And I feel like the start of Abstract,
it was very app-focused and game-focused.
And I'm not saying it's not now,
but I think what was lacking is there wasn't a ton of
capital on abstract and there really wasn't a whole lot to trade on a day-to-day basis and we
had like a brief nft season right when i think och heroes when that game got fired up and those
nfts all ran a little bit um we had like the bitcoin round one i know they're trying to to
rejuvenize that now.
But it seems like there's been a shift in the last couple of months.
And I was just showing the board.
I mean, these things are up 100%, 150%, 250%.
So now people are starting to make some money.
Well, and here's, you know, when we talk about the meme points,
I think what's really interesting is that, and even good about the NFT projects, Abstract is obviously kind of ran by, they're not the same team.
Pudgy Penguins is not the same team as Abstract, but there is some adjacency there.
It does run a little parallel in ethos and vision.
and ethos and vision.
And I think what's been interesting,
and I tweeted this the other day,
was from the beginning,
a lot of these top meme coins and IPs are,
yeah, like God the dog.
Like they're coming out the gate swinging
with the same vision as Pudgy Penguins.
They're all trying to become, you know,
IP brands that can generate revenue,
that can build lore,
that are trying to run that same playbook.
And I think that's what's been really interesting.
I think I was talking to Finn the other day,
but these initial IP coins, right?
Because I don't really like calling them meme coins
at this point.
It just feels like IP coins.
They're just trying to create brands.
It feels very, very strong.
Like God the D dyslexic dog,
right. It's just a dog backwards. And it's, it was ran by launched by Nish who's in Australia,
but he works with kids who are dyslexic, you know, he works with children, stuff like that.
And so they've created a brand. They're going to work on like kids books and all this kind of stuff.
And on Solana, like I didn't have, I didn't,
you don't see that, right? You don't see brands or people just come out, swing, trying to build brands. And I think it's been really, really strong. They've been building community,
working on revenue generating streams. And so now that TVL is coming over through maybe Pengu,
or maybe people are seeing price action, they want to jump over. We've seen these violent rips because they've been building it.
Even if it's not been months and months and months, it's been long enough.
And I do think it's interesting too because everyone's been so used to low volume, low liquidity,
that 200K market cap on Abstract is basically like 2 mil on Solana.
It was very difficult to move.
But it's been fun.
It's been awesome.
And it's like you said, there have been pretty significant onboarding moments.
You said one of them, OnChain Heroes, Bitcoin, Gigaverse.
Some of these have been really great.
But there wasn't a DeFi moment.
And I think like what you said made a ton of sense because Abstract has been pretty open about that was not their focus.
Like the streaming, the creative side, building something that other chains didn't have, other platforms didn't have was their focus.
And, you know, I do believe now they're going to start making a big DeFi push.
They're about to revamp their entire portal, whether it's, you know, the AGW swapping,
maybe the streaming, maybe they'll add dark mode finally, which is what we've been waiting
for forever.
But yeah, so I think the DeFi push comes soon.
I think it drives a lot of people over finally. The liquidity push, the joke
of they're going to finally turn marketing on,
that's what we're really
looking forward to. Taking a step
back, why did you
start streaming in Amsterdam?
I don't recall. I don't
remember you being a big streamer.
No, I never did.
What gave you the kick in the pants to get going?
Genuinely, it was because
i spent the last so sir for uh for some context i first kind of got my start in the space because
of uh like web through gaming neo tokyo my persona was called a rat king and i was like
that was just my thing right i was i wasn't doxed uh that kind of eventually ran its course i didn't
like going to live events and people shake my hand and calling me rat um yeah it didn't feel great
so then i shifted into making music because i made musical web too and i was like you know what
like whatever i can maybe make money have fun doing this you know music nfts went went how
you thought they did i went how you know they did yeah, I spent the last year and a half just training meme coins,
aimless, fruitless, joyless. There was no passion for me and I was pretty unhappy. And then
around December, the whole everything happened. Finn gave me a call. Me and Finn have been friends
for a while. If you don't know him, he's the head of marketing at Abstack now. He was a head of
marketing for Ronan previously before that super plastic.
And he gave me a call and he's like, Hey, like I'm thinking about taking this job.
What do you think?
And so that's how Appstack got on my radar in the first place.
But you know, I faded it.
I didn't really care just because I was so hurt through the whole December debacle going January with, with how crypto went.
March swung around.
It was my birthday or a few days before my birthday.
And I just kind of did
some self-reflection. I didn't like where I was in life. I felt like I was just gliding through.
I was trying to make money just through trading. And I didn't feel like I was building anything.
I didn't feel like I was waking up working on anything. So yeah, my birthday was swinging
around. I was like, look, I'm just going to give this a shot. I've never created content like this before.
I've never done this before, but I'm going to come in swinging.
When I do something, I really like to dive in as hard as I can.
I'm very zero or 100, whether that's good or bad.
And I just felt like this is something I could do because I like talking.
Obviously, I've been talking nonstop ever since I got the chance on here.
I really love building relationships and I love
learning. I love asking questions. I'm okay with looking like a stupid person. I have no problem
with that. And so I just felt like I can interview people. I can talk to people. And so that's just
kind of what I did. I turned on the stream. I texted family, hey, would you come on? I made a
show name, Max Abstraction abstraction i just wanted something where
it felt evergreen where i could show up every day and do something and it yeah it felt fresh you
know you guys understand this because you're doing interviews you're talking about market every day
that's ever it doesn't it's always going to be something for that and uh then easy made this
sign for me because he said your room is fucking boring oh that's cool uh yeah and so i dove in streaming it's been really really fun the you know i looked at clement and i looked at icob
his inspiration with their whole blast run and i said why can't i just do this on the abstract
and yeah it's it's been really really great it feels very natural which i'm happy about it doesn't
feel like something i have to get up and try to fake and uh you know plan out super hard and then on top of that i just started hitting really good uh
trades on abstract and that's kind of helped a lot too it's helped build some credibility i think
my experience with with solana and then gigaverse hired me uh a week ago or so and i just feel like
i found my place and i'm super, super blessed.
I feel like after years, I have some purpose now and I'm very excited.
A very cool story.
And I think perhaps inspirational for a lot of folks who are trying to find their next step.
And that resonates with me because I was in a similar boat three, three and a half years ago.
I was in a similar boat three, three and a half years ago.
Just kind of wondering what I was going to do next.
I was kind of wondering what I was going to do next.
And when you don't have anything to do on a given day,
you can quickly spiral and you kind of,
it is nice to have purpose and something to do.
Let me just, I'll just cut straight to the point.
So I can appreciate that.
And now you're having some success.
So let's talk about this.
You have 235,000 XP this past week.
So yeah, yeah yeah yeah uh this is probably i mean i haven't i've seen maybe a couple higher but this is definitely like one of the highest earnings
and this kind of goes back to what we were talking about so xp basically you know it's
it's points it's like maybe like you compare it to blast gold, I guess if you want, but it's, it's not something that can necessarily be farmed.
You know, every week they reward actions on a level that they're, they're not transparent about on purpose because they don't want people to gain it.
So, or game it.
So, you know, whether it's maybe through playing games, whether it's through, you know, certain behavioral methods, maybe it's through actual manual uh allocations based on maybe your x performance
or stuff like that and recently it was really mostly allocated to holding high value in nfts
meme coins it was very very uh hard for people to feel the love. And then about two weeks ago, I think, or almost three weeks ago,
they, out of nowhere, tweeted, hey, by the way,
almost like check your wallets for Zugi,
but they basically like, hey, check your points.
And out of nowhere, everybody who was holding meme coins was finally getting a boost.
And that's honestly kind of when meme coins on Abstract started ripping
because people felt like they were getting love and value from also being involved in the ecosystem.
People felt like they can start buying and holding what they actually like instead of
only buying and holding things that we believe are giving us XP, whether it's certain NFTs
or gaming assets.
So that flicked on and meme coins have been my bread and butter.
So I started eating
pretty well. Pretty well. I've got like a hundred thousand XP. So in one week, yeah, in total. So
in one week, you two and a half X'd me. I got to get my Pingu over there. I've been sleeping. I
just haven't moved it over. Well, they also said, did you have the role of holding Pangu on Soul?
I think so.
I think I got that all set up when it first launched.
I just need to go back through.
So I think they recently announced that that is sunsetted,
and now the only way to get XP from Pangu is by having it on Abstract.
Got it.
So I probably lost that bonus then.
Yeah, so I got to get going on that.
I was scrolling through your feed, and you do some meme coin TA.
Am I getting that right?
You are, yeah, yeah, yeah.
Oh, along with the – oh, my gosh.
Abstract Super Cycle.
I like doing the green post.
I don't know.
Indeed.
So have you been running TA and memes for a while now,
or did this just start in
your abstract days?
So I did, I, you know, I had done some on Solana.
It was all right.
It was just kind of, sometimes it was difficult on things that weren't massive at, you know,
like it's really hard to TA on a meme coin that is sub one mil mark.
But again, the thing is like the liquidity
is so low the volume is so low that it really behaved like a much higher market cap coin and
it was honestly respecting levels which was really odd uh some of them i just kind of throw on fibs
because it's fun to do uh but yeah i've been doing a little bit on on meme coins honestly it's fun to do. But yeah, I've been doing TA a little bit on meme coins. Honestly,
it's been helping really, really well. I think TA a lot of times just kind of keeps you from
being emotional, which is the most important part. Even if it's not really respecting everything
to a technical level, it keeps me more looking at buying dips and timing bottoms, which has been great.
Yeah. Well, I can certainly
appreciate that. And the TA
works a lot better when they start going up
every day. Yeah, for sure. It seems like
they're doing now.
What's going on?
There's a little bit of XP.
Drama's not the right word, but there's
what? There's some speculation that
the memes sell off on Monday now.
Yeah.
Do traders need to,
do we need to be worried about the,
the Monday sell off on the abstract memes?
Okay.
So like that,
yeah,
shout out ICO B.
So ICO had put out a tweet and said,
you know,
I can just read it a little verbatim,
but he's like,
much like last week,
people are dumping abstract meme coins in advance of Tuesday XP.
And, you know, we saw like a little bit of a pullback on coins but i think he he failed to mention that we had just had the biggest meme coin day on abstract the day before like i think
god the dog went from i don't have the term from like maybe mil to 7 mil, which is a massive jump on coins on abstract.
And a lot of this came from Luca buying some of these coins, right?
He bought God the dog.
He bought Alpha the unicorn.
He bought a lot of the coins he bought were coins that aren't derivatives,
obviously.
Like he had mentioned he believes the next Pudgy Penguin can come from abstract.
And so people are seeing the sign of confidence when he's buying certain original ips thinking
okay this coin could have a good chance of you know one getting listed and one maybe
escaping the whole meme coin on abstract uh ecosystem and can actually be a brand bigger than that. And so people were taking profit yesterday.
But I talked to Finn and he's like, yeah, the numbers don't really add up to people. People
aren't really selling going into this. And then Finn had then tweeted at ICO. He said,
if someone's selling tokens ahead of XP distribution, yikes, that's a bozo move.
We track week over week balances and more to prevent people from trying to gain the system
for what it's worth. We don't actually see cells come in pre-XP distribution.
Most weeks are pretty stable. This is just a cool off from the aggressive run-up in my opinion.
Yeah. So I don't think you have to worry about that because if you sell right before XP distribution,
think it's uh you have to worry about that because if you sell right before xp distribution we don't
know if it's cumulative we don't know if it's a snapshot right before xp gets distributed um and
so if you sell right the day before xp you're silly yeah like you might just not even get xp
and then to dump right after xp well then you might fuck up your next week because there might
be a holder multiplier if you're holding a certain amount of days, weeks.
And again, I love that we have this system.
I like the theory crafting of trying to figure out how do we gain XP.
It's not from trading volume, so you can't just farm it and wash trade, which I think was the big problem on blast.
You're getting rewards for holding, and you're getting for just having natural behavior, doing the things you enjoy.
I totally agree.
I look at the seven day numbers.
Everything's green.
They're all up 30 to 100%.
So it's not crazy to have one red day.
So a little bit of, and I do this as well, a little narrative following price action, right?
Yeah.
It's very easy to craft that. So if I want to dig in, let's say I've got, I don't know, $5,000 to deploy in Abstract.
And I want to play Abstract memes.
Should I just buy Abster?
Should I just buy the top of the board?
Do you have any tips?
Yeah.
So I think Abster is probably the safest bet, right?
It is the mascot of Abstract.
It's at 39 mil.
I think it'd be silly not to have maybe some exposure to Abster
if you like safe, slower bets.
Although there's been some bigger pumps from external factors.
There's a group who called it a really big ETH group.
A lot of their buyers pushed into
it but i think apps are like a safer bet if you want to toss a little bit of money in there you
know it's kind of like playing bitcoin to a ethereum though so it depends on the move you
want to make also i will say it's also not similar to bitcoin because the one thing people have to
realize is that mascots don't always end up being top coin of the ecosystem right like toshi on base uh you know we had a bunch of others so i think that's just fine um
abstract will continue to push abster like they they have it in all their marketing um so i think
it's fine i i really do my my buys are actually i pretty much front ran luca my buys are actually, I pretty much front ran Luca. My buys are the coins that I believe have strong IP
that they can build a real brand out of.
So God the Dog is like one of my biggest conviction bets.
It's not my biggest size bet
because I just didn't position it properly.
But it is my biggest actual conviction bet
of what can grow out of Abstract
to be its own big brand um and
the founders are doxed i think the cool thing is that they're running it like a real business
niche the artist uh and the founder he's working really hard on his side of things but then they
hired mitch who uh basically like the coo but he was previously head of marketing at superverse with
elio elio trades and so to me they've got it
covered they're working on a shit to make it a real brand run the pudgy playbook and so to me
that's that's been a really big bet and i'm excited for that uh he bought some some retzpa
and i have a good bag of retzpa too basically it's abster backwards and he's he's the villain
of abstract and i did his content i feel like you'd love. And he's the villain of Abstract.
And his content, I feel like you'd love his content.
He's so fucking funny.
He's so fast. It's like Nub.
He's so fast to create content on anything that happens on Abstract.
There's a frog coin that rugs people in Abstract.
And literally within minutes, there's a picture of Bretzpa shooting the frog in the forehead off a cliff.
It's just very funny. Also, he he's dox the founder as well he lives around here uh in south florida really cool guy um and that one's easy too the difference between retz but and i i don't
want to i'll speculate a little bit there to me in my head i can see pudgy penguins buying the rights
to retz and adding it to their ecosystem.
Genuinely.
There is no villain in the Pudgy ecosystem.
We need a villain arc to have someone to go up against.
It's becoming too universally loved.
All these coins are up.
Rethpaw's up 7x in the month.
God bless anyone who is in that. It's up 7x in the month. God the dog. I mean, God bless anyone who is in that.
It's up 35x.
Hey, Clemente.
Hey, listen.
Everybody faded me.
Somehow Clemente listened to me at one mil.
And so this is the first time I thought I had nothing.
Clemente outfitting me is my literal nightmare.
And I'm just getting pwned by everyone in the abstract ecosystem.
And I see it every day.
And it's just painful.
Because our intern, our Fumler intern,
I tailed him into a couple abstract calls,
and they were not as good.
So just putting that out there.
Yeah, I mean, there's a couple other good ones.
Obviously, Bitcoin, you're aware about.
The whole CTO, they've been running it back very hard.
Shout out to them. They added me in their game the other day like you can buy or you can't buy
actually if you guys want uh usually it's if you come on my show as a thing but i can get you
whitelisted it's a one-of-one miner uh mining rig i should say yep uh bitcoin been really cool to
watch them do their thing um gun's like 3x on the week.
But the funny thing is, I don't think it slows down.
Because most people are like you, where they haven't entered.
And they're waiting for a pullback.
And now that Abstract has been pretty clear, and Luke has been pretty clear,
pretty clear that they're not rewarding traders.
that they're not rewarding traders.
They're rewarding holders.
They're rewarding holders.
There is a strong incentive to not just nuke their bags on any given day that
there's a pump,
you know,
shout out to people who take profits.
Like that's fine.
Of course.
But I do think as TVL increases,
we melt up.
I do think people are going to hold for incentives for XP for the airdrop and
Obviously Luke has been clear.
It's going to outlast TGE and it's going to be something that's tangible
even after that as well.
Like something like AMX points,
you know?
Yeah.
And I think it's,
I think there's a lot of,
a lot of strength in,
in real brands,
even when it comes to rect,
right.
It's like there,
people want brands that are generating revenue through products and
services.
And so I think the cool thing is with Abstract is the top meme coins are basically running that
playbook out the gate. And so I think it'll be a really cool indicator, really cool to see how
that plays out long-term. When do you think TGE is going to be? So, you know, Luca said a Q4
originally. In my head, I was like i was like oh dude art basil's the perfect
time like to just announce it at the at a big abstract party because you know he's done before
at pudgy world parties and at art basil and that's q4 um then uh finn was like we'll do tge when it's
needed and i'm okay like i would rather TGE be delayed because I'm having fun.
Like, I think the ecosystem is growing a lot.
If TGE just happened too soon before the ecosystem really matured, you know, I think the team understands not to do that.
And I will say also, Abstract has not, they've been pretty clear they haven't turned on the marketing.
And when they say turn on the marketing, it's towards Web 2, not Web 3.
I think abstracts are just not there yet.
The portal's not there yet, not enough dApps.
I don't think the platform is
ready when it
comes to just functionality.
And so I think they're not going to do
TGE until all that's set.
I would say maybe Q4,
but I would really like Q1,
honestly, in 2026.
I think that's probably the right call.
I don't think they're going to rush it either.
We all know this is a thing you just got to get right.
Well, there is one dap on Abstract that we all know and love over on this show,
and I'm curious.
Are you dabbling on Myriad?
Are you getting into the prediction market streets?
I need to.
I did originally when I first got to Abstract.
I haven't, but I really do need to
because there's also a badge.
People don't know there's a Myriad badge on Abstract.
It's a hidden one,
but I think it's if you have $500 worth of volume, you get it.
And so I still need to get that bad. So it's a good incentive. But no, I need to. I definitely
need to. All right. Here's what we should do. Either me or Farouk come on your stream one day
and we'll go through some myriad markets and we'll do some prediction market content.
Yeah. Because that is the one thing about prediction markets that I love. And part of
the reason why I'm so bullish on them overall is it is evergreen content.
Like you can show up and have something to talk about every day.
And I don't really think like this is a niche.
This is kind of a PSA.
There aren't really many people leaning into prediction market content exclusively right now.
And I do think that is a niche, especially as these continue to grow.
So we'll look at that.
Well, Eli, this has been an awesome combo.
Thanks for joining us.
Where can interested people find you if they haven't found you already?
Yeah, you can follow me on X, which is proof of Eli with a Y, not an I.
I mean, basically anywhere.
So yeah, on X, IG, you don I. I mean, basically anywhere.
So yeah, on X, IG, you don't want to see my gym pics.
If we do, they're on your Twitter as well.
Yeah, some of them will be on Twitter,
but they'll be all green for abstract.
But yeah, find me on X, perfect Eli with a Y.
Probably need to learn from you guys and start making YouTube content and stuff like that.
So maybe soon.
Max Abstraction is just kind of a periodic show?
So Max Abstraction is the interview show that I do. So it's not the stream name necessarily,
but whenever I do interviews, that'll be Max Abstraction.
And when do you stream? Also just periodically?
So every Tuesday on XP Day, I'll stream 7 p.m. EST.
Okay.
I don't have a super consistent stream schedule. Maybe
I should also learn from you guys and do that too.
Do what
works for you, Eli. There's
a million ways to skin the
cat. Well, this has been awesome. Thanks for joining us.
Folks, we are near the end of the show,
but we got to do some yeet action. We didn't do
yeet yesterday. Eli, feel free to stick
around. We're going to give away some money.
Sims, if you're ready and with us,
we can spin the wheel and see who our lucky winner is here today.
Let's see if we've got...
There he is.
One second.
You're into windows there.
It's bad.
These things happen.
I've been interested to play some Lamb Chop.
It's been too long.
Eli, have you ever seen the Yeet games?
I have not.
I mean, I've seen it on my X a shit ton.
I actually don't ever gamble, even though I live next to one of the biggest casinos. But I started not. I mean, I've seen it on my ex a shit ton. I actually don't ever gamble,
even though I live next to one of the biggest casinos.
But I started recently on Abstract,
so maybe I should give it a shot and eat.
Just meme coin TA.
No gambling.
No gambling for you.
All right, we're spinning the wheel.
Who do we got?
Who do we got?
Ponzi. Ponzi RD. who do we got who do we got ponzi ponzi rd you have won today all right uh so if you're in the space feel free to to jump up and join us or if you're in the chat you can just uh ping us as
well their handle is wait do they not have a kick handle then? It might be. It's done this before
where it hasn't shown before. So, worst case,
we run it and we'll pick
them up afterwards.
It does say he's in here, Sancho Ponzi.
Ponzi is me.
Sancho Ponzi, okay.
Not seeing them
in the space.
So I guess do we just...
I don't see them in the chess,
which is hard for me to run like a lamb chop
if I can't see them.
We could just do Planko today?
I think that's going to be the better one to do it for now.
Yeah, let's just do Planko.
Maybe we'll do...
$20, $25 balls today.
Give him a few more chances.
All right, Ponzi.
Well, you're going to walk away with $500 no matter what.
And we are going to play Planko today,
which you'll have $500 in action on as well.
Planko has not been the best to us over the last few weeks.
So we are due.
You are actually in a very good spot.
As soon as we get this up and going.
And go.
All right.
So we're going to do $20, $25 balls.
People are asking about two winners.
We're doing that on Farcone Friday.
Yeah, Friday, two winners, folks.
Farcone Friday.
So how do you want to do this?
$25, 20 balls.
$25, I, I, Turbo.
Where's the number?
And then we do auto.
There it is.
$20.
All right.
$20, $25.
All right. Ready? 25. All right.
Ready?
Here we go.
Let's do it.
All right.
No audio today, so we'll be the audio.
This is going fast.
All right.
Left to right.
Who we got?
Okay.
A few lefts.
There's a 4X.
A couple 4Xs.
All right.
I didn't see what it was before.
I think they probably ended up doing okay.
Maybe close to breaking even.
Something like that. I'm a bit disorganized today, maybe close to breaking even. Something like that.
I'm a bit disorganized today, so it's my fault.
Controlling two screens.
Probably.
We'll give you the exact total, Ponzi.
I think you won somewhere between $800 and $900 today.
So a nice little win for your Tuesday morning.
Well, folks, that is it.
That's going to be our show.
I want to thank our listeners as always.
Thanks to my co-host.
Thanks to Eli.
Thanks to our partners.
We'll be back tomorrow at 10 a.m. Eastern.
Until then, go make it a beautiful day.
Goodbye.
Thank you for having me, guys.
Bye. Thank you.
