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FOMO HOUR: Friday Jan 23
Recorded: Jan. 23, 2026 Duration: 0:58:09Space Recording
Short Summary
In a dynamic crypto market, significant developments include the launch of the Cent token with a billion-dollar valuation, Leschner's $82 million fundraising for tokenized stocks, and a PwC report that shifts investor sentiment. Gold prices approach $5,000, while Axie Infinity surges 250% this month, and the HIP3 DEX hits a billion in daily volume, showcasing a vibrant landscape of growth and innovation.
Full Transcription
Thank you. hmm
um um
okay GM everyone and welcome to another episode of FOMO Hour.
Today is Friday, January 23rd, 2026.
Folks, the gold $5,000 waiting room is open.
Silver is knocking on 100.
Our magic internet coins, well, they're red. They're chopping still. It's not on 100. Our Magic Internet coins, well, they're red.
They're chopping still.
It's not so great.
But a recent report out of a big four firm has given us some refreshed optimism.
We're going to break it down.
On today's show, no frock, no mando.
They're still gallivanting around Miami at the Real Vision event.
But we've got Logan in with us here for this beautiful but cold Friday.
Logan, GM, and how cold is it where you're at it's
uh i think it's in the low 20s right now um so hot tolerable you could like take your dog outside
and you know probably not um hate your life but we're due for all the bad stuff i don't think the
unreasonable cold but like 10 to 18 inches of snow come sunday or something so
no grocery store runs yet um at least from from my family so i need to drop a couple pounds anyway
at the wedding you can fast through it yeah exactly i mean for the northern states like
we're used to this thing it's like the middle tier where their power goes out
and they're just screwed for a while.
It is minus eight here where I'm at with a minus 24 feels like wind chill out there.
It is so cold that we actually bundled the kids up.
We went outside and we made ice cream this morning.
Did they have school?
No, school's canceled today
it was uh too officially too cold to even send the kids uh which i was happy about um but yeah
basically like i didn't know making ice cream outside was so easy you basically just sprinkle
salt in a snow pile you put like vanilla powdered, milk cream in a bowl,
and you just stir it up and it turns into ice cream.
I've never done it.
We did that.
It was a fun little experiment with the kids.
What are we going to talk about on today's show?
We're going to talk about more than just the cold.
We're going to get into the market report.
Gold is absolutely ripping.
Looks like stock's cooling off a little bit here today.
Crypto was chopping.
Looks like we sold off on the open, maybe rebounding a little bit.
I want to check in on Hyperliquid.
The big seller seems to be maybe running out of ammo.
So perhaps a bull case for them.
We're going to check in on some of the tokens that launched.
The SKR tokens cooling off.
The don't token, our beloved meme coin from yesterday from DFTV.
This new token launched from Centian AGI, the Cent token.
Billion-dollar token launch yesterday.
No one was talking about it.
So I thought that was pretty big.
We're going to check out some crypto IPOs.
Ledger is throwing their hat in the ring.
A little bit of a surprise this morning.
Ledger is IPO-ing.
I want to talk briefly about this PwC report.
It's fairly extensive, but there's one primary takeaway that I think will alleviate some folks' concerns.
Leschner raising $82 million for Superstate in tokenized stocks.
Tokenized stocks are coming.
Some are already here.
We'll check in on MegaEth, Railgun, and more.
And, folks, we are going to do some Yeet giveaway today with an asterisk.
All right.
So we are going to do two Yeet wheel spins.
One is going to be for subs.
It is Subscriber Friday, and that is the code.
We're also going to do a broader one.
I think bronze is the tier for the broader one.
We are not going to play the games today, though.
So you'll get your name pulled today, and then you'll check in on Monday,
and we'll play the YET games live on Monday when Farroke is back.
So that's how we're going to do it.
And, again, the YET code, subscriber Friday.
Go ahead and jump in if you're ready.
With that, let's just get into it, and I'll do my best Mando impression again and walk us through the market report.
So I woke up this morning.
Bitcoin is mid-89s, 89.5, so it looks like it is sold off a tick.
So Bitcoin down 0.2% on the day, 88.9.
ETH down 1%, 29.14.
Solana down a%, 29.14. Solana down 1%, 126.
So basically a chop day for our crypto majors.
Stocks, stocks have flipped green.
Wow, so this is going to be the third straight green day in a row.
We thought this morning might be a bit of a cool off.
There was Intel stock fell substantially after their earnings yesterday.
It seems like memory PC sales are falling off a cliff on rocketing memory cost is the headline
I saw there. But I think the Max 7 are just shaking it off too much. NVIDIA was up today. And then yesterday, Tesla rolled out their robo-taxis in Austin unsupervised for the first time.
I think my buddy actually sent me this unsupervised.
I think the odds are rocketing on Tesla unsupervised by June of this year.
My polymark is not working.
I'll see if I can pull that line up here in a bit.
But bigger day for Tesla and NVIDIA as well.
So perhaps Boeing and balancing out the negative headline there from Intel.
Unless you've been under a rock, you've seen the gold prices.
My God, gold 4950.
Gold 5K.
We had the lineup on Myriadriad which gets to 5k first gold or yeah and i mean i was i was kind of leaning to each side just because if the number
just felt too far like gold is a 30 trillion dollar asset like going up another six trillion
like it felt like it was too much.
Yeah.
Gold's going to hit it.
I wrote about that one yesterday in Myriad Moves. That's one of the longest-standing Myriad Markets
because ETH got so close, remember, in August,
and I think the market maybe started shortly after that.
But it's just been steady.
I mean, the odds have, of course, shifted with the shifting gold price.
So it's overwhelmingly in favor of gold, which is now within a percent, basically, of hitting at 95.
So it looks gradual just because of the length of this market.
But it's a 20% move or something like that in the last week.
Not gold's price, but the price of gold hitting 5k first here.
And ETH is still just floundering unfortunately unfortunately uh for eth holders and cryptocurrency enthusiasts
but yeah it's just it's wild this uh uh it's this is a this is a really good market i think one of
the best ones myriad has had so kudos to anybody who was on gold early and i i made the
joke uh in q4 about how one of my advisors called me like we're gonna buy gold and i said like well
where where have you been for nine months but like taking a step back like gold outperformed like
just about everything right like literally all you had to do a year ago yeah just shove all in on gold even the
gains in like the last what three months so i you know remember when this whole run was starting
probably around the time this myriad market came to life i shifted like a percentage of one of my
robo portfolios basically to uh to add gold um and that was you know i was late to the trade of
course but still that is up like 30 or 40% or something stupid, right?
Which are gains you typically don't expect to get outside of the crypto market in such a short period of time.
So it's like two years of gains.
So this was the bubble where we're like, people are lining up at physical stores.
I'm like, okay, this has to be the top goal with hit like 43, 50 here.
And it was the top for
a month and a half and now we're legitimately 15 higher just uh absolutely wild like how much
longer can it go is the the question i think jp morgan said 6K was their target. That felt pie in the sky a bit, but I mean, now that's 20%.
Are you going to fade gold 6K in 2026?
I'm not.
No, definitely not.
It's harder to shove in, though.
I will say that.
The silver chart is even crazier.
So the silver's at 99.50.
It was $50
on November 24th.
So it was doubled.
And what's the
silver's market cap?
Is what do we have?
My internet's so slow.
5.6 trillion?
So we had
it was basically 3.8.
This is embarrassing.
It was, it was 2.8.
That Bitcoin has a smaller market cap than silver, the second best precious metal.
And we can't even get Bitcoin to 5.6 trillion or whatever.
Come on.
2.8 trillion doubled in.
How fast did it double?
I'm already forgetting.
Four months,
something like that.
Less,
less.
It was 50 on November 24th.
So two months doubled in two months.
So maybe that's,
maybe that's our hope that eventually whenever, if Bitcoin ever does recover,
that it will be very violent.
So Bitcoin is 1.86.
So now it is $4 trillion less than silver.
Yeah.
And that ketchup hopium, not to segue us, Tyler, but you had one of the topics listed here, the debasement ETF.
That ketchup is kind of what Matt from Bitwise, at the very end of this piece, I believe there's a quote for either told to Andre at the Crypt or something that may be from the statement.
But basically, at the very bottom there, I think he indicates that that's kind of the hope here is that eventually you're going to get that, the catch-up.
My thesis is ETF purchasers continue to buy more.
Eventually, it will have the same parabolic move that gold did.
It's really just supply and demand.
That's what I said yesterday.
It's like not quite regarding the ETF buyers or whatever,
but just like we're a few wheel turns away.
Eventually, it's going to get there.
That's the hope you might cling to as well.
That's the Kathy Wood thesis too, right?
It's like 60% of our thesis is eventually the gold rotation catch up
uh so eventually eventually it's going to happen this is what we keep uh holding our breath for
i did think this was interesting so bitwise continues to roll out these etfs they're calling
this one the debasement etf and basically it it is pairing metals and crypto.
I don't know.
Do we get a specific breakdown?
Okay.
It's a goal at any one point.
It's right there in that graph that your cursor's in.
Yeah, and then all the others, the strategic precious metals that, you know,
the timeline picks up from time to time and is super excited about.
And then Bitcoin exposure as well.
I think the one knock on this one and i i don't know a
whole lot about expense ratios relative to other expense ratios is like that one is like near one
percent which feels high um but i'm not i'm not the guy to ask about that but i think compared to
the spot bitcoin etf for example i think and Andre wrote it in pieces, like almost triple the expense ratio for that.
You know, maybe it doesn't matter at all to you if you're not managing a massive amount of money or something like that.
But that certainly can add up if the money is big enough.
Yeah, that's a little bit annoying.
Just when you're buying a basket of assets that you could just buy yourself pretty much gold, Bitcoin, silver, other precious metals and mining.
So you get some mining stocks in there, which is also AI adjacent, right?
Because a lot of the big miners are effectively pivoting to running AI centers.
Not even adjacent.
Some of them, I think it was BitFarms or BitDeer, one of those.
I get the names confused.
Like in the fall said they're completely pivoting away from Bitcoin mining.
Many of the others in one way or another have signed deals with,
like a few have had deals backstopped by Google, right, to do data center stuff.
Most all of them are understanding and are being opportunistic, rightfully so.
so i mean that's in the best interest of the of the companies and the shareholders so yeah not
I mean, that's in the best interest of the companies and the shareholders.
So, yeah, not even adjacent.
even adjacent some of them are full speed ahead ai and leaving the bitcoin uh economics and capacity
behind but it's an interesting product i mean i would i would buy this i like this basket i would
buy this yeah i was thinking the same thing and the only thing that tripped me up was looking at
that expense ratio which again for me does probably not matter really at all, given the sums that I'd be throwing at it.
When gold's going up 78% and silver's going up 150%, I don't think you need to sweat the 1%.
Right, right.
In the good years.
What they're missing, though, and this was on my list.
As I saw a tweet about this before the show, copper.
Someone was saying, and granted, take this all with a grain of salt.
This could be a big copper bag holder.
Effectively saying we've used like 10,000 years of copper mining in like the last few years.
And basically the supply is just going to run out.
So the copper price is just going to go parabolic.
And it's the thing about these metals is like yeah there's like the memetic
there's the memetic aspect of it but there's also like they're actually used for
AI scaling and development so is this the is this the next silver trade in front of us and
you can it seems like we're still somewhat early,
right?
So it's moved a bit,
but nothing crazy.
I mean,
it was even back in 2022,
it was four 70.
So you're 20% higher in three years.
So perhaps we're early to the copper parabola.
Need to look into it.
I can't really speak a whole lot more than what I just did on the surface
level,
but maybe pulling this back to crypto a bit,
another thing that stuck out to me is just the random alt numbers.
So Layer 0, not random.
So give that shout out.
They're up 20% on the day.
I think Deez shared this.
Deez didn't talk to us about this on Underexposed.
I don't know when this guy picked up his Layer Zero bag.
It's up 80% on the month.
So one of the biggest winners in all of crypto.
So shout out to Zero Holders.
That's real tech.
Love seeing that perform.
But then some of the other ones, like Axie Infinity,
is up 130% this week and up 250% on the month. So that's going on. The sandbox is up 50% on the
month dash up 86%. So there's some strange movers. I think it's just kind of, that's the type of
market we're in, I guess right now, but that was, that felt a little strange, a little bit just random, I guess,
for a few of these.
I wanted to check in on hype a little bit here as well.
So hype hanging out at 2150.
I mean, the chart kind of speaks for itself since 1010 has pretty much been down alongside everything else.
On this show, we've been following it closely.
There's a few big sellers.
So this Tornado Cash seller, I think that's kind of how they've been labeled at this point.
They've sold $88 million of hype over the last 30 days.
Pretty substantial.
The good news is they've only got about $14 million left.
And it seems like a few other big sellers are running out of ammo as well.
I know Farouk's been following this very closely as he's looking to put in a fairly substantial hype position.
I think there's a bull case here
that as the tornado cash seller starts to get much closer to zero,
they're kind of already there.
They're 70% out, 80% out, that maybe the bulls start to step in.
I think the caveat there is you still need,
I think you still need a bullish macro backdrop for crypto.
I don't see hype just spiking against Bitcoin
necessarily right now, but I'm curious,
Logan, your relationship with hype,
what kind of thoughts is one of the strongest tokens
and protocols of last year.
I think the really nice thing about hype is that, well, my thesis sort of has been invalidated of late,
given that the price continues to go down.
But the nice thing is the token, the platform, the protocol, they're relevant regardless of the macro backdrop.
So long as people continue to trade perps, so long as perps maintain relevance, and then you plus all the hyper EVM stuff, which to me is kind of a write off at this point in time, but optionality for the future. So so long as that maintains and is true, and people are using the platform protocol, I want to still, and I do have disclosure, full disclosure, I do have exposure to this. And I am dollar cost averaging in this is one of the really easy ones for me that like robin hood added it and and so i just throw in
you know every week buy a little bit of hype buy a little bit of hype um and part of that is me
defaulting to much better much stronger theses from smarter people than myself you know so there's
a little bit of tailing in there um but at the same time
i like i don't want to say picks and shovels you type thing but it sort of gives me that
that vibe it's a core piece of the of the crypto infrastructure at this point in time right this
is where people go to to trade perps more or less um and if they're still doing that at times like
right now when it feels like you're at the death of crypto,
basically in terms of boredom on chain stuff,
which they are still doing,
even if the metrics are far below where they were,
they're still doing it.
I fully expect that if and when things turn to the right,
things will be more violently in favor of hype trading as well on hype,
I should say.
So yeah,
that was a roundabout way of saying like,
I kind of like that. It's just the sticky product at this point in time that people are going to be using.
And the token itself is depreciated about 70%, something like that, 60%.
I don't know.
From the all-time high, I feel like you could do a whole lot worse if you're looking to pick up assets in the space that, you know, present you with some opportunity in the future.
pick up assets in the space that present you with some opportunity in the future.
You know, we had on a slow day a few months, maybe a month back,
we were talking about our mag seven of crypto.
I think Andy from the roll up had put out a thought that eventually crypto will get to its mag seven
and those will be pretty much the dominant movers.
And it is a fun exercise to think about what all fits in there.
I think Bitcoin eats solar in there for sure.
We had a debate over whether or not Doge would be included.
This doesn't count stablecoins, right?
No stablecoins.
Okay.
Yeah.
Hyperliquids probably, yeah.
Go ahead.
Yeah, I think hype is in there.
I mean, reading through, so just a quick scroll through the list.
Not any previous thoughts to this.
But yeah, of course, Bitcoin, Ethereum, Solana, for sure.
I think you have to, I mean, it seems kind of yucky,
but you got to put XRP and BNB in there.
Just given their space here, like the space they take up,
both in sentiment as well as, you know, like BNB is huge, huge, huge XRP ripple.
They're different things, but you know,
ripple services continue to expand. They're not going anywhere.
They're just going to continue to take up mindshare. What's that five?
I said, I think like there's a case to be made for something like chain link
to be included. You know, token performance wise,
like maybe it doesn't scream
that but another piece of those like infrastructure stuff that's like not maybe super sexy but is like
an integral part of probably the future of things here right um and then i don't know what was that
six or seven yeah then maybe you're at like a hype or you could make the argument probably not at this exact moment, but that may be one of these privacy protocols,
Zcash, Monero. I don't know.
One of those finds their way as like the seventh one.
That's like exactly where we landed.
I think there's a question like,
do you want to do category leaders for your seven or do you just want to pick
the seven strongest?
Of course you could just default to the seventh biggest,
which is kind of what we did.
The question is, do you want to include a meme in there or not?
Then we actually went down there like,
does Pepe actually belong in there over Dogecoin?
Because Doge may be over the hill a little bit.
But maybe a conversation we'll save.
I want to come back to just the hyper conversation quickly
before we move on.
So McKenna, Crypto McKenna, big account,
has been sharing some thoughts this morning.
He said that the HIP3 DEX, so those, the tokenized equities, hit a billion in daily volume for the first time, two days in a row.
So we are seeing big growth there.
That's a bull case for Hyperliquid.
The bear case to me that's still in my head is we're also seeing a ton of competition here.
Right.
So Leshner Superstate, that's on our call list for today.
They raised $82 million for tokenized stocks.
We know the New York Stock Exchange is spinning up their own platform.
Granted, that's probably not going to be perps.
But it's going to be a crowded space.
I think that one's still,
I think we've said hyper liquid is,
has won the on chain perps training game.
Like they,
they fought off lighter that they've,
they've fought off Astor.
I think they're,
they're safely number one for tokenized stock training specifically.
I don't know that we can say that yeah well
the thing that i would add there um on the bull side is that take a look at these forecasts from
folks about how big tokenized stuff can get and then even if you think hyper liquid is third
in tokenized equity trading or equity trading or whatever,
that pie is going to grow tremendously.
At least that's the expectation.
And so you're probably getting some,
or you're suspecting that there'd be some overflow to the hype price there.
So even if they don't win, I don't think they necessarily need to win that.
They are positioning themselves.
It's kind of weird to refer to them as themselves,
but the protocol is positioning itself quite well
to be able to handle that type of stuff,
which seems like the biggest exponential growth area thus far right now
at this very moment, like the tokenized stuff.
Even though it's already really big,
it feels like that's the next thing up to
get the biggest biggest moves yeah i think the only so i'm still leaning bullish um i do wonder
how volume is going to come back Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.
