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FOMO HOUR: Robinhood Goes Crypto Mode
Recorded: July 1, 2025 Duration: 0:56:10Space Recording
Short Summary
In a pivotal discussion, crypto enthusiasts explored the recent surge in Robinhood's stock following its groundbreaking launch of tokenized US stocks, alongside insights into the convergence of traditional finance and crypto. The approval of a sole staking ETF and BitMiner's impressive stock performance further highlighted the growth potential in the crypto space, while trends in meme coins suggest a reevaluation of their market viability.
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.
We're waiting to get our speakers up on stage while we wait a couple shout-outs.
Belfort, haven't seen you in here in a while.
GM, Cyber Nomad, Husker, GM, GM, Harry Krishna, T, the Red Guy homies, GM, good to see you.
Poria, always here.
Dobbins.
Who else we got?
Aqueous.
Name? It's Brian, GM, Pinstripes.
Sean.
Sam.
Squilliam.
All right, Squilliam.
DMACC, the grifter.
GMGM.
All right, everyone.
Thank you for joining us.
It looks like we've got Logan up on stage.
He made it.
And still waiting on FOMO and DJs, but that's all right.
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, today is Tuesday, July 1st, 2025. Q3 is here. Man, Q2 kind of flew by maybe it flew by i don't know but man what a monday
yesterday was arguably one of the biggest days for crypto in months maybe years robin hood goes
full crypto mode unleashes a slew of new crypto product updates all on Ethereum. Tokenized stocks going live on Solana.
Staking ETFs are coming.
And yet, our beautiful crypto prices are down this morning.
So the question is, are we in for more summer chop or are we going to break out soon?
We're going to break it all down on today's show.
No Farouk.
He is at an event in Cannes today. I wish him the best for that. He should
be back tomorrow, but we've got Mando in the house. We've got Logan in the house. Boys,
GM, how you doing? Mando.
I was just very young.
Oh, we lost. I'm sure we will get him back.
That was a wild one. It was mid-word. that looked involuntary uh all right we might have
him back sorry i was very yellow there for a minute i think i've fixed it slightly a little
bit um how you guys doing how you guys doing doing well my fellow stock market investors
yes big stock market guy yesterday i made a stock market guy yesterday. I made a stock market trade yesterday.
I can't wait to talk about it. Did you actually? Wow. I did. We are so ruined. We are so ruined.
If Kyla's migrated to trading penny stocks, it's over. Back it up.
If you're in the sole trenches, pivot to Charles Schwab.
Logan, GM, how you doing?
Hey, good morning.
Doing well.
Glad to be back.
Wimbledon, big tennis week, next couple weeks.
I mean, temperatures have dropped to like reasonable temperatures. You can actually exist and not feel sweaty.
So I'm doing pretty good.
Well, folks, notice that I'm sweating.
You're a big tennis guy.
Yeah.
Awesome. That's cool.
Do you play or are you just a big fan?
I do not play. I never played.
Just a big fan of the sport.
We keep losing Amanda.
For folks listening, I think
Logan is the biggest tennis fan that I know.
To the point where he's watching not just the majors,
but the middle of the road tournaments across male and female.
Logie, what's the Wimbledon alpha?
Give us a pick.
Man, I think Alcaraz's draw, I don't know if you watched yesterday folks watched of course
a little sweaty for alcaraz uh in a five-setter with fonini but the draw just feels really cakey
um i'd have to take a look at the the lines again um when i wrote the article last week
based on the myriad market which there is a men's singles wimbledon champ market on Myriad. There was like a small edge on Sinner.
Actually, the Alcaraz line was like pretty appropriate on Myriad.
I'd have to take a look again, but the draw just feels...
I'm guessing this is...
So Sinner's playing right now. He's up two sets to love.
I'm guessing this is probably quite in line with the market.
Like traditional sportsbooks, I mean.
Alcaraz around 42%. That's probably where he would have been
where he would have been.
Like the DraftKings line, for example.
I don't see anybody getting
in his way. A lot of seeds
already out.
It's the Alcaraz center in the finals
again, and I think he'd still have a pretty distinct
advantage just given the surface.
So you heard it here first. Logie says slam alcaraz to win wimbledon
do you have a favorite at the moment um i so i actually am a little bit of a center homer over
alcaraz the french open was a little devastating for me um what do you think of all the drug stuff
do you think he did it i i so i don So I don't think it had really any effect.
I don't know.
The story is a little suspect that we lost him again.
The story is a little suspect.
The trainer without gloves kind of massaging him.
But, you know, innocent and proven guilty.
They said it didn't make any, you know,
too little substance to make any noticeable impact to his game.
So it served his time.
Let him play.
I'm being kicked out of the stream every few seconds.
So I don't know what's going on.
Yeah, it is strange.
It just says error and logs me off.
I'm running a casino in the back.
So, like, it's not my internet.
I don't know what's going on with StreamYard at the moment.
We'll try to fight through it.
Yeah.
You missed Logan to admit that he's a center homer,
so he's reverse jinxing Alcaraz here with his prediction.
So take it with a grain of salt.
Well, folks, we're talking about more than just tennis today.
What are we talking about?
We'll get into it with Mando's market report.
Stocks hitting all-time highs yesterday.
Crypto's still down.
Elon's latest speaking out against the big, beautiful bill.
Jerome Powell still talking about higher inflation.
Sole staking ETF approved.
It's going live tomorrow.
Tom Lee in that Bitminer stock.
Soaring.
Robinhood, arguably the biggest story of the day, months perhaps of the year.
A handful of crypto products, they are going deep.
Jupiter is launching X stock trading.
Nikita Beer joining X as head of product plus more.
Before we dive in, 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.
And soon on Kraken, if not already, you'll be able to trade not only crypto, but those tokenized stocks, which I'm sure we'll get into later today.
It looks like Mando's connection might be bad.
So while we wait for him to perhaps get that fixed, I'll do my best.
Ain't no impression. Oh, he's back.
We're going to give this another.
We're going to try a different browser.
So can you hear me okay?
Yeah, it actually sounds a little better.
Wow.
Firefox for the win.
All right, we'll give it a go.
Sims, let's get the music.
TM, everyone. We are back uh back lower it feels like uh bitcoin is holding up okay
but the uh most other things have drifted lower on the back of this so
bitcoin is holding up okay that rally in solano is kind of reversed interestingly
uh hit 158 or maybe even 159 yesterday it's now down at 148 so
maybe people is what we spoke about with um people reading through to if this doesn't end up being
a super bullish etf launch you might get a bit of a dump um but i would have said even with that
like the the other headlines around tokenized trading,
I think it's tough to paint a bearish argument for L1s, at least over the last 24 hours. I think you can for a lot of vaporware, but I find it difficult with a lot of these L1 protocols.
So, yeah, I kind of felt like we would push on.
If there was ever going to be a chance for an altcoin season,
I actually thought it was going to be, well, not an altcoin,
an L1 season slash maybe DeFi coin season.
I thought it was maybe yesterday.
And it hasn't happened.
Bitcoin dominance back up, which is just hilarious
because I think we call for it literally every week
and then nothing happens.
In terms of the major move is lower,
I would say there is a very common take on the timeline right now
is that we are about to see many memes,
many no revenue protocols,
or no things with product market fit too badly.
This whole, I mean, it probably is summed up by that long hype, long Bitcoin short,
everything else sort of view, which I agree with. I just don't maybe agree with his, his basket
necessarily. But I would say that, um, yeah, like you can see that it's kind of come back a bit there because I think there's a lot of stuff here where like you could arguably say this is going to turn and doesn't look that pretty.
I think for a lot of the, you know, you have things like TIA trading at like $2 billion and is making like a couple of dollars.
A lot of the gaming coins just still in like i said hundreds
of millions um a lot of the l1s with just like no fee revenue no users i think look exposed here
now it's very easy i think to get caught up in the flavor or the view of the day
because i i think there have been tokenized stocks on chamber four and i don't want to like
suddenly go like oh my god everything's going to go to zero i think this is just a trend that's because I think there have been tokenized stocks on chamber four and I don't want to like suddenly
go like oh my god everything's going to go to zero I think this is just a trend that's been
happening anyway though this is not like a new bandwagon to get on I think it's just it can
really just potentially accelerate the bandwagon that we have kind of already seeing so I think
I'm not calling for like oh my god everything going to zero. But I do think the pace of degradation
in the bad coins will increase.
And you can have a range of possibilities on that pace,
but I think it will increase on the back of this.
I think my hot take conversely is that I do think,
and I was speaking actually to Beanie about this this morning,
is that I think that conversely,
some of the stuff with revenue
and with buybacks might be um might be re-rated higher in this sort of world so like if i look
at hyperliquid if i look at potentially things like radium and jupiter right like
potentially which well i think particularly
radium um actually they both have buybacks now right uh both of those coins things like are they
things like um i'm trying to think what what else is down the list we spoke about syrup which was
an interesting play but i think there is a world here where actually some of that stuff which
doesn't trade at some crazy multiple actually, could trade higher.
And you could argue that some of the L1s trade higher just because network effects of people
trading stocks or trading more on the back of this. But I do think that a lot of other things
suddenly are called into question. So I think it's mixed. I think some people are like,
oh, this is just bearish for everything. I'm more of the view that it's bearish it's very bearish for some things and it remains
to be seen for others basically but but i can argue that that um some stuff looks looks decent
isn't the bad stuff sorry mando kind of a question for you like isn't the bad stuff
finally you know being bad price-wise good for us overall, crypto overall?
Like meaning like these tokens or protocols that are basically useless or are garbage kind of getting out of our way.
Do you think that's like bullish long term?
Is it not for allowing people to focus on things that actually matter?
I think it is.
I think it very much is. But I also think that we're starting to see slightly the death of what a crypto coin is.
So when I first came into this space, it was, right, they're currencies at the same time as being sometimes viewed like stocks and sometimes
used as currencies like bitcoin has very little revenue okay or at least like on these sort of
metrics after all the fees went down after the rune stuff like barely any fees are being made
on bitcoin right now it's really just mining so and yet bitcoin is worth two trillion dollars so there are some so i think
you have to to realize that like there is still a world here where some coins can be viewed as a
store of value and a means of exchange now the means of exchange stuff is being questioned a
lot with stable coins because you know, people like the dollar's pretty good
as a form of exchange.
You can have some qualms about it being a store of value
because it keeps on losing its value,
but its ability to transfer value from one to the other,
like, we don't necessarily need to do that in Ethereum.
We can just do that in stablecoins now.
But I do think that
there is still an argument that
we can create
arguably
better stores of value
than
some other
traditional fiat coins.
And I think this is going to be the big question about crypto
over the next
couple of decades.
So in 15 years or in 10 years, you'll start to see Bitcoin inflation go sub 1%, right?
Right now.
So and that'll be a big deal.
That'll be a big deal because you'll start to be like, right, well well this actually has much better inflation metrics than the dollar or most other fiat coins and then then eventually
it'll keep on going it'll be less than half a percent and then half a quarter percent and then
you get like a really nice inflation inflation metric as a coin here eth Ethereum, if you go on to ultrasound money,
has gone down that route,
but it's sacrificed its throughput
to do it. And that's been the main question
about Ethereum, I think. But you
would argue that Ethereum is a better store of value
than most other
L1s, purely
from an inflation standpoint.
And maybe it does enough on the transaction stuff via the l2s to like maybe see it as valuable but i think what we're now going
to see basically is potentially potentially a return back to proof of work from a number of
coins and this is me like looking looking through because i think people
will there'll be a lot more focus on inflation alongside use of the chain than there was before
and i think that um you'll start to see that the coins that just focus on throughput, I think we'll start to trade
at a meaningful discount, basically.
So, yeah, that's kind of my hot take here.
If you're going to be an L1
and you're trying to play for
we're actually a store of value coin here,
like we're actually going after
the dollar, the pound, the euro,
and we're trying to be a Bitcoin alternative, going after the dollar, the pound, the euro,
and we're trying to be a Bitcoin alternative,
then I think you have to play that game slightly better than some of the other ones are playing.
And I think that for the apps,
I think it can go both ways.
I think there's a good chance here
that the best apps,
which are consistently showing revenue,
and in my eyes, actually trade probably lower than where they
would if they issued a stock like circle shows you that right like if circle had done a coin
there's no way it would trade where it did it does what after it did a stop right there's no way
which tells you that like i think there's a world here where some of those coins maybe start to
re-rate more like stocks,
but they also are a little bit exposed.
That's my rant.
I think it's a great rant.
It's a more in depth than my high level taken reaction to all of this.
I think my,
like my broad strokes takes here are that we've been bullish on the real crypto protocols that are
starting to generate revenue that have users that are growing. That's not going to change. I think
you make an interesting case for the primary L1s that these companies are piling into and building
on. So yesterday we've got Robinhood building on Ethereum. We've got
Nikita Beer, Solana Advisor, now the head of product at X. A lot of speculation that X is
perhaps going to partner with Solana in some capacity. So there are bull cases for the L1s.
The other aspect of this is we're at the very early stages of
TradFi coming into crypto.
And I don't think TradFi coming
into crypto means that we're going to see a huge
exodus
from crypto
back to stocks.
It doesn't really make sense to me
that that would be the primary outcome
of these new blurred lines.
So I'm not buying it.
And I think this is a fairly consensus take.
Tokenized stocks, bullish for stocks, bearish for crypto.
If you dig into the, what does this actually mean?
They're going to say, oh, it's bearish for Celestia.
Okay.
I mean, who's been pounding the table that Celestia is a great buy in Q3 2025?
So it's a little bit of a paper man argument.
I think where this gets more interesting is perhaps in the meme game.
Well, maybe not more interesting,
but another sector of crypto that I believe will be impacted,
particularly on the high end side.
So I don't think there's much of an overlap
between people who are showing up to the trenches
and buying microcaps on PumpFun at 50K market cap
and those who are going to be buying NVIDIA X or SpaceX
or MicroStrategy on Jupiter.
I think the Venn diagram has very little overlap.
But where this gets more
interesting is let's say a few of those traders hit a 1000x. They hit a 10,000x.
What are they going to rotate their gains to? Are they going to rotate to Bitcoin? Always an option.
Are they going to rotate to the leading memes? Pepe, SBX, SparkCoin.
That had been a very real rotation game for this cohort of traders.
Now they do have more options.
So I actually think that is perhaps an impact to be seen.
does it get harder to buy Pepe at $5 billion
when you've got some of these pre-IPO private market companies like SpaceX,
which are also going to be trading like memes effectively as an alternative?
And when you're buying Pepe at $5 billion, what's your realistic target?
You're just a legendary Pepe hater, man.
I've never seen someone hate peppy what i think is what you're saying is right is that like imagine what we had um a couple months ago where bitcoin went down to 76k
right and all on the trade war stuff and stocks were puking. NVIDIA was down, hit like 80, I think it was.
Every single stock just absolutely puked.
In those exact moments,
and you as a crypto investor now can invest in anything,
I do think that some people will go like,
well, I'm not going to invest in a meme point here. I'm going to invest
in like
large cap tech
at the drop of a hat.
I think there's something to be said
about this.
There is.
We're still...
I think we're at the very early stage of this.
And yes, I understand the take that we've had tokenized stocks
on various crypto protocols before.
I do feel like it's different now.
There's more liquidity.
There's bigger players.
So it feels more real this time.
There are less hurdles to go through.
I tweeted about this yesterday
um i literally could have swapped my chill house to nvidia on jupiter yesterday and that's the
first time i've seen something like that maybe maybe it had the capability and i just wasn't
aware of it but i don't think so um so that's a step change. The liquidity isn't great. The fees are there.
I think that's only going to get better over time.
I've also seen the take that folks, crypto natives won't buy stocks.
And then I think Kobe chimed in that people want to trade things that they think are going higher.
And I do think that is a fundamental truth of the space.
Logan, you were kind of nodding along. Your thoughts on this conversation? Yeah. higher and i do think that is a fundamental uh a fundamental truth of the space logey but you
were kind of not in a lot of thoughts on this conversation yeah no you know i sort of agree
with both sides here um i do think like so you had beanie's tweet up i sent that to you this
morning like i do think it is bearish for some coins yes like some things now uh you may not be
swapping into because there are better alternatives.
But I don't think it's, on the contrary, I don't know if he says crypto in general,
you know, but like, I don't think it's bearish crypto or anything like that,
because people can now trade stocks on chain.
And I do know, I've seen the argument about the distinguishment between,
okay, well, this didn't, this is what Stats was saying about, you know know why would it be a tokenized stock platform right like it's already so easy for americans to trade most of these things
already without crypto one of the reasons that i perhaps wouldn't be making these swaps is like
the tax stuff seems yucky potentially like it's just easier for me to keep it all in a brokerage
account um so yeah i mean i i'm on both sides here like i actually i see both scenarios playing
i think mando walks through it really well like the if now you can trade yeah nvidia tesla whatever
on chain other things right that you couldn't get access to before maybe you don't swap into the
third alt that you would have otherwise right because there is a better alternative so i think
it's bearish for those garbage coins of course i. I don't think it, for the better coins, I don't think it matters at all.
But I mean, like, I don't think it's bad in any way. It's neutral to positive.
Yeah. I'm with you. I think we are fairly aligned. It's going to be interesting to see.
Regardless, I think this is huge news. It's a huge step forward towards the mission of, I think, one of the fundamental missions of crypto is democratizing finance, giving anywhere in the world access to any financial product.
And I think this is a big step forward in that direction.
We're not there yet.
It's going to take time for this to be rolled out and fully liquid and all that.
But it looks like that's coming. Folks, we kind of buried the lead, but what we've been talking
about is largely on the back of a huge panel product release at Cannes yesterday from Robin
Hood and their CEO, Vlad Tenev. I was watching the stream. I had to take notes because of just how quickly and how
much they were in fact rolling out at this thing. So first announcement, tokenized US stocks. They're
going to have over 200 US equities like Apple, NVIDIA, Tesla starting 24, 5, 24 hours a day,
five days a week with no fees, eventually moving to 24-7.
They're going to be doing that on an Arbitrum L2, which eventually will be the Robinhood
chain.
So that was another announcement.
They are building effectively their own chain, the Robinhood chain.
They went on later in the presentation to say it's not just your traditional equities
and stocks.
They're also going to unlock pre-IPO
secondary stocks like OpenAI and SpaceX. So that was a big one. They announced crypto per futures,
Bitcoin, ETH up to 3X to start launching in Europe. And they also announced ETH and
sole staking directly in app for rewards for US users.
Those were the headlines.
They also announced a handful of other ones that I think got kind of swept under the rug,
like new crypto rewards for their credit card
and a new AI investing assistant called Cortex,
along with the crypto deposit bonus
they laid out last week.
So Robinhood is going hard, hard into crypto and the market likes it. I'm
trying to find my, I'll just pull up a new browser here. Hoodstock up another 3% today,
jumped 12% yesterday, now at 97 and And what, $85 billion in market cap?
Logan, I was also to you, man, I'm curious for your thoughts.
How big was this from Robinhood?
Was this in line with your expectations?
Were you expecting this more or less?
And is Hood just a slam buy?
a slam by uh i was not expecting quite this much uh i had made the the guess on friday just which
I was not expecting quite this much.
wasn't too much of a guess educated right because we knew they were talking about this tokenized
stock platform um i didn't anticipate like many many other things beyond this but they seem to
just continue to roll out i saw some tweets yesterday about more product features than
you'd get from like a crypto protocol team, you know, like a full year they announced yesterday. So yeah, pleasant surprise, full disclosure, I'm a Robinhood stockholder. I was prior to this. So it's nice to see a big gain. I just kind of, this is one of those stocks that I've just been adding to dollar cost average. And, you know, it feels very much like, you know,
Elon, the everything app, right, that we thought would come.
It feels very much like Robinhood has become that already pretty early.
So, yeah, I mean, I'm feeling good, man.
Something that caught me, and this is going to segue
perhaps a little bit later in the show, but the Tom Lee stuff,
he mentioned yesterday just the convergence of traditional finance and crypto,
further convergence of it with the BitMiner stuff.
This is it.
I mean, this is very much what Robinhood is doing.
They have fully converged basically everything that they had previously
with traditional equity purchases now with crypto as well.
Mando, I'm curious if you watched it and or if you have any thoughts on
hoodstock as a trade.
I think I caught one of your takeaways
from your stream with Threadguy
was one of the big open questions
out there right now is,
yes, we know the trend,
crypto and TradFi are merging.
How do you trade that?
I think you already mentioned
perhaps the basket of l1s
aspect of this but are you looking at um hoodstock for example or any others broad takeaways if you
if you uh caught the event yesterday
oh you're on mute
um yeah look i think the two best ways to play that are probably hoodstock and coinbase right
like seems like you should just learn a bit of both rather than just earning one um i think
they're probably gonna go um you know they're gonna go head for head on this pretty aggressively
so i like both of those as trades. There's a world here
where they continue to outperform majors for like
the rest of the year, like pretty
comfortably. So
that's just something to pay attention to.
It is. Well, they're trading at basically the same market
caps. I didn't realize that. So
hood at 85, coin at
88. They are
right in line.
This whole crypto stocks as a trade versus crypto majors has been another part of this ongoing conversation
that's really picked up in the last few weeks, I'd say,
is really where it's coming to a head.
Darren has been talking about this for a little while.
He's been a hood bull.
He laid out a book.
It's actually a year ago.
And I think he went out to say he thinks hood's got a 12 X from here,
meaning he thinks it's a,
a trillion dollar stock.
So lofty goals from some folks.
I'm looking for that tweet.
Here it is.
Two X since March six,
12 X to go for the hood gang,
retweeting the, the trillion dollar roadmap that tweet. Here it is. 2X since March 6th, 12X to go for the Hood Gang,
retweeting the trillion-dollar roadmap that he's calling it from Robin Hood and everything they're looking to do to expand their overall ecosystem and nav.
And one of my takeaways, I did watch it yesterday, was Vlad Tene of the ceo is just a powerhouse now and of course i think
that maybe this is a little bit of narrative following price action because hood stocks up
15 he's out there right the outfit the outfit's incredible you may not know this if you weren't
watching this dream everyone who was watching was hyper fanning themselves.
So it was very hot in Cannes yesterday.
I think Farouk confirmed this as well.
He's up there with the ascot, and he's just whiteboarding.
And he explained how their tokenized stocks would work.
Explained to me like I'm five, Eli five.
It was incredible.
He whiteboarded the whole thing. I had a perfect understanding of how it was all going to work. And, uh,
this is what I want my CEO to do. So I think my, my takeaway yesterday is I got to get some
exposure to hood stocks. I don't know that. Um, and I'm not talking my bag just yet. And man,
this thing is one that you're kicking yourself.
Because a lot of folks, I think it was more.
I don't think crypto stocks or stocks have been a very public part of CT, crypto Twitter.
But if you had to pick a few that were top of mind, I think HUD was probably talked about more than just about anything else.
I think Coinbase is always kind of thrown around, right?
Man, it's up 150% year to date, 300% on the year.
So it is a very, very strong token.
Another strong stock that is a part of my bag, Bitminer.
So Tom Lee, the new micro strategy of Ethereum.
I tweeted about this one yesterday.
It came out, it was at 14.
It went all the way to, where did it go yesterday?
Closed at 48.
I ended up getting in around 22.
So I'm up a cheeky 150% or so on the trade so far.
We talked about it yesterday.
I couldn't understand why it was trading
at less than 250 million market cap
for a new treasury play
that we know they're going to plow at least 250 million in.
Well, that's been fixed.
Now it's already trading at 40% premium,
saying at around 350 million.
So now it's a little bit,
it's a trickier trade from here
if I'm being objective.
I think if you are buying here,
you are betting on Tom Lee
finding new ways
to continue to accumulate ETH.
I was monitoring the spread
between this and SBET.
What's that?
The BitMiner SBET. What's the bit minor SBET ratio?
So SBET notably also went out and bought.
They bought another 20 million yesterday.
But that thing keeps selling off.
I do not hold any SBET.
I've been watching this one closely.
I do like the fact that they are showing
that they are going to continue to buy.
It's not translating to the market just yet,
perhaps because there's a new shiny object and one that's trading at a
cheaper market cap.
Although a bit minor is not going to buy as much ETH,
at least out of the gate.
Logan curious,
you brought up Tom Lee curious if you have thoughts on this.
Yeah.
So I wrote the article about this for decrypt yesterday.
So I had a chance to watch some of the CNBC.
He was on Squawk Box early in the morning yesterday.
And if you take a look at the press release as well, a couple of things jumped out to me.
The mention of the additional features, kind of the robust activity in the Ethereum ecosystem,
the ability for staking, DeFi, those types of things.
Why?
Basically, they had chosen Ethereum versus, you know,
just spinning up another Bitcoin treasury company.
And they also asked them on Squawk Box, you know,
they're kind of pointing out like,
is this the new Bitcoin or something like that?
Talking about the early nature of getting to Ethereum as it has not risen.
Right. We joke about that.
The price has not risen to astronomical levels,
at least not alongside Bitcoin.
And he kind of said yes to that,
which was a little funny.
But yeah, he mentions the stable coins,
just how impactful that is.
And much like we've spoken about before,
other analysts have pointed this out as well.
You know, the expectations that all of that activity
at some point, you know, the expectations that all of that activity at some
point, you know, something has to flow to the underlying network, something has to flow to the
underlying token. And that's, that's E here. So, you know, not out of the ordinary in terms of the
case being made for why you would spin this up. But yeah, people have really rallied behind it.
It's interesting to see that
spread between that and sbet because joe lubin said the exact same things more or less you know
what i mean um just maybe not quite as uh with quite as much i don't know flair i don't know
how best to say it's interesting that joe lubin is probably like a bigger power player bigger
crypto og but tom lee probably has more face time, given
his prevalence on CNBC.
does that make it more attractive
perhaps to the ministers?
Attention matters, certainly.
I think a lot more people know about Tom Lee
than they do about Joe Rubin.
In the broader investment community,
for sure. I think that's fair.
I think it's very interesting that he's also pounding the table
on the stablecoin aspect here.
So the primary bull case that I'm taking away from this article, Logan,
and I have not watched the full interviews yet,
is that if you want to bet on stablecoins, you bet on Ethereum.
Am I interpreting that correctly?
No, I think so.
Yeah, so that quote there comes from
the press release, but he also says something very similar to it in the interview as well.
The chat GPT, the stable coins of the chat GPT of crypto. Yeah. So it's hard to argue. It really
is. I mean, we've been saying those, those types of things for a long time. Like stable coins make
up about what? 51% of Ethereum. I think he mentioned. That's the largest place for stablecoin activity, of course, Ethereum. We fully expect stablecoin
growth. What did Besson say? $2 trillion. I think Tom Lee quoted that as well. I'm pretty sure he
quoted that as well. The Treasury Secretary is literally pointing to the fact that this
is going to be a fantastical growth sector.
It's hard to argue with any of those points.
I mean, the case lines up.
It makes a lot of sense to me.
I could be talked into it very easily, yet the price doesn't really ever go anywhere.
126 billion stable coins on Ethereum.
So in the world where stables go to three and a half,
you have to assume that it goes up substantially.
I guess the counter to that would be
if banks are all launching their own
and they're all holding them
within their own walled gardens perhaps.
But I think it's still a fairly consensus take
that it's going to continue to grow on Ethereum.
Are we,
are we concerned that we have two new micro strategies of ETH spinning up
and the,
the price is not budging in any way.
This is just straight sideways for,
for a full sideways, right? Like it's been sideways for a long month. It's just sideways, right?
It's been sideways for a long time now.
I think ETH is...
I think the important job is ETH versus Bitcoin,
which is kind of not looking terrible, I would say,
at least since April, if you bring that up.
But Bitcoin's been sideways too, really, largely, right?
Yeah.
So it's a matter of what's going to break us out.
And we kind of jumped over a few of the macro headlines.
One was Elon was throwing effectively a tantrum yesterday. Maybe not a tantrum. Might be the wrong headlines. One was Elon was throwing effectively a tantrum yesterday.
Maybe not a tantrum.
Might be the wrong word.
He's saying that if the big,
beautiful bill passes,
he's starting his,
the America party the next day.
And Tesla,
Tesla investors did not like that.
It was down 5%.
And then,
how this morning was basically saying they're still expecting inflation to print higher this summer.
They're not in any kind of a rush to cut rates.
So I think he's kind of hitting the brakes on any hope of a rate cut in July.
Still a 21% chance on the CME futures.
I think folks still bang heavily on September.
Yeah, what, 94% chance now in September.
So it looks like it's coming, but it may not come this summer.
Does that mean we're in for more chop in our beloved crypto majors?
Feels like probably, I my uh is my read if i had to bet all-time high this week
or 107k on friday it's probably 107 is going to be my outlook here um so we'll continue to see
but that was the highest ever monthly close for Bitcoin right there. Oh, yeah.
You did.
So I missed that one.
That's a big milestone.
Yeah.
I think we have to put it in perspective.
This isn't terrible where we're at right now.
But, yeah, those are big headlines.
And to see that the market isn't ripping off the back of them is probably not a good sign for like,
those were the potential things that could come out before September in my
eyes that would really like set us through all time highs.
And now it feels like,
this haven't really had the same reaction.
So maybe the net,
it'll really just be like rate cuts,
which I think people are now expecting for,
for September. Yeah. I think that's what's hard to see is like Robinhood comes out,
has all these announcements, stock pumps 15%. Great. That Robinhood announcement,
they're building on Arbitrum, EVN, no impact to Ethereum, two new micro strategies,
building Ethereum corporate treasuries. No Oprah's momentum. Sol, staking ETF, starts trading tomorrow.
Brief spike to 159.
It's already totally reversed.
And in fact, it's now down 4% on the day.
That's a rough reversal for Solana there.
No way to sugarcoat it.
But perhaps a sign of hope for the Solana soul maxis out there,
Nikita beer, who is an advisor to Solana.
He's also an advisor in the launch coin ecosystem.
I believe for the believe app fan, uh, he's posted his way to the top.
He's head of product at X.
That is a big position. Um, now there's rumblings given his ties to Solana. If we will see perhaps X, um, make the choice to partner with Sol. Logia, see you now in your head. Do you have takes on this or reactions?
I definitely get the jump.
I for sure see it.
He has danced around crypto in many ways, right?
Teasing us from time to time, like the launch coin stuff.
Remember, he was going to launch a coin via launch coin before it was launch coin, right?
When it was clout, I believe.
That's right.
No pun intended there.
So I think this is interesting. I don't know what else to say. I mean, you can't
draw any distinct conclusions from this is definitely going to involve Solana. It's
definitely going to do this, but the ties make sense. So I'm all here for the speculation.
X has the opportunity. I think he says in there, it's the most powerful social network.
I think most of us agree that's where most of our
time is spent. Your platforms have been built tremendously as well. So I fully expect we'll
see some sort of ex-crypto financialization crossover at some point, whether it comes via
Nikita and Solana remains to be seen, but I can see the lines being drawn.
Yeah, I'm with you there. I think LaunchCoin pumped on the back of that, at least briefly.
It's probably back down now just with the broader market.
Let's take a look.
Down 10% now, 124.
It did hit like 140.
Yeah, 150 or so yesterday.
Quick look on the meme board overall.
It's been quiet out there.
The biggest story still is Bonkai and his useless token.
This thing hit 210 million yesterday.
It's sold off now back to 180.
But this one continues to be the latest hot runner.
Mano, I'm curious for your thoughts on this.
We haven't even talked about it, which I think is also notable.
But on Friday, PumpFun dropped their PumpFun 2.0 announcement.
This shiny new app with a few new features, this tap to ape capability, a new news section.
And I didn't see anyone on my timeline talking about it.
I think if you rewind the clock six months,
the influencers, the KOLs, are tripping over their feet
to be the first one to repost this, to make content about it,
and yet it's been crickets out there.
I'm curious if you've noticed the same thing
and if there's any takeaways from that.
They're still on mute. the same thing. And if there's any takeaways from that. I think that's just a sign of the times
more than anything, right?
It feels like
I think PumpFun
probably does have to
consider what it needs to do here
a little bit in terms of its position.
It's obviously still making like over a million and a half a day,
but like what we spoke about is quite a big thing for them,
right?
Like they are effectively middleware and they needed to,
because no one went on pump on the,
maybe some of the streaming stuff has picked up,
but like we're not like the hottest streams on PumpFun get like 50 to 100 viewers.
I think they have to do this.
PumpFun needs to become more than what it is right now in crypto.
So this sort of source of analysis slash entertainment potentially
is what they're going to do.
I don't know.
Maybe it's the work. I still haven't spent any time on PumpFun recently. I don't know. Maybe it's the work.
I still haven't spent any time on PumCum recently.
I don't know if you have, but apart from maybe
tuning into the odd games you stream,
it's not somewhere
I'm spending my time.
I'm not either.
And I don't think it's great
momentum
headed into a token launch.
Did you ever download the app, Tyler? No, but I'm not a mobile
trader. Yeah, no, I get it. I downloaded
it just for research purposes while I was writing a piece. I mean, it did seem to operate
pretty smoothly, but same thing. I'm not trading
those on mobile very often, and at the time, I was actually making
use of something like vector
instead which i felt like had legs up i don't know at this point in time you know with these
feature editions if it still would but what do you think it means for their token so assuming
it comes out at a four billion dollar valuation you think does this change the buy thesis or i I guess, Logan, I don't know if we've ever
even talked about it. Are you planning to buy
the pump token? Let's say it launches
next week at
$4 billion and it's unlimited,
uncapped pre-sale.
No gas war.
You can buy as much as you want.
At $4 billion?
Mm-hmm.
I don't think I would. I don't know.
I wouldn't be buying heavily.
It does feel like something I could do the real quick rip.
I don't think I'd want to be sitting in very long.
You know,
like I wouldn't want to be buying at 4 billion with the thoughts of
holding for the next year or something like that.
Interesting.
Logan,
not a pump fun bull. I'm trying trying to find trying to pull up their numbers here
really interesting time for that coin to come out right because it's one of the classic ones around
token revenue it like actually earns revenue so like you could argue in some ways
hey this is the time where stock people might look at this and be like hey this is interesting things to own or does evaluation
because maybe it looks cheap on a multiple basis at the same time it feels like their product is
being challenged by what we just saw so the idea of just constant meme coins feels like it's maybe
being challenged as a like a business model in general. It's kind of past the peak
generally already
of complete mania
in meme coins.
I just get
the feeling that
it's not an easy call
basically.
At $4 billion,
I wouldn't
say it's some slam dunk trade
either way.
Yeah.
It's this tale of two worlds.
I think you nailed it.
It's the best time to be launching for a revenue-generating app,
but the future outlook for memes is weaker now than it has been.
And it's also summer, and people just aren't.
And the meme market always kind of lulls in the summertime.
So I'm looking at the 30-day numbers,
$64 million in fees from pump fund,
right around one-third of what Circle did.
Circle's trading at $40 billion.
I still think it's a buy at $4 billion.
And I think you're looking for a two to three x upside on that trade yeah probably an
early spike sorry that's what i think i think early spike makes sense that it gives me that
feel i don't know why i mean that's that's not uh atypical of crypto right to like these early
call it a token sale or whatever you get that initial surge a lot of the time,
followed by sometimes sharp sell-offs.
I was just scrolling through the tokens around that market cap right now.
And that wouldn't, is that, it's selling at a 4 billion FDB?
Is that right?
Correct, yeah, 4 billion FDB.
So it's tough, it's harder to sort by, I guess I can sort by FDB,
it's not. It's harder to sort by. I guess I can sort by FDB. It's not that weird.
Like, as far as the tokens go,
and this isn't, you know,
some outstanding quantitative analysis,
but anecdotally,
taking a look at the tokens around that range,
like, I mean, like,
I could see why PumpFun would make sense there
and, you know, even had some room to the upside.
But how much further? i don't know um
it does feel like it's limited a little bit it seems weird to say that it's limited a little
bit by the fact that it's solana like you also probably need like solana to do well
right like for the pump token to do well i don't know i don't know i mean i think it's i think it's
fine there i'm just not like
jumping out of my shoes excited to participate in that instance. So Aave's did 48 million in fees
in the last month, a 30% below pump, pump at 64. So kind of same ballpark. Aave has bullish outlook
perhaps because of Robinhood bringing stocks on chain, saying stocks are going to be integrated within EVM DeFi.
It's at 4 billion FTV.
But that's also down substantially from, not really down that much from all time high.
So it's down 2x from all time high.
So I'll be all time high is around 8 billion.
So yeah.
I'm thinking through this live on the stream because I'm still making up my mind
how I want to play this potential token launch.
And I still think I'm going to be a buyer
of $4 billion FTV.
I think the final details will matter
around circulating,
unlocks with the airdrop,
all that looks like.
I still think it's a buy of four billion.
Maybe we'll see.
Maybe we'll get those details here soon.
Probably not this week,
but maybe as soon as next week.
Well, folks,
that really went through the list of items
I wanted to talk about on today's show.
No eat giveaways.
We weren't able to pull those off. We will be
doing two tomorrow, one Thursday,
two on Friday.
Yeet is pulling in
record daily revenue.
10 million came in yesterday.
Record
daily...
Oh, God. Sorry.
I think I keep on getting music.
Record daily volume.
Record daily volume. Record daily volume.
Record daily volume.
Wow.
Yeah.
During summer.
I think it is notable during summer, too,
because you think in general this would be a time perhaps
when folks would be pumping the brakes a bit.
So kudos to you and the team.
Those, the ethos bears reviewers in shambles
while they continue to watch.
Yeah, I don't know how that managed to be a hot topic.
I just saw it this morning.
I was like, okay, fair enough.
Always a good sign when ethos people are talking up your casino there, right?
Like to see a thread on the fact that it's a good thing, I was like, oh, that's quite
nice from the ethos guys.
Better than not being talked about at all.
I think one could always make the case.
For sure.
Kudos to you and the team.
Folks, that's going to be it.
That is our show.
We're going to do Underexposed here in another hour.
So join us, 12 p.m. Eastern, longer macro talk.
We're going to go deeper into Robin Hood.
We're going to talk about hype, how hype is impacted with Deez,
who's been a hype whale for a while.
So tune in for that.
Otherwise, we'll be back tomorrow at 10 a.m. Eastern.
Farouk should be back with us.
If his travel goes smoothly, I want to thank all of our listeners.
I want to thank my partner, our partners.
I want to thank my co-hosts.
And we will see you all tomorrow.
Go have a beautiful day.
Goodbye.
Goodbye. Thank you.
