Lucky Lead: Macro Tuesday, Memecoin fomo, ACK The Broken Keys preview

Recorded: May 9, 2023 Duration: 0:31:27

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GM GM. Thank you for joining us here this morning. We are going to start the show here in just a few minutes. We will give it a few for folks to filter in. Get all of our speakers up on stage while we wait. Here are some tunes.
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Good morning and welcome to the lucky lead today is to
Tuesday May 9th. It's macro Tuesday and you know what that means. We are bringing in the big guns for the show here today. We've got these with us. We've got Peter Jennings with us. This is always one of my absolute favorite shows of the week. I see some friendly faces out there.
there. NFT shark Hunter Bill. Thanks for joining. As a reminder for any new listeners out there, we do run the show every weekday, Monday to Friday at 10 a.m. Eastern. It's a 30 minute show covering all the major news and crypto, web three and NFTs. The show is meant for those interested in discovering the space.
those that's going to be buying and selling in the crypto and NFT markets and those here just doing research. I'm your host Tyler D. I'm joined by a full set of amazing co-hosts here this morning. We've got Emily loves crypto, a web 3 security expert and co-founder of the foolproof app. We've got Logan Hitchcock, Rep and the Lucky
We've got Ghost, content star over Lucky Trader, meme coin, sauna, enthusiast, or Akana Nakamego. And in today we've also got Peter Jennings with us, Lucky Trader, co-founder, founder of several companies, including successful exits for two. He's our resident macro expert, Peter Goodmorn, and how you doing?
Jim, uh, still to be with you guys. Uh, excited to talk about a variety of topics and, uh, yeah, there's a lot going on in the world. So it should be a fun space. Yeah, love having you on.
on as always. And then today we've also got D's director of Bives for Tessera and Escher at one point again directing Bives for the entire NFT space. We're excited to have him back on D's GM. How you doing?
GMGM having a good morning. Glad to be here. Awesome. Well, on the docket for today, we're going to start with some meme coin mania talk FOMO and has this meme coin run tops. We're going to talk some reactions to blurs blend week one and the de gods price action following the announcement yesterday.
We're going to talk OpenC Pro possibly taking Pepe coin as a former currency and then end with a preview of today's Alpha Centauri Kid collection that broken keys along with all the news. But before we jump in, ghost, any housekeeping items? Yeah, as always, if you enjoy these shows, Tyler does a great recap of the
you market every morning in the morning minute newsletter. So we've got that pinned to the top if you're not subscribed. What are you doing? And then a second one there, if you're interested in AI, go check out AI Authority, our new account over there. Same great team from Lucky Trader covering all the exciting developments in AI over there. So we'll pin that to the top as well. Make sure you give that a subscribe and a follow if you#
Goose, thank you for that. All right. Well, Peter, I feel like we've gotten very serious on our macro Tuesday shows the last few weeks. I was thinking maybe today we keep it a bit lighter and maybe just talk about this meme coin craze. You know, certainly we've touched on it a bit on the show.
show over the past few weeks, not as much with you directly. So to kind of set the stage, we certainly had a crazy weekend, right? We saw Pepe get listed on Binance on Friday, immediately surges to what, see, there are a blow off or a blow off local top,
$1.8 billion market cap that it saw a 60% retrace. We saw some similar blow off tops and then retraces and several other coins including coins like Turbo. It feels like new coins are still launching and pumping left and right. So I'm just curious, you know, as one who's been, you know,
in the crypto markets for some time. Have you participated in any of this mean coin craze and maybe just your general thoughts on how to stay in the market? I have not participated and I've had a pretty cautious approach for the last year or so. It's actually fun.
funs out the right word. It's interesting we're doing this space a year after Luna crashed. So for me it's just kind of been a sobering year and I've been really cautious across the board. I've just kind of been long bit coin and eath and some premium NFTs and otherwise just trying to be conservative especially
since the birth of our son, who's now seven weeks old. So I'm in a more conservative risk off state of mind, just kind of with everything going on, but certainly happy for people that are doing well with the meme coins. I've had Phomo, which is different from me.
normally. I don't think I get like act too much on the phone though, but certainly normally feel bad and I don't really feel bad about missing out personally, but very happy for others. And again, not financial advice, but if you are participating in this, just realize that your exit liquidity for someone
And really be cautious with your actions with these meme points. And the other thing that I think we all can reflect on and just look back on with what we've seen in crypto and entities. Really be thoughtful about your overall portfolio as a whole. And the meme points
becomes really outstis as a percentage of your overall bank role or investment portfolio, you should definitely take a look and think about what your plan is because it's easy to get caught up in the euphoria and then it's easy to panic as things go down. So yeah, it's exciting and I definitely
curious to hear some of the thesis thoughts and ghosts and Emily and your thoughts too Tyler. But yeah it's an interesting point in time and just be careful out there. But it is when memes do roll the universe we've seen that a bunch of times and yeah happy for anyone who's made money on any of these meme points.
I do want to hear from our other speakers. I do have one follow up question for you though. You know, you mentioned that you know this go around you haven't really had the phone that perhaps you may have had in prior cycle. So I'm curious. Anything that you can point to as to why you've been able
to avoid it because I know I've been certainly hit by the FOMO bug, you know, watching some friends and just, you know, folks on Twitter catching that the huge gains. So I'm curious you've had any tips or thoughts there. Yeah, I just feel a lot more, you know, just especially with things.
I just feel a lot more confident kind of my approach overall and I have plenty of risk on bets. I'm an entrepreneur, start companies, have angel investments and I realize that with my liquid money I need to be a lot more conservative. So given that, that's my approach is the
I'm not going to be a big fan of the game.
was being the D-Gen in so many different ways. I guess I'm not even proud, but just happy that I've stayed the path that I set out to since 2022 and certainly 2023 have been really disciplined in my approach. Well, that's great.
a mature approach. So I appreciate you sharing that. These, I'll turn the mic over to you. I feel like you've had, you've tweeted about the meme coin season a decent bit across the last week. You know, if you tweets about Turbo, you also had a few tweets about, you know, how are you not selling these green candles?
that just start some of the biggest uptrends that we've ever seen to potentially buy back in lower. So I'm curious, how's the week gone for you? Are you still dabbling in any of these? Has any of your strategy maybe changed as this cycle has started to unfold over the past week?
Yeah, I guess full disclosure. I've launched myself or attached myself to the turbo missile. I feel like, you know, this time, this token might be slightly different, just given how it was created in this completely public transparent way. It wasn't a non-dev team dumping 90% of the liquidity into
to a locked-acquitted people and then like telling their friends and telegram the buy it and then telling their friends in another group chat the buy it and then eventually going to Twitter and telling them about it. So I'm out of basically I think all the meme coins right now except Turbo and I keep buying and selling some of these swings like I mean last night or two nights ago you know you're going to bed.
And you go to bed and you wake up and the price is up 3x and you're like all right, like maybe I should sell some because when I went to bed it looked grim and I thought maybe I was stupid for bags on. Same thing this morning went went to bed price was down woke up prices up to act so I'm like all right, I'm gonna sell a little bit more. And price goes downing in on by a little bit.
more. So I might just be an idiot fully attached to this turbo token, but I'm still playing the swings because the swings are so big. Like if you're going to have a swing that's 50 to 150, 200 percent in a day, it's kind of attractive to try and trade it and gamble on it. That's right. I
was in a lot more tokens. Anything that you've seen mentioned on Twitter by anybody, I probably bought .1 to .5 Eastworth and 90% of them, I lost that .1 to .5 East, but then a couple of them did well. Obviously, when I see a green candle like that one I tweeted that day, it's like
you have to sell something like it doesn't matter if you're taking your cost basis out. It doesn't matter if you're taking initial profit, but like price doesn't rip up five or 10x in an hour and then consists at that like speed or velocity. So yeah, all that to be said, I'm enjoying the shit coins. I will never ignore shit.
coin season, I've seen too many of them. I know that they don't last that long. And I know that the opportunity is always plentiful. So I will always take a small percent of my liquid bankroll and gamble it on the shit coins because it just feels fun and prudent. Well, awesome. Great tips for sure. And I think Peter mentioned that you for you. And then
panic and it feels like we're experiencing that on just an every other day basis with some of these tokens where like to your point they'll go up five or 10x in a day, you know, it feels like there is no upper bound. And then the next day they retrace 50% and it takes a real stomach to handle these swings.
you know, unless you're kind of moving in now like you mentioned, which I think makes a lot of sense. Ghost, love to get your thoughts, and then we'll go to Emily. Yeah, I love the couple comments from both these and Peter. I think selling you the euphoria is like the hardest thing to do in both NFTs and crypto, and yet it's so important to do like when you see that for off on the timeline, like it's#
like lean into that and be like, oh my god, like what's how much money am I going to make tomorrow or this is going to go up only but it's so important to take a step back and be like, man, it's getting really you forked out of the timeline. Let's start thinking about taking some profit. And I think it's also important to remember the people that are on your timeline, like, shilling the bullshit and dumping on your#
like extract from their user base. And it's just important to take note of who are the authentic people that you should be following and who are the people that are really just trying to extract from you. So we've seen a lot of people launch tokens or be shilling just crap tokens. But I personally like to remember who those people are to kind of avoid them for the next time things pop up.
Thanks a lot since ghost. Thank you. Emily loves crypto. We have to get your thoughts on this as well.
I mean, the Shacoin meta is a really interesting one, but I think more than anything, it's indicating a really key point in the cycle. And, you know, the evolution that we're going to see from DeFi as a result is what I'm really looking forward to.
So more of a higher level perspective of what's going on. Like I think the cycle will probably run through the fall, like maybe close to the end of the year. But by that time, I think we're going to have a bunch of really creative tools that we haven't seen before.
cycle for DeFi and like I think they'll probably start integrating NFTs and we're gonna get a lot more interesting stuff from the technology. At least that's my hope. You know, I hope that like the people that are making money are turning around and investing it in
Builders every once in a while because those are the people that are going to keep the the economy running and You know to just hand it over to to more bots and better traders is kind of a tragedy So I'm just like really hoping that we we get to we get to see the next evolution
and stuff gets cooler and cooler overall. I think it's, I mean, we've talked about like, you know, what I think like the meme or the medic front runner is of the entire series, I don't know. But like, it's
It's hard to know what's going to happen once it gets into those large institutional hands because the same thing happens with traditional stock trading and Vorex and just the power that
comes with the amount of gravity that you have when you control that amount of token supply. So I'm still mostly looking forward to the evolution of the technology because that's the space that I work in. But I guess we'll find out.
That makes a lot sense and I think that's a good say to the next topic here and I wrote about it in the newsletter a bit this morning and it's this surge of the BRC 20s over on Bitcoin so I'll set the stage here a little bit and then Emily maybe I'll tell you back up for your thoughts. So we've seen some Bitcoin
protocol or free has kind of started this this big craze here. And while I think that the easiest comparison would be to the the ERC 20 standard on ETH from what I've understood from when I've been able to read the comparisons basically stop in name only
only as the tech is pretty substantially different between how the BRC 20s actually work. And Chainlink God actually had a nice post on this yesterday. Maybe we can get that here pinned into the space. Maybe we'll read through that here in a bit. But a few of the numbers, and they are fairly
Agrarian here from the last few days so average transaction fees on Bitcoin up to $20 per transaction That's up 15x from last week's average of a dollar 20 that the number of BRC 20 tokens issued up over 11,000 now 11,705 and then the total
market cap of these new Bitcoin BRC 20s up at $730 million. And there is one, you know, memecoin BRC 20 that's leading the way and it's already O-R-D-I, which has reached a staggering market cap of $480 million as of this morning.
So it's over half of that total market cap over on Bitcoin. They've got several other meme coins as well. There's their own Pepe BRC 20 not doing as well as the ETH based one holding a market cap of around 32 million. We've also seen some NFTs exploding on
Bitcoin with the ordnance protocol. We've seen over 5 million inscriptions now. I think if I'm reading the data correctly, ordinal fees on Sunday were $257 Bitcoin, which is $7.5 million. So that feels excessively high. So don't take that
as gospel. We can maybe link the the Dune dashboard where I pulled that from here in a bit. But I'm curious, maybe for your reactions, have you been following any of this BRC 20 action thoughts overall on how the Bitcoin
- Mean coin, D5, NFT evolution is taking place. - I mean, I'm aware of it. I haven't done a deep dive on the technical spec.
are like exactly how it works. The Bitcoin community in general just comes with so much friction with this stuff and like I think it'll get broken through but like
I don't know, it seems like the complexity behind applying the functionality that you get very easily with a smart contract and able blockchain is so much more difficult on Bitcoin that it makes it really challenging to learn
how to use and also to build on. I was hearing a lot of stuff that made me disinterested. If it takes me hours to clear a transaction and these prices are all over
the place, you know, within minutes, how lucky are you going to be that you get out on the right, you know, type of, you know, green candle or whatever you're hoping for on gains, you know, if your trade really takes that long to go through like that is a little anxiety inducing
for me and I'm not sure if I'm completely misunderstanding it or not and like there's a good chance I am but it's kept me away so far. No, I tend to agree. I feel like there are some barriers to entry enough that I haven't personally really dug in and tried to transact over there but clearly
there are several folks who are. Deeks, maybe I'll tell you up for this one. I'm curious, have you been following that this recent craze? Have you participated at all any interest in this or are you just going to kind of watch this one from the sidelines? I seem to be unable to really adopt any of these Bitcoin crazes and enjoy them
myself. So I just watched them from the side one. I've had a really nice ordinal that people are trying to give to me for like two months and I just haven't even downloaded a wallet to accept it. So that's about where I'm at when it comes to using Bitcoin. The only Bitcoin I even hold is wrapped Bitcoin on ETH. Then the only
thing I use Bitcoin for is my RarePet page. So I don't, I'm just, I have a mental block when it comes to getting into these new Bitcoin technology. That's very fair. And it definitely feels like it's two fairly different cohorts of people who are executing without a whole lot of then diagram overlap.
But we will see if the technology continues to evolve, if it does get easier, we will see more rotation from more of the ETH native folks as gas fees are potentially driving people out in droves at current levels. Well, I think that was some good discussion on meme coins. I want to move on and talk a bit about
blood. But before we do that, let's read the news. Today's top headlines powered by Lucky Trader. Train volume bounced back 30% on Monday to 13,500. ETH, though most leading NFTs fell 3% to 5% on the day. Blur announced D-Gods as
their newest blend and BNPL collection leading to an immediate 10% pump in the floor before it retraced almost entirely to 8.66 E. OpenC hinted at accepting Pepe as a payment option for NFTs in a bit of a cryptic tweet yesterday evening. NBA Top Shot shared several updates yesterday, including
exclusive packs, new distribution mechanism and a trip to the NBA draft for a lucky winner. Artifacts extended the deadline for their Air Force 1 physical forging event to May 10th based on high gas fees as less than 80% of participants have forward yet to date. The Friends announced Phase 2 of their collab with Snoop Dogg including a trivia
a contest and a board eight as a top prize. That's an $86,000 prize at current levels. And then Zogs from Matt Fury debuted with their first 10 revealed yesterday and 10 more coming per day. I think this morning's actually revealed already as well. If you have fallen below that mint price already in Web 3 and crypto
crypto news crypto down again on Monday Bitcoin minus 1.3% at 27,600, 8 down a percent at 1840, pepe, a thousand nine percent on the day to 870 million market cap while turbo rebounded about 30% to 96 million, both still down over 50% from all time highs. And then just in this morning
Goldman Sachs Microsoft Deloitte and other partners to launch a blockchain network. That was some fresh news for us. Go to any of those headlines that caught your eye or any reactions. I find it interesting to see like V friends and Gary V giving away a board ape and it doesn't really seem to be like residing too much of a time on it. I feel like in the
the bull market that would have been a wild one. And then I tuned into your map, your show yesterday. I thought it interesting to hear him talk about kind of the meme coin craze and then what they're doing and kind of seeing that being built alongside the surge of Pepe which he has nothing to do with obviously but has brought a lot more attention
to the frog in the Pepe meme itself. Yeah, I mean, he was very careful not to comment on the Pepe meme coin craze, which I think which makes sense. I think certainly Darren and myself, we wanted to hear a little bit more about his thoughts on that. And he definitely
took the politically correct approach and basically avoided the questions entirely. On the V friends, V friends actually their tickets led the top movers yesterday. So they jumped 78% to 0.12. So someone in the market saw that board ape I was up there as a top pro
and decided to jump in a little bit. So that was good to see. All right, I want to move into some reactions to blend the week one of their new lending protocol over on blur. NFT sapien had a great thread. Maybe we'll get that pinned in the space. I'm going to read a bit of it. So the launch of blend
then saw the NFT lending space go parabolic with a 370% loan volume increase week over week, blur captured 75% of that on the week that facilitated about 39,000 in each and total across 2400 deals or so.
average of 16.4 each per loan. But going forward, if you look at the end of the week's data, 80% of those week one loans have already been closed. And that average loan size has fallen almost 50% to, or over 50% to 7.5%.
The number of daily loans has decreased from about 500 on day one down to about 300 on day seven And then also he caveats that while the the volume has been impressive the number of unique borrowers and lenders still on the low side 574 borrowers 501
on lenders. So still less than 1,000 people participating in this program. I'm curious. Any reactions to some of those numbers or just how the first week of this New Leningere program has gone, maybe it goes, I'll see you up here for your thoughts.
Yeah, I mean it's it's been really interesting to watch and I I think that we all kind of felt like the Kind of initial pump from the collection being listed and then the the dump afterwards was gonna happen again and it seems like it It kind of has with the guys as well So I do think that we'll continue to see people speculate on which collections are dropped next
and try to get in before that pump. I still haven't been participating and been cautious about buying any NFTs in general right now. I've always been cautious myself about loans. I still appreciate Blair continuing to try to push new things forward. I think it's an interesting
experiment and I will continue to build out more tools. I think we will see blur kind of be like a stretch there tentacles to like each different aspect of the NFT space. So lending is just one area here but I can see them continuing to build out to other areas like we know that art blocks and additions are coming as well. So I still think that blur is going to be really interesting to launch.
to watch regardless of how you feel about what they're doing to the space with with their lending and and the rewards and sensives that they've kind of provided there. Yeah, no. I'm back and forth on whether I would call the successful launch. I think there was definitely some success. I think there were some mistakes. You know, one, we touched on
on the show, not being able to have that function live to top off your loans in the BNPL program. I do feel like that was a mess. I know that Pac-Man had a space with serious last night. I would love to have caught that. I might try to catch the replay later today to see if they talked about that much in detail. I think
Because maybe I'll fire one more question back at you. Do you feel like the market is getting smarter and faster? So when the three collections launched last week, you know, we saw about a one day, one and a half day pomp or the collection surged about 10 to 15%. Then they slowly came back down to their previous floors, basically across the neck.
day three, day four. D-gods basically did that cycle in about two or three hours. So do you think participants are getting smarter here and understanding how these mechanics are going to work or what are your thoughts? I think there might just be less dumb participants participating right now because there's like
2000 active traders and I think that the number of people that are probably not as educated on the market are Continuous to grow or think they continue to stop trading because gas is so high or they're just sitting on this eyed line So the people that are participating I think might be More sophisticated and they have better trading strategy, so I think that might be or that's that's what you
up to me is what might be causing that. Makes sense. Deez, maybe I'll tell you I'm curious for your thoughts on someone who kind of monitors the market overall. Any reactions to week one, do you feel like we're getting to more of a normalized state or just any reactions to the launch of their lending
or by now pay later program. Yeah, I guess my reaction would be that it seems like some DJed and sphucked around and they found out and all the prices of things like a zookey and punks and I guess my ladies are back to by ladies weird they had that spike like four yesterday that I didn't expect but
I think in general, the expectations have gone down a bit to be more healthy in baseline. I think at first people were like, "Oh, we can just buy things at 10% down or something," and didn't fully understand it. Then the farmers who were trying to farm the points may have not fully understood the loans they were giving out.
but it's been out for a week and people who fucked around and found out it's been, I think, a little healthierly, a little more healthy, I can't, Jesus Christ, I can't use the right words, it's been healthier. It's like people understand the product a bit more and they're not making as many ridiculous loans and it just seems a little healthier than it was last week.
But healthier means less speculation, so number one, town.
Tyler, I think you're muted. I can't tell if Tyler got rugged or if it was one of those things where like I can't hear him, but I see him unmuted.
looks like you got rods. Classic.
Classic. I have to bounce a minute, but I'll try my mind just quickly. I think Bloor is just continuing to try to financialize NFTs, which, you know, there's pros and cons.
And it is interesting, they're definitely pushing forward. But I think the big driver and what we need, parentheses long term, is just more people and more use cases.