Biggest crypto narratives of 2024: memecoins, L2s and PayPal and Ripple stablecoins

Transcript

are memecoins the only way to make money in crypto right now I mean they're up 1,300% since January in today's episode we're going to tell you the most profitable crypto narratives in 2024 and how to find balance between chasing 100x versus investing in real businesses that will be around decades from now welcome to milroad radio the easiest path to get smarter about crypto I'm Jay Hamilton joined by my co-host Kyle rehead and we believe that on chain is the next online this is the opportunity and we're here to guide you to capitalize on it what up friends today we've got a big episode lots to talk about l2s to1 trillion by 2030 we'll discuss a big report by vanck

plus top crypto narratives as Jay mentioned already the three big winners of March PayPal and ripple comeing up with some big news around stable coins we've got the US government with $2 billion worth of bitcoin and that might be on the Move we've also heard this rumor of million times of last two years so don't get too scared of course we'll talk about meme coins dgen chain SBF going to jail for a long time we've got so much to cover here in today's episode Welcome to our first weekly rollup as milk Road radio milk Road radio and to celebrate this Kai we've got an exciting announcement we want to give away a few milk Road Pro memberships we want to

give away some milk Road swag and all you have to do to enter is follow us or subscribe to milro radio on Spotify on Apple on YouTube wherever you are listening to this and then take a screenshot of it post it on Twitter and make sure you tag milroad daily and you'll be entered in the competition and next Tuesday we're going to pick a bunch of you and we're going to cook you guys up with a bunch of free stuff but in the meantime we want to make sure that you have an opp opportunity to capitalize on this cycle and make the most of your crypto Investments because oh boy the opportunities are big right now we're

going to talk about that in today's news about how many things are going to the moon in the past quarter but right now we got a special discount for you our milroad radio listeners our first listeners whoever is out there we want to give you guys 25% off Milk Road Pro this offer expires next Wednesday April 10th so make sure you get in Kai why should somebody sign up for milro pro what are they going to get from that all the alpha you possibly need no it is institutional grade level research but it's explained in a simple and easy to understand way so if you want to really understand what's happening in this space know where to allocate your capital and understand

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all right Kai as we always like to do start the episode with the market watch what's going on in Bitcoin this week yeah Bitcoin is having a little rally today up 2.67% on the day down 2.4% of the week though and basically flat on the month so not too much is going on in the Bitcoin world ethereum is up 1.7% on the day down 3.68 on the week down 7% on the month it's about time we have a bit of a back in these assets though so it's fine I'll tell you what's not down that's salana up 1.3% on the day and up 40% on the month that's just coming because it had a massive pullback as well so assets continue to just sort of

you know be in the crab market that we're in not much happening since we surpassed alltime highs of Bitcoin but that is okay overall Jay the crypto total market cap 2.46 trillion so not much moving there but if we look Jay in the last seven months look at this a lot of green candles the last seven months of Bitcoin I have the chart up here and for seven months straight we have closed a green candle meaning we were up in those months this is a record Bitcoin has never had seven months straight of up only basically now obviously we are red here in April but we're only four days in so who knows what will happen at the end of this month but we've had I mean if you look at last cycle here was six and then we went into a long Beer Market obviously if we looked two cycles

ago we had a ton of green ones but there was always some pullbacks at least we haven't really had that so far this cycle still early days in the cycle so we'll see what happens but just want to point out seven months straight so nice job Bitcoin just kicking ass so where are we Jay in the cycle currently I wanted to bring up this chart I shared this in our Pro Community yesterday or maybe it was two days ago I can't remember but as we had a bit of a pullback the other day I just wanted to show a support level that we've been we've hit now three times in the last few weeks which is eth sitting at around 3,200 is I charted this out a long time ago as a resistance level we smashed through it and then we've now come back and

touched it three separate times in this latest pullback people were wondering okay have we hit the bottom yet I've got a few little suggestions here that I'm going to go over but one is just your clean support and resistance levels on E 3200 continues to be support three times now as I said and so to me I think we've probably hit the bottom of this mini pullback that we're in so we'll see where things go but those support levels tend to be holding strong the other reason I would say we might have hit the bottom is tether is printing a hell of a lot of stable coins right now it just printed a billion US in tether stable coins so massive massive jump in their market cap obviously as a result of that but typically when this happens you see it tends to be the bottom of a pullback

I have a chart up here that was shared by Lark Davis and every time that tether prints a bunch of tokens that's generally shows that we're at the bottom of whatever pullback we're in now why is that happening it's not because tether is buying a bunch of Bitcoin with it it's because this is institutions generally or just whales that need a bunch of stable coins so then they can go and deploy it into the market right they don't go from Fiat into let's say Bitcoin or eth or whatever they typically buy a stable coin and then they admit it through stable coins and then they can go and you know buy something on the market so whenever you see a big jump in tether usdc as well but to a lesser extent that generally means we've hit the bottom in whatever little pullback we're in though tether

is also buying a little bit of bit J they're at5 billion they hold of Bitcoin so that's quite impressive they continue to buy they're not quite Michael sailor but um tether is at least continuing to buy up a little bit of the Bitcoin Supply let's move on to the ETFs Jay before we finish up our market watch the ETFs obviously have been a Hot Topic we've talked a ton about the US ETFs Hong Kong is coming in now and they are planning to launch about 10 ETFs by the end of Q2 this year year so this is spot Bitcoin ETFs some of the biggest asset managers in Hong Kong have applied already so value Partners in vsfg they've applied it sounds like this

is going to get approved and it's likely going to happen in the next couple months according to Bloomberg reports so oh the other cool thing is these are actually in kind which the ones in the US are not and what that means by in kind is when you buy your ETF with dollars in your whatever exchange account you can actually get your big coin as a refund or in return for your ETF shares you can't do that in the US you can only get dollars back but the ones they look to be potentially applying or approving in Hong Kong are going to be ones where you could actually uh convert it into actual Bitcoin so that's really really cool we were hoping the US would do that they didn't yet maybe one day they will get there but that's quite interesting but speaking of these ETFs the US spot

Bitcoin ETFs have been on an absolute tear obviously we've been covering it every week but look at March Eric Aluna says this is March Madness the volumes in the Bitcoin spot ETF J have 3 exed since January in the month of March it was a massive massive month for ETFs tons of inflows also some outflows with gbtc but that's still expected but wow what a beast did you expect it to be this much Jay this soon no definitely not there's no way I expect it I don't think any of us none of us in this world understand the power of trafi and the power of Institution you know even though you might sit back and say oh yeah of course it's going to be big I think we all thought it was

going to be slower the question is where does it go from here yeah yeah well so there's before we get into that answer that question I just want to go from one other tweet that we have out here a lot of people talking about the ethereum ETFs obviously the due date for the the next one that's up where they have to either agree or approve sorry or deny the SEC this is in I think May 23rd or something but it's been kind of crickets from the SEC just yesterday the SEC put out a public comments for the grayscale the bitwise and the Fidelity spot ethereum ETFs a lot of people on Twitter saying this is bullish it's not bullish this is just normal procedure Bitcoin had to do this every ETF in existence has had to do this a few months before they have to put out for public comments

so really not a massive deal by any means don't let people tell you this is bullish it's just protocol we still are getting kind of crickets from the SEC so not great but on the Bitcoin side of things in terms of the ETF as we said big things happening in March already but we had a tweet here from Matt Hogan who is I believe the founder of bitwise CIO and of bitwise yeah so he's in the ETF race already they have a Bitcoin spot ETF they are soon applying for an ethereum one but he put out a tweet just talking about he's been sort of traveling around for the last few months since the ETFs went approved and has been speaking with a bunch of Institutions and funds to see what they're thinking about these about allocating to these ETFs and um the first note was it used to be maybe one

1% will allocate to crypto and now or to bitcoin specifically I guess and now it's going to 3% so a lot more and more of these funds are now saying hey you know what we think we need a 3% allocation rather than 1% so that's really really cool the other interesting point that he made in this was look on January 15th a bunch of people got access to these ETFs but most actually still don't have access in terms of the big funds in the big institutions they have to still get approval they have to do a lot of paperwork and things to get access this and so once they get access which he said should be by like within the next year they'll all slowly start to get onboarded and get access that's when sort of like the passive flows come for Bitcoin so a lot of the current ones

is probably retail you know some institutions Etc but once these other bigger funds get in these are Pension funds and things like that this is when it's just passive and these are like when you start to invest for your you know your child's education fund right you throw it in I don't know a 401k or an RSP depending on what country in or whatever funds retirement funds Etc you just sort of like dollar cost average right like generally your work takes a little bit off your paycheck and throws it into a fund these are the kind of funds we're talking about where just it's non-stop every employee is basically adding a certain amount of their paycheck into these funds an ongoing basis the way these funds work is they basically buy the entire economy so if it's in the US they're buying everything they're buying stocks they're

buying bonds and it's usually like ETFs of the NASDAQ ETFs of whatever and it's just like they own everything and so whatever ends up working out you know they end up getting a bit of a gain from it the average is like 10% on average per year their portfolios are going to go up but what a lot of these funds are now doing is instead of 60% equities 40% bonds they're adding in this one to 3% Bitcoin ETF and so what's interesting is we're now like doesn't matter what you're Investing For if it's for you know your child's education if it's for your retirement you don't even really realize it but you're actually investing in crypto and almost every fund is going this way and racing to get approval for

this and so this is this big story of like look the the launch has been great over these last three months March was massive but we still haven't really seen the big flows that will come and these flows won't just be like a onetime thing like on Jan 15 when they finally got approved it's just passive every single day more and more money is coming into these just passively and people don't even really realize it and that's what really matters here is probably going to change the structure of bitco point it's going to make it less volatile and probably we won't have these massive pullbacks on a cyclical basis we'll still have big ones but probably not the 80% like we typically have so that was his like sort of main takeaway just very interesting to see that ideally when ethereum ETF gets approved this will

also be included in there you would assume but obviously we don't know just yet so let's see where things go oh and if the ETF stuff is not bullish enough and the etf's coming in Hong Kong don't forget guys the having for Bitcoin is coming in just a few weeks what are we April 4th it's coming on April 20th 420 uh which is hilarious that it's gonna happen on 420 uh the simulation yeah the simulation is real this guy the tweet that I have up here says the pump will be even more real I'm not sure that's going to pump on the day of uh the having but let's see what happens either way lots of bullish news and lots of exciting stuff for markets all right so let's move from the market watch the top stories of the week and this week's top

story actually kind of fits well with the market watch great transition as we look at the most profitable crypto narratives in 2024 just going to read it read them out for everybody here first we have meme coins up thir over, 1300% real world assets 286 per AI 222% defi 99% dpin 81% L l1's 70% game five 64% and l2s 39% Kai what was your first take when you took when you saw this I mean I figured mem coins would be number one thought AI would be number two did not

think RW were that high I guess I don't pay attention a lot to the the tokens of rwa so maybe that's why interesting to see layer twos in eight now it doesn't mean they're in the last place of all the narratives or all the like sectors obviously there are many more than eight sectors and 39% in any Market would be really good but when you're comparing to fraking meme coins like Bon and djen uh you know you got 1300% uh it makes it looked pretty Tiny But interesting that it was only 39% I think they'll have their moment eventually gaming still pretty low as well it will likely have its moment too but good to see defi finally coming back defi has been struggling for a long time it was the first to get into the bare Market in the last cycle and it has just

struggled ever since and I think defi is making a bit of a comeback so that's nice to see too yeah defi had a good run the backs of Unis swap which had their e switch proposal that was one of the big moments there Jupe obviously new token came out that really pumped D5 Maker's been doing really well so yeah it's been good to see D5 yeah my my first take on this was kind of what you said around l2s is you look at this and it just makes you want to chase 1,000 or 100x returns right because you know L2 is at the bottom at 39% a 39% increase in any regular investment strategy over one

quarter would be like bz seem to be so pumped but when you're in crypto it's everything skewed especially right now when everything feels like it's pumping and going to the moon and so it makes it tough to know where to allocate your capital I think the thing to know is mean coins is at the top of this list because there is no way to truly value a mem coin they a mem coin is one of the only things that can go to an insane amount that makes zero sense you can always kind of have an argument that're like well that's what a mem coin is it's pure speculation it's a casino it's gambling it could do that and it could stay there throughout the bull run whether it stays there in the bear is totally different but the rest of these

things are more they're all legitimate businesses as you look through the list here and there's there's a who they are definitely not all legitimate businesses I would say true the majority are probably not we're talking about crypto tokens but I know what you're saying there is a way to Value things that are you know rwas or AIS that have revenues and things like that mcoins totally different and so makes sense that they're going to be just pumping this much they're also just having a moment too but who knows that may continue throughout this entire cycle let's look next to the three big winners of March so milk the Milkman every month at the end of the months writes a newsletter where he talks about the big winners of the month and we wanted to just kind of

share those winners with you so had a little chat with the Milkman before we came on air today and first up there was base was a winner in March Bas just what meant to a month in March let me read some of these numbers to you here daily transactions jumped from 400,000 to 1.5 million by the end of March weekly active users doubled and hit new all-time highs and on the profit side B also went bananas total Network Revenue hit 10 million in March first time it's ever done that and weekly profit jumped from 500,000 to 4.4 Million by the end of the month yeah a lot of this comes off the back of EIP 444 which obviously

we were we're talking about a ton on the podcast and and we knew this was going to be a bullish signal for l2s Bas seems to be the one that's jumped the most from this we're actually in the process of writing a pro report right now for all the pro members out there not this week but next week we will have a deep dive on Bas and it's that it's having and we're going to break down five ways that you can capitalize on B's moment Bas doesn't have a token every other L2 every other blockchain out there has a token or at least is hinting that we're going to launch a token Bas is the only one that not only doesn't have a token but they've specifically said we're never going to have a token now I don't believe that they're never going to have

a token but they're explicitly saying that but there are still ways you can capitalize on base and so make sure you go pro again you get the 25% discount in the show notes below but Pro members that are already signed up get ready next Saturday going to be a banger super stoked for that Kai next the other two big winners from March were ethereum had the denin upgrade Black Rock launched the Biddle fund and then a bunch more big name firms jumped in to get in on the eth ETF filing paperwork grayscale vanic Black Rock hash decks Fidelity investco so many more have all filed paperwork so we'll see what happens in May and then of course the other big winner in March was meme coins I feel

like we're going to talk a bit about mem coins later in the episode but it's just insane to look at Doge up 110% Floy up 320% whiff three over 300% it's you know and then there's some new meme coins like dgen that's up 1700% we're going to talk a little about dgen as well and them launching a chain and what that means a little bit later in the show but wow March I what a month on March 19th I put a call on our Discord just not in the public channels in a private channel to someone on our team who was playing around m coins they said I don't play around with m coins by the way but I was like if there was one coin I would buy one meme coin it would be DG and this was in the 19th it was worth like

0.3 I don't know how many zeros in front of that but anyway within nine days it had 15x and I was like I actually was going to buy it just for jokes cuz reell the guy from our team kept saying like need to do meme coins you meem coins I was like absolutely not and I was you know what I'll throw like 500 bucks in just like for fun damn that would have been real nice so I'm kind of kicking myself on that one well all good job for making the call next time let's actually put some money into it as well okay let's go next to the next story l2s might have been the lowest Gainer so far this year only 39% average up l2s but fadc is super bullish on l2s they came out with

a report just this week that values l2s by 2030 at $1 trillion Kai you want to break this down for us yeah I mean it's a good report you guys should read it so we have it up on the screen there we can put in the show notes as well it is a decent report where they they basically look through all the different transactions and estimations of what they think is going to happen on l2s the cost the fees Etc so it's really well detailed I'm not going to go through all of it here the interesting thing that came up with was we always talk about profit for an L2 but we do this on the revenue that they make off gas fees and then we just minus the amount they're paying ethereum for like to settle but what they did is they went took it a step further where they

have all these different costs even things that are offchain so sequencer costs and Etc and so they looked at the margins on an L2 per transaction and right now the best one currently but this isn't really I would say this isn't really a sustainable thing is polygon zkm at making 68 cents per every transaction pure profit that's their margin but their gas fees right now per transaction are $1.40 so obviously that's not the future but bass and I guess this is actually before the upgrade so this has probably changed but bass is sitting around 10 cents margin but again this is when base was at 44 cents per transaction I mean now we're in the pennies so I actually wonder if they need to update this interesting

because they just released it this morning but they're kind of releasing it with old data so that's actually quite interesting but I sure they factored it in there's there's a ton of information here but either way looks really really bullish they're just talking about the growth that's going to happen over these ecosystems and how that will translate into the tokens itself it's pretty interesting some of the numbers they have the estimated Revenue they have for l2s in total is $48 billion by 2030 so pretty wild stuff and definitely recommend you check that out only 39% in in this last quarter though but we've got what is that about a if we were to reach a billion or sorry is it a trillion dollars in tokens yeah a trillion dollar token value I think in total all the tokens are probably worth around maybe 30 billion right now so

we're looking at like a 30 35x in six years which is like in meme coins that's crap but anything else that's like massive so just depends your perspective I guess I'd rather take the safe 30 to 35x than the maybe get 1,000x but likely get wrecked when you say safe that's buying dog with hat right yeah right yeah no it's actually buying a cat with with a hat it's as long as it has a hat that's all I really care about okay let's go to the next story some stuff happening with stable coins a use case that we have talked a ton about big Believers if stable coins was the only use case in crypto I still think we could change the world with that use

case alone some news coming out of PayPal and ripple Kyle let's start with PayPal what's going on there yeah so PayPal just announced this morning that customers will be able to use stable coins for international payments so crossborder payments with 100 including 160 countries and it will be free there's no transaction cost the original originally when I read this I was like oh stable coins are enabling free transactions makes complete sense that's the idea all along but then as I read the details here I'm a little bit confused so it's only us clients don't know why that is if it's something on chain but then as you read the details it says that us users of the company's International payment service Zoom or XOM whatever that is can convert py USD to USD and then money to recipients in

approximately 160 countries without being charged transaction fees so that means you get rid of the stable coin by the normal US dollar and then you can transact without without fees doesn't really make sense to me I thought the whole point in the stable coins was to make it really cheap and fast and this whole announcement which was meant to be bullish for stable coins is actually saying if you want the free fees you've got to get out of the stablecoin so maybe this report again this just got announced before we went live so this is the block that's reporting this maybe they just wrote this wrong I'm not quite sure what's going on yet probably by Friday by the time you guys hear this we record this on Thursday by the way maybe we have some clarification I was all over Twitter trying to get some

clarification here before we went live couldn't get it so I don't know what's going on but either way at least it's free to move USD around 160 countries that's pretty bullish whether that's for crypto or not I actually don't really know so very weird look regardless of of whether PayPal is doing this completely onchain or whether you have to use USD we'll figure that out for everybody Kai but one thing is for sure all money is going to be moved on chain within the next I mean already I much prefer to move whenever I need to move money I'm always asking somebody just send me money from the US recently and you know cross bers difficult and I was like are are you onchain can you send me some usdc on base and she was like I don't use crypto and I was like I you but I

don't want to anyways PayPal taking a step in the right direction what's going on over at uh Ripple yeah I mean so Ripple has always been the network or the the token or the project anyway that was going to solve crossb payments I've never really Dove too much into Ripple so like I can't speak too much on it I feel like crypto's already solved crossborder payments we don't need a specific protocol for that but they do it for institutions so they have a lot of connections in with like Banks and stuff like that so they're helping on the back end there which is cool but Ripple has just released that they are launching a stable coin which is pegged to the US dollar which to me makes complete sense if they're trying to solve um crossb payments probably using a token like xrp which is very very

volatile isn't the solution we've all understand that but stable coins are a great solution for this and so it makes sense to me that Ripple would do this I was a bit surprised but yeah I think it's a big move they haven't done it yet we don't know when they're going to release it yet but they've just announced that it's coming so pretty cool and again this is um hater that we have the Tweet up here I don't know how to say his name actually but he's um I think the founder of okx and he just had a a quick take on it which is basically riple is the network that has a ton of support with a bunch of Banks and so a stable coin actually makes a lot of sense and it's going to educate a lot of banks and a lot of Institutions about

stable coins whether we end up all using the stable coin on Ripple and this becomes like a public stable coin that anyone can use and we start to use it on chain or not who knows but at least this is going to get into a large network of those who are you know trying to move money and are in the space and so I think net positive for the space but we'll see if this like beats PayPal stable coin or obviously like usdc or tether yeah I mean Ripple is clearly going after the Western Union the large remittance you know institutions in the world which is huge because those institutions move trillions of dollars you know it's just insane so I think there's a big opportunity there but exciting to see more stable coin usage PayPal Ripple

great to see that okay let's go from stable coins uh to some news out of the Silk Road case you guys might remember Silk Road uh was a large case in the US where at the government seized over 30,000 Bitcoin from this illegal operation that was using Bitcoin to launder money and to sell illegal Goods I won't get into the details of what they were doing on Silk Road but uh the government apparently is moving this 30,000 Bitcoin now this Bitcoin is in a coinbase deposit address and it looks like I mean Kai I don't

know what is is the government going to sell this 30,000 Bitcoin or would they not just keep it like what are you doing you they have Bitcoin they have put out notice that they're going to sell this Bitcoin it's worth $2 billion do by the way but they have said they're going to sell this many times and then there's always been these like this was just like a test one and then they did I don't know if they moved it all yet over to coinbase once it's on coinbase we don't know what they're doing so we don't know if they're selling but I imagine if they're going to sell $2 billion to the Bitcoin it's going to puke the markets but just this tweet alone this rumor was sort of what puked the markets I think it was yesterday or two days ago now now so it has an effect

on the markets regardless if they actually sell or not but at some point the US is supposed to sell us and they' said they were going to but I believe last year they said they were gonna do it by the end of the year and then they never did so like I don't know what to believe anymore but this rumor comes up like I don't know every couple months so expect it to happen again and when you're in a space where pumpamentals matter rumors like this are going to impact Price For Better or For Worse okay another quick story here grayscale launched a first ofit kind proof stake investment fund this is called the grayscale dynamic income fund basically the way this works is they're going to invest in proof of stake blockchains and by investing in proof of stake

blockchains such as eth they have the opportunity to then take that investment that e that they have in the fund and they can stake it and what they're going to do in this fund is they are going to stake those whatever those chain those tokens are that they're investing in and then they're going to share the rewards of staking those tokens with the investors in this fund we've never seen anything like this look if you're listening to this show you're very likely you're staking your own eth or your own tokens because you understand how to do that on chain thing we need to remember is that most of the world does not know how to do that and probably won't ever learn how to do that so funds

like this are going to in the future be the type of fund that could get somebody not only the upside on an asset but also get them the type of yield that staking can offer through a crypto investment fund which right now look this this gry scale fund is only for the headline says it's only for millionaires which is such a clickbait headline but basically grayscale has to because this type of fund is private they can't allow just anybody to invest in it so you do have to have like over $2 million in assets in order to be approved for this investment fund right now so it's not for everybody but eventually you could see this going mainstream for retail uh and ideally the ETFs just do this right

at some point probably not the first iteration of them but at some point the eth and Salon ETFs ETA that come out in the future we we'll just do this and yeah that's going to be a game changer all right what else is a game changer this week is the Wormhole airdrop for a lot of wallets yours Kai and I know a bunch of people in our community Kai bring us up to speed on W or wormhole in that air drop yeah the Wormhole air drop uh it's finally here it came out on April 3rd so yesterday as we're recording this I woke up to a nice little treat in my wallet had a a bunch of w in there which is really really nice the mint was actually done on salana there was 670 million tokens at the time of the launch so in the morning

the market cap of of w which is the token was $2.5 billion the fdv was something like or billion scroll down what is it now you love I think it was around 14 billion when I saw if you guys are wondering I sold all my w don't trust me on all things for aird drops I am like 5050 on getting it right or wrong in terms of like I sell it and it just pumps like crazy or I sell it and then it dumps so sometimes I'm right are wrong this one so far I'm right we're currently sitting at a dollar and 1815 cents I think I sold it at about a buck 40 yesterday which was a nice little present so I really really appreciate that Wormhole I did use them a lot so I feel like I deserve it really well done so far it's just a governance

token so there's not much utility around it however you can lock up your W which is the way that you can do governance so you either lock up your W to vote yourself or you can lock it up and delegate those tokens to someone else to vote on your behalf there is some speculation now however because Wormhole is a bit of an ecosystem and application things will build on top of Wormhole there is the same sort of idea of what's going on with um with Tia or Celestia and a few others in the SE system where if you stake your tokens the company's building on top will aird drop you their tokens there is speculation the same thing will happen here with W if you lock up your tokens maybe you'll get an aird drop from monad or others that are using this so no idea if that's going to

happen it's speculation right now uh but I'll tell you one thing that wormall did not do right Jay and this is not my idea but Jeremy that uh tweeted this out and he says W would be 2x the current price if it's ticker was whole instead of W uh which you know what I agree completely We'll add a little to it and you know definitely works and he goes they did not study culture in the human brain just a killer tweet absolutely love that for anyone though that tried to claim it was a bit difficult I mean the claiming was easy at least for me it was trading it afterwards that was difficult as I mentioned W was minted on salana it didn't matter if you used ethereum to use Wormhole or Tera or whatever you could use anything they're connected into like I don't know 40 plus

blockchains at this point but the token itself was minted and claimed on salana but salana is having some struggles as of late we have a chart up on screen here which shows that 71% of non-vote transactions are currently failing which is pretty crazy and that was the experience I had yesterday too I was trying to just not uh swap but I was trying to send from one wallet to another I was trying to actually move this W into my ledger and I just could not do it it just was not working took like I don't know six tries just to send it so it was quite frustrating but there's um you'll see this chart a lot on Twitter it's not that Solana's blockchain is down a lot of people are fting this a lot and it's not the case there is a full explanation we're not

going to get too far into it but basically what's happening is the salot of blockchain moves fast so the prices on it moves fast the arbs on it meaning the Bots that like arbitraging they move really fast and so the issues that they're having is it's not that the blockchain can't actually settle all these transactions it's that we're not fast enough like the ux itself is not fast enough to settle or execute your transaction before the price or like whatever it is that you're trying to do on chain changes and all of a sudden it's just that's not possible transaction anymore so the error is the same it just says fails regardless it's not a failure as a result of the salon of blockchain that is still working well it's more of a failure on like the ux side either way it sucks for customers

like for users you can't get your transaction through and no one likes that so it's still a problem of salana without a doubt but it's not the salana blockchain is not working I think it's somewhat of a key differentiator for people to understand there's of course things that we need to fix you cannot have a blockchain that won't push transactions through there's just a ux difference and some problems in that side of things right now so hopefully that's something we can figure out because I know I struggled I spent a lot of time yesterday trying to move things around and it was uh it was not fun okay let's go to meme coins we can't have a week go by in the rollup and not talk about meme coins right now we're going to talk about dgen chain in a second which is probably one of the most

interesting news stories that's come out of meme coins this week but first I want to highlight one of the uh members of the misari research team actually the VP of research out of massui spoke at the build bidd B it's so hard to say build with the the L on the end B hle hodle think hudle hoddle's easy Biddle for some reason always messes me up so spoke at the bidle conference was was a conference in Asia just last week and he talked about mcoins being the Trojan Horse for crypto adoption and I thought this was pretty interesting so he said crypto is often criticized for not having use cases for the average Joe and

that's a fair comment but mean coins actually have been successful consistently in bringing people on chain and he talks about how mean coins are really a way to monetize attention and we are seeing that right now in particular with the way meem coins are being used around us politicians you have meme coins around Trump and Joe Biden and the election is coming up and you could see how these mean coins will likely rise and fall in accordance with which politician is getting the most media attention so it's kind of like mean coins are turning into this longtail speculative service like uh

lottery tickets or penny stocks that allow anybody to just speculate on culture which we've never really been able to do and as a result of that everybody loves to speculate I think as much as we might say that's not necessarily a good thing for everybody some people might make decisions to speculate then they get wrecked but hey do do your AR Choose Your Own Adventure that's on you but what meme coins do is because everyone loves to speculate and culture everybody understands culture maybe not everyone understands Finance what is happening right now is we're inadvertently introducing a whole lot of normies to crypto and decentralization and crypto wallets just through mem

coins so hey show up for meme coins for maybe being the onboarding ramp of 2024 so far it's the same idea as nfts last cycle right like last cycle we brought in a lot of like creatives and artists that otherwise would not care about crypto but they cared about it because they cared about nfts and many of them left but many of them stayed and it was a trojan horse for that group of the population I don't know which group of population meme coins is attracting and bringing in but that group definitely exists I probably think that that group's already in crypto right it seems odd to me that that group would not be in crypto already so like is it really charging horse I'm not sure that's bringing n new people at least I haven't met a lot of people that came into the

space specifically because of a mecoin but I'm sure they exist okay so you know I I can tell you who it's it's bringing it is bringing a few key categories one it's bringing youth right when I say youth I mean probably underage gamblers like it's being it's bringing under 20 like young people legal use case of crypto yeah exactly exactly and the other is it's bringing developing countries it's bringing people who live in developing countries and don't have access to Banking and don't have access to any of the opportunities speculate and this is the first opportunity to speculate this was an interesting take that came from Ryan Watkins he says

mcoin Mania is the closest thing we've seen to the 2017 Ico bubble difference is no one is even pretending they're launching or buying anything valuable bar is as low as it's ever been mean coins is a purest expression of greed and entertainment cryptos ever created I think a lot of people mid curve this they mid curve mean coins because they're like well what's its purpose what does it do what's its utility and it's like its purpose is literally just to not have utility its purpose is just to be a meme right and memes are a thing that exists on the internet and are fun and speculating is fun obviously every sort of speculating service that's out there in the world an app has blown up in the last 10 20 years with the internet and so like you have a combination of just like memes being fun

and speculation which a lot of people just like to do unfortunately but or fortunately whatever and it's just a combination of the two and like he says it's just a pure expression of that and that is a use case in and of itself if you don't like it that's fine but don't mid curve it don't hate it or fade it because it's real and it's not going anywhere I'll tell you that I'm not saying that they're all going to do well and go up forever I'm just saying that this the idea of meme coins is here to stay and it's up to you to try to rep head around it one question that keeps coming up is should meme coins create utility you know is are you better to stay as a mem coin forever or should you try to build something you've got a big

Community you could come together you could build something and we are seeing this right now with dgen so dgen is a to a meme coin that launched in January uh and it launched through farcaster to the dgen community on farcaster and essentially they a their aim was to create a token that could be used for tipping on forecaster so if you're a builder or a content creator or a user on forecaster you can easily reward others for their cast by tipping them for posting quality content using dgen so far there's over 53,000 holders and over over 500,000 transactions I actually think it's up to a million

transactions to be honest yeah over a million transactions and correct me I'm wrong there's over8 ,000 holders market cap of 1.6 billion so it's a very legit meme coin now last week I know isn't that funny it's say legit meme coin last week they launched dgen chain this is an L3 built on top of arbitrum orbit which is arbitrum Tech stack that you can build your own L3 on top of and they've launched this as a way to create utility for their token because now the DJ token is going to be used as the native gas token on the dgen Chain I haven't looked

super deeply into the dgen chain to say whether I believe in this as a L3 that can create the growth necessary in order to uh succeed as an L3 you obviously have to attract a ton of Builders and a ton of developers and a ton of users not an easy thing to do but Kai interested to get your take what do you think about a mean coin trying to create utility and launch a chain I mean Dogecoin well no was it do who was the uh Inu sha that was it they tried to launch an L2 or their own chain or something and they completely screwed it up but here's the interesting thing the beauty of meme coins as you said is just a pure expression of gambling right and there is no utility there's no use case you can't value it so if it goes to

10 billion dollars you're like whoa is this thing overv valued undervalued you're like I don't know just a meme coin once you start to add utility in the sense of like okay now I'm going to add a chain well now it's like I don't this is a good thing necessarily because now all of a sudden we're comparing the D gen token to other L3 tokens or L2 tokens for example and you can start to like compare it and you go well if this thing's worth 1.6 billion but Manta token over here which is L2 that has way more users and way more tvl is only worth one billion maybe this thing's overvalued and all a so like to me I think that it might just perspective wise be a bad thing for its value but I mean because in a bullmark you just you don't care about these things necess

you're just like it's meme so like Let It Go to whatever ever but once you can compare it and try to Value it versus something else think that might hold it back I don't know let's see like obviously if they end up turning this into something real to me that's better they can create some fundamental utility out of it but again don't mid curve meme coins if it's just a mcoin let it just be a memec coin so I don't know we'll see I don't know if more are going to do this or what but I'm sure this will be the trend they had with nfts last last cyle 2 right there's bun nfts they didn't really do anything they were just pictures or art as some people call them and then they all okay now we're going to add utility around nfts and like that

didn't really work so well for most of them except for like pudgy who made some toys but most of them didn't do to all their utility efforts so we'll see what happens with Bean coins this time around and and here's what's happened on dgen chain so far so since their launch they've onboarded over 130,000 addresses had over 4 million completed transactions SE over 700,000 total contracts deployed but most of them have been rugs only 20 90 verified it had over 2300 tokens launched also mostly rugs so here's the issue if you're trying to launch a chain in order to do that you need incredible marketing and you need a

team that can attract top talent developers and Founders to build useful apps and tools on top of your chain and who does a mean coin attract DG and potential like ruggers I don't even know what you call them ruggers people scammers like that's who the say is people want attention and Bas and dgen they've got attention so people go where the attention is so they've got something but uh that's a bit it's messy over there just if you're gonna play around on dgen it's called dgen for a reason be careful but hey have fun speaking of DG uh SPF is going to jail for 25 years everybody the case is done

we can put it to bed we can stop talking about I mean you know what you can be sure he's going to appeal but judge Kaplan who is the judge presiding over this case came out and threw down the hammer gave him 25 years here's what he said Sam bman Freed's exceptional flexibility with the truth apparent lack of remorse and numerous instances of perjury well on the stand last fall contributed to the ultimate decision well deser D well deserved SPF see you later I okay the last time we ever have to talk about him Jay one thing that we should keep an eye on though with SBF and FTX is what is going on with the FTX estate because there is a buck ton of

tokens that FTX owned that are going to eventually come onto the market and in particular there is 7.5 billion worth of Solana that is locked up right now and is available for sale obviously with the current bull market there is apparently a lot of Attraction from private investors to buy this 7.5 billion some of it has already been sold Neptune digital purchased about 26,000 Soul at A $64 per token earlier this year incredible price that they got on that that's the amazing thing about the Private Sales you can get great deals

but here's what's going to happen these tokens are going to become unlocked in 2025 and some of them actually vest until 2028 so what when these tokens come unlocked great for the private buyer who's going to buy these tokens at an incredible discount as long as you believe when they the price can be higher when they come unlocked in 20125 or Beyond but also sitting here ourselves as Soul holders what is does this mean if all of a sudden 7.5 billion dollar of Soul becomes unlocked yeah there's I mean there's more than that there's a big unlocks happening in 2025 so look super bullish on salana you know have been for a while been calling it at you know under $20 in Pro report saying

that you guys should be buying it but it's not one that you want to be holding at the end of this cycle and the reason is let's say that the bare Market started sometime in 2025 which is what we're sort of predicting right now um and when toget start unlocking at that time you start to bring a bunch of Supply on especially when it's institutions holding them they're going to be selling just automatically whether it's all of it 100% of it or not doesn't matter but what matters here is that that's a lot of sell pressure on these tokens something like eth Bitcoin they don't have this all their tokens are unlocked there is no new tokens other than like Bitcoin for example some of it gets mined to Miners and they have to sell to pay their electricity but that's happening all the time but the worst

combination is when unlocks happen when you also have liquidity no longer coming to the market which is what a bare Market is because there's just no one to buy those tokens and so the price of the token has no choice but to go down it is why most tokens in crypto go down like 80 90% it's because what happens is most tokens launched at the beginning of a bull cycle and then they have these vest vesting periods for one to two years how long does a bull cycle take two years and all of a sudden all the tokens start coming out into the supply at the same time as people are starting to remove their Capital out of the industry and these tokens just get wrecked salana I think is going to do extremely well this bull cycle but it's not one I'd be holding in the bare Market it's one I'd

be lying back as it gets lower but again I think it probably gets wrecked to the tune of 80% plus just like eth and others have previously but that's the one differentiator between salana and the two big Majors I might start to call token unlock sour milk you know that's what a token unlock is it all of a sudden it's milked it's so good and then the unlock happens and it's like the expiry day it's sour I like that that's a good one we need more milk memes definitely okay let's go to our final segment of the show show every week we do an agree disagree this is where we pull up a handful of tweets or takes that we have seen around crypto Twitter and we talk about them whether we agree

or disagree with them let's get to the first one this week by the way listeners if um you have any good agree disagree takes that you see on Twitter a post that is you know has a strong opinion or that you're unsure of and you want us to comment on it here tmro daily or share it in the Discord if you're a pro member and we might pop it up here and and talk about it next week first up Evans 6 says Market is saying loud and clear new coin good launer token yeah without a doubt I mean if you look at I mean just wormholes token to be launching at a 2.5 or sorry 14 billion valuation FTV to to start on day one that's pretty Next Level now it appears to be going down

but it's it's holding pretty strong there I mean ether fi is almost at a billion and that thing launched just just recently billion market cap so like these tokens are coming out at massive massive prices Athena was also over a billion so now is the time to be launch your token because there is a lot of Demand right now so I agree completely and and that's why the points narrative is not slowing down it's only picking up pace I feel like I I read an article the other day that said 40 billion points have been released so far I don't know how they would have found that number because points are off chain but somehow somebody did some research points are going crazy new tokens yeah let's go okay next up hashoff says I really don't understand why people keep trying to fit

this bull run into the framework of previous Cycles so far we have broken basically most this is how the cycle goes rules two-year bear wrong no all-time high till after the having wrong eth leads the alts Run wrong break alltime high on BTC then everything up only wrong I'm sure there are plenty of other examples as well did anyone stop to think that maybe taking three data points and trying to extrapolate that brainwork in perpetuity is a mistake yeah I mean I completely agree there is a lot to learn from past Cycles we talk about a lot in our Pro reports actually one coming up um on Saturday is all about pullbacks and looking at the pullbacks of previous cycles and what

you can learn from it the key thing is like there's only been a few cycles and so you can't rely solely on one two three whatever data points because they rely on only a few Cycles right if any like the eth one there's been two eth cycles that's it so there's no way you should be taking that as as gospel right and so yeah you need to get a lot of data points and you need to be flexible on these as well you can't just be like because this happened last cycle and the cycle before that doesn't mean it's going to happen again so you need to be fluid with your thesis fluid with your thesis and subscribing to milk Ro Pro because we're going to make sure you have a thesis it's amazing to me how many few people have a thesis in this

space let's go to qw next up he says I see no reason why leading l2s wouldn't eventually become l1s they'd be valued by the market and order of magnitude higher and they'd realize what I've realized by being in the trenches that dap Builders are pragmatic and couldn't care less about eth alignment yeah this one I I actually disagree with for a few reasons one I don't think this eth alignment thing is actually that big of a deal anymore I think that's a bit of a narrative that spe specifically people not in the ethereum world keep trying to push and try to make it like this like weird thing that these people are doing but they're really not the reason that people are aligned with eth and building l2s on top of ethereum is because it's super difficult to build an actual

profitable L1 it is very complex to get you know hundreds of thousands to millions of validators to secure your blockchain to make this thing like a relevant blockchain that is extremely difficult and not something that just everyone is going to be able to do I mean even you think like bance smart has like what 18 validators that thing's not going to exist in the future unless they figure something out there but it could exist as an L2 it's much cheaper less complex it makes a lot more sense to run an L2 so yeah I don't I don't see a reason why l2s would switch out and be there on L1 it just adds way more complexity doesn't really make sense okay next up Dylan lir says the US government is insolvent this ends in tears sorry to burst your bubble yeah I mean the the Bitcoin are take like look

the US government is not in Sol and that's because they can print as much money as they want so it's actually not true now of course they are super in debt and what they're doing to the the currency is terrible and you know every government really is doing this not just the us but does it in tears this is the thing that I always sort of debate like I think what they're doing is terrible of course it is bad for most people of course but does it add in tears like at one point I did think that and then when I realized about Bitcoin and I learned about crypto and everything that we're building over here it's like this parallel Financial system that you can sort of opt out of this thing that is could end in tears and you can just opt out and move over to this one that's

like all good you know and so when we talked about those flows earlier of Bitcoin just passively people buying more and more of this Bitcoin ETF and their savings and their retirement Etc this is like how I see the adoption of crypto is just all of us as we learn about it we slowly I dollar cost average every month and that's just me moving from the old Financial system to the new one and if enough of us can just keep doing that which we all are you know every year more and more people do this I don't know that it ends up being this big like Bust or big you know end and te like big problem it would if there wasn't something to like there wasn't a life raft there wasn't something to save us but the fact that we have something that can save us and more and more

people are learning about it and starting to use it and starting to move their assets over on a yearly basis daily basis even maybe it doesn't end in tears this could just be the optimistic take that I have because I'm I'm an optimist but as long as we continue to move over I don't think it's this big drop off for some people it might be that's unfortunate but I don't think it's just going to be like one day all of a sudden it's over it's just a very it's a Bitcoin or take I just don't think that that happens me the other thing yeah the other thing to note is like countries can push this for a long long time everyone's been saying the US dollar has been done for decades now and it's not it continues to be a strong currency versus all the rest they can

just keep rinting money well not to mention that the stable coins that have taken off the money they're all USD stable coins which are basically saving the us doar right now well not right now but longterm likely will save the US dollar so yeah I think look this is a classic tweet to get a bunch of clicks and get a bunch of Bitcoin Max he excited I think it's it's true in its overall take but I don't think it's as drastic it's not as black and white as is okay last one of the week Tang Yen says okay let's be intellectually honest here almost all project tokens are meme coins today zero claim to any assets or Revenue it's just a matter of how good

SL strong Your Meme is lessons can be learned from the top performers this year uh yeah I agree I mean the biggest meme coin of them all right now is Bitcoin right Bitcoin doesn't have any utility it is just a meme it's just a very successful Mee and that is the biggest meme coin of them all there are assets that are trying to become something where you can claim and have yield and have Revenue I mean eth for example is one of those probably one of the only ones that doesn't mean I'm an eth maxi it's just the reality there are some other tokens that you know do generate Revenue in real yield most are inflationary yield like something like salana would be and most l1s but in the early days currently yeah most tokens are definitely meme coins but their meme is hey I have this protocol and it makes

revenue or it has a lot of users and so my token must be worth a lot I mean Unis swap for example that's hasn't had this fee switch for its entire life is just a meme around the uniswap protocol right the only person or group that makes money from Unis swap well is uniswap labs and then those that are providing liquidity but token holders they have no say they don't make any money from that so just a meme now of course they might turn that fee switch on that would be the game changer and that's why I always say I think the real super SEO comes when we figure out how to drive protocol Revenue to tokens which hopefully un swap will lead the path for all right that's a wrap on today's milk Road radio if you are still listening we want to hook you guys up with some milk Road

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