REKT Vision: Crypto Swings Big in a Volatile End to the Week

28:13But to me, Solana is just so far ahead of the adoption cycle compared to these others. I still... Is this a$40 billion versus Solana at like$80 to$90? I don't know. To me, I still think Solana looks the most undervalued. But at the moment, Sui's having its moment in the sun. I don't even own any Solana right now just because I feel as though, well, I don't own that much Solana right now, but because I felt as though those L1 battles were becoming more like this, at least from a price perspective. But if I take a step back just from a user perspective, I just think Solana is at a different scale of adoption.

28:55So he does feel like it's definitely getting some decent adoption. Solana, as we've spoken about, has got some unlocks coming from FTX, coming in Q1, which whether you like it or not, I do think people will start to make noise about it in Q4. And I think that's when I'll probably move back into Solana, probably back in Q1 if there's any sort of fud around that. Because for me, I just think it's clear in a way, the strongest L1 this cycle. Okay, so we'll move on from Sui, which seemingly comes up every single week. I think the next major one, which is kind of a bit of the left-curve corner into what's been going on with Murad.

29:36Murad has become a bit of an infamous name in crypto. Maybe not infamous, but he was a well-known trader from a couple of cycles ago, had a Bitcoin fund, which I think moved into altcoins. Funding kind of went a bit south, has re-emerged this cycle as a big believer in cult meme coins. I don't know if he touched upon it last week, But he did a speech at Token 2049 in Singapore just last month, which kind of went a bit viral. And it was the idea that we're going to have billions of memes, meme coins, and that they will slowly morph into more serious things than they are right now. That you'll have 100 huge meme coins and that the top 20 will be these cults, which kind of have this almost religious aim to them.

30:27well not religious aim but they have very very strong aim to them and has almost like a cult like religious like following around them and he identified i think it's around 10 the 10 coins that have made this list and over the last two three weeks this list has gone absolutely bonkers um spx is i think is the biggest one that's done a 75x over the last month uh pretty much every single other coin on this list is up three to ten times I would say. We actually had him we interviewed him on another show I did on Wednesday. Very eloquent guy. I think probably speaks to the idea that meme coins are becoming a bit more serious.

31:17It's time to see a few more funds come into them and invest in them. What do you make of this thesis? It's slightly different I would say to how other meme coins have been built around. Yeah, I think I agree with everything he's saying, by the way. It's this idea of cults. I mean, Bitcoin is the original cult. And I think the idea of having the type of holder who almost doesn't even really care about making money. They just want to prove a point or hold the token or stock. Think about GameStop as like some sort of rebellion play. So I completely agree with it. I just don't think he's saying anything new.

31:54and I think people would have had this thought process I mean this is what we talked about on Real Vision this time last year like it's the same thing but I think he's done a good job of like packaging it up into a format where people can understand points very clearly and I completely agree with everything that he's saying like those are the things you need to look for in terms of finding things that could potentially go parabolic finding meme coins that could potentially go parabolic do I agree with all of his selections? no like I think some of them yes some of them no but everyone's going to obviously have a bias towards their own bags and favor the things that they like the main thing I'm trying to figure out is is he early mid or late to pushing this stuff out aggressively that's why I don't have a great handle at the moment and my gut is we probably will see memes go higher I think we could potentially see like a big blow off top on meme coins I don't think we'll see like the the 8 figure well it's not 8 figure is it 11 figure market caps that he's talking about in terms of things being tens of billions of dollars I don't see that I do think we can see a few coins that are north of a billion dollars but there's not going to be a ton of liquidity there and I don't think you'll have an amazing opportunity to monetize I think it'll be pretty quick and you'll have to make sure you take it So my guess is, I think he's right.

33:22I think he's identified the right sort of characteristics. And they're all the characteristics I would have looked for in mean coins or NFTs or anything, really. It doesn't have to be specifically mean coins. But I just question whether it really is as early in that cycle as he is portraying it to be. And man, I hope he's right. I really hope he's right because it would be one incredible environment it would be to trade. And I'm obviously positioned for it. Like I really 100 % hope he's right. but I'm not in full belief that we'll see the levels he's talking about but I do think we could see things have a big move higher from here still.

34:00Yeah, look, it's a seductive narrative, I think. People like the idea of really believing in things in crypto. I do think it's a slightly dangerous narrative as well because the thesis behind this kind of puts meme coins on their head. I wouldn't say that Doge or Shib or Pepe would have ever gotten onto his list with the sort of thesis he does. He focuses on very low hold account coins which have a mission around them. And as they drive higher, he seemingly seems to value the ones with the least number of holders. Now, the reason that can be super dangerous is because you have a bunch of whales who all have a ton of the coin and they can dump on followers or they can dump on people who come in quite late.

34:57Whereas other major meme coins have hundreds of thousands, millions of holders. So you have coins like Doge, I think has in the millions of holders. Shib definitely has in the millions. Pepe, I think is in hundreds of thousands, I think close to 300 to 500 ,000. Whereas SPX, I think has around 10 ,000 holders, because it's 600 million. Which tells you that I think each holder has 60k of the coin on average, which is very, very high. And I think that's slightly dangerous. So I think it's an interesting narrative. And it's not that I don't agree in the general thesis around meme coins. We've said that blockchain in general is one of the major use cases, in my opinion, is the tokenization of crypto culture.

35:45I think alongside payments, alongside digital gold, alongside maybe some of the utility stuff, but I do think tokenization of crypto culture, whether it's via NFTs or memes, is something that crypto has become incredibly good at. And I think I'm always going to be a believer in that being a dominant trend. but this this is they've all run up absolutely massively because they're very tightly controlled meme coins and they're getting to the hundreds of millions and there will be a point where he comes to sell these and it could all get a little bit dangerous but we have seen a massive shift back into meme coins over the last three weeks on the back of this and most meme coins are up a decent amount huge, huge bounces.

36:37When most altcoins, they failed to hold on to that altcoin bounce, right? We talked about altcoin season. There's been some altcoins like Sui and Tau, which have done relatively well. And like maybe the odd DeFi coin, but nothing compared to some of these mid-cap Solana meme coins. One thing I would say about what Mirage is doing and the reason why it could actually work is because all you need is people to believe and I think he's making people believe. He's even making me believe. Like I'm sometimes thinking, ah, here I got to my profit target, I should sell something. Ah, but what if he's right?

37:13Like he's making people believe or he's creating that thought in people's minds at a mass scale now. And that alone can be strong enough to carry this stuff to crazy levels, I think. So that's the one thing I would say because it's gone from meme coins kind of feeling a little bit dead to now everyone just having this belief in it. which really is channeled and pushed by Murad. So you never know. You never know this stuff. I never say never. We've seen crazy shit happen before in crypto, but also in markets if you look at GameStop, for example. So you never really know. Yeah. But pay attention.

37:56That's all we're saying. It's definitely something to pay attention to. He's become the main character, they would say, in crypto Twitter and wrestled that pretty aggressively since that interview. The other interesting thing I thought about all this is all the other top meme coins which aren't on this list are still a decent amount below their all-time high. WIFT, Pepe, Doge, Shib, they haven't really taken part in this. So it's been this mid-cap meme coins. And I think that probably speaks to what's been going on with token proliferation this year. when these all get to hundreds of millions there will just be another set that kind of emerge, won't there?

38:34And then who knows if they'll hit an all-time high again but Murad, pay attention, must stop Murad on X you can see these crazy price targets but it does feel as though people are believing it and we'll see where that goes I know you wanted to maybe shout out the crypto gathering that Real Vision is set to do Yeah, we just want to mention Real Vision is organizing an in-person event. It's going to be the crypto gathering. It will take place in Miami at the end of January. I think it's January 30th to Feb 1st. So if you want to attend for details to secure tickets, head over to realvision.com forward slash CG 2025.

39:16That's realvision.com forward slash CG 2025. I'm going to be in that part of the world around then. So I'm definitely going to be attending. Hopefully I'll see you there as well, Michael. But yeah, it will be a good one. Okay, great. I think we'll have maybe one more topic I think we have to do until we get into the left-hand corner, which is really what has been going on in Tau. I don't know if you've looked at Tau, which is sort of the AI meme coin, which has been the other coin alongside Sui, which has been doing relatively well. But what we saw this week was, well, what we saw yesterday was this huge announcement by Tesla moving into robotics and self-driving cars.

40:04And I think you've seen a bit of resurgence again in the AI coins again today. But I would say Tau is a coin that I've been looking at. I don't know if you have, OSF, but I do think it's one to maybe pay attention a little bit more to. I kind of felt like everything was a meme in AI crypto up until Tau. It's now started to dominate all of these other coins in terms of mindshare are meme coins. Tau is the only other altcoin which is kind of up there fighting alongside it. It's an L1 Bitenta, which is built off the Bitcoin protocol. So it's going to have a halving cycle. today it's up at 620 which I think is close to its all time high again but this alongside SUI is one that's been bouncing very very aggressively if you go back over the last three months on this chart I think it's probably the best way to look at it this coin yeah so this was down at 200 in August so it's done a 3x over the last few weeks it's basically in the line that AI can increasingly look towards open source models rather than closed source models.

41:18And Tau basically purports a system with which to reward different machine learning AI, essentially. So the rewards that are given would be given on the best resources or best answers to different AI questions posed. And this would basically help to speed run some of the training data, which is given to various different machine learning or AI models. I would say it's Bitcoin for AI. It's basically how it's been spoken about. They have an LLM, I think, and they have an image generator already as one of the nodes or subnets on the ecosystem. They have a number of different smaller integrations at the moment.

42:08So it's kind of still a bit of a show-me story in crypto and in, let's say, applications. But the idea is that this might provide a framework with which you could hook up various different AI models and improve them at a much faster rate than you would with closed source models, which is kind of what OpenAI is looking to do right now. where it has to buy data from different sources at the moment. And it's a very, very slow and expensive model. This allows for a more open source way, kind of similar to how Facebook's doing it with their Lama model. But then you'd have rewards given to the best answers and also the best resources given to the whole network.

42:55I think it's interesting. I've been looking more and more about it. I don't think this is just like a meme. I do think that if you are bullish on AI being a quadrillion dollar industry, this kind of proposes a framework with which that could be improved at a much faster rate and in an open source way, which I think a lot of people are very, very bullish on open source tech, even when it comes to AI. But it's been strange that so far, AI has felt very, very closed source in how it's been built. And Tau alongside, let's say, a Facebook model, I think could lead to a very, very strong outcome. Have you looked at it?

43:40Maybe you just looked at it from the chart perspective, but I think this one could keep going. That's basically what I think. Well, at least I think it's worth paying attention to. When you see that sort of strength from the lows, and everyone was talking about it after token 2049, And I thought it was just... Because when you hear about something like that, you're like, well, what have they actually produced? And there's not a lot going on right now. Like I said, they have an image generator, they have an LLM, they have a few other smaller integrations. But it does feel as though if they get any sort of big partnerships or they start to see more CPUs move onto the ecosystem, I do think they could build something pretty strong here.

44:20And I think it's worth taking a look at. yeah I think of all the sectors within altcoins I think if I was to put money in one it would be AI and I think picking like a real AI coin within that sector makes sense just from a top down perspective I don't know a lot about Tau itself but it's not for me not for you crypto AI has been a bit of a it's been a meme so to speak I think it's a meme but I don't think this one's a meme I don't think this one's a meme. I think it's worth looking at it. Maybe we'll talk about it a bit more in a month's time and see where the price is there. But this has now reached like a $4 or$5 billion market cap.

45:03If you get really, really bullish on AI meets crypto, I think this could pull many multiples. And I just get increasingly just so, so bullish on... Well, what I really get really bearish on is population dynamics. That's what I get really bearish on. You know, like most of the Western world and many developed economies are kind of below a 1.6, maybe sometimes even below like a 1.2 birth rate, which leads to 50 to 80 % population decreases over three generations. It's huge, huge decreases. And I think the only solution to this is AI, robotics, and probably massive amounts of QE, massive amounts of QE.

45:47So I think you can get very, very bullish on crypto. Well, most probably Bitcoin in that QE world. But I do think that you can get very, very bullish on these AI robotics sort of things over the medium term. And if crypto can form the sort of model with which you can improve them even better, then I think you're under a bit of a winner. Or at least it's a meme that can keep going. Yeah, yeah, I understand that. I agree. It's like, it's one of the strongest narratives that also works in the normie world. And very few crypto narratives work in that world as well. So again, top down, I do see it.

46:23Do you want to move on to left curve corner and then questions? Let's go on to left curve corner and then questions. Okay, so the top five for left curve corner. We haven't done this for a little bit, have we? Yeah. It's been a little bit of time.

46:41So number one is SPX, which is the coin that we touched upon earlier. This is one of the major coins on Murad's list. It came out that he owns millions of dollars of this coin, But SPX is a coin which is looking to flip the S &P 500. It hit$600 million this week. It overtook Mog, which is one of the other top coins on ETH. It has done a 75X in a month and did sell off pretty aggressively yesterday, but we ran it today. Definitely want to look out on Murad's list. Number two was Murad's wallet actually got doxxed. This is, again, why we know his holdings. Zaxxbt came out this week, which is a very well-known crypto sleuth, and doxed 11 of Murad's different wallets.

47:26And we saw$24 million worth of meme coins within them. He has said previously he's not looking to sell out of them until next year and will DCA when he does so. That being said, there was a lot of questions about the morality of doxing someone's wallets like this. And there's a lot of back and forth on the timeline about it. Number three, we saw Solana meme coins break$10 billion, which is kind of a crazy stat given Solana's market cap is close to$80 to$90 billion. So meme coins are now making up a huge bit of the Solana ecosystem. Obviously, the top ones are Whiff and Bonk, but a number of those other ones on Murat's list, as well as the number of the mid-cap Solana meme coins soared this week.

48:10I think we could be heading closer to$11 billion relatively soon. Interestingly, as we already touched upon earlier, we also saw a bit of a move high in Sui meme coins. We saw different memes around Mudang and a couple of other popular internet memes crop up on Sui this week. Number four, we saw meme coin NFTs. So again, alongside this Murad list, he also did a list for NFTs. And a lot of the NFTs associated with some of these top meme coins also did many multiples. We had NFTs like Mog Auras, Project Eons, now doing five to seven Xs across the week. These previously were not among any of the major NFT projects, and they've slightly caught the market off guard.

48:58And then finally, we saw another XCopy one of one sale for 800 ETH. This was the highest XCopy sale we have seen, I think, in a couple of years. This was a piece from 2020 and was bought, I believe, for around$200 ,000 back then. Okay. Any of those you want to touch upon? yeah I think we've spoken about the Murad stuff already I think so what do you think maybe the meme coin NFTs I think it'd be quite interesting to speak upon those like what do you what do you make of all these so these are NFT projects that have occurred after meme coins have launched right or vice versa as well and you obviously we have an NFT project which has kind of got that meme coin aspect to it as well yeah Yeah, I think it makes sense.

49:58I think there are probably lots of NFT projects out there with very strong sticky communities, but have failed to get that mass growth effect because once your NFT goes to a certain price, it's very hard for an additional person to buy it because your cheapest NFT maybe have gone from being just a couple of hundred dollars to maybe a couple of grand or maybe even tens of thousands. So I think having a meme coin aspect helps because you're able to have loads more holders. I mean, most NFT projects are, what, 10K collections and they probably have 3 ,000 to 5 ,000 holders, whereas most meme coins on Solana have 10 ,000 to 20 ,000 holders and the top meme coins have 100 ,000 plus holders.

50:43So it's a big scalable effect you're able to have by having your NFT, which is sort of like the, hey, this is the sentimental part of the cap structure, if you like. And then you have a meme coin, which kind of allows you to expand and grow. So I like it as a construct and as a setup. I think it makes a lot of sense. I think it makes sense too. I actually think you get even stronger communities than NFTs. It's interesting to see, again, this has kind of pulled the market off guard a little bit here, right? We obviously come from the NFT world. and some of the NFTs did the meme coin afterwards.

51:22And none of those really worked as well, right? Or at least Ape was probably the most famous one of those, which is kind of more of a utility coin. I guess most of these were utility coins, but it does feel as though these could be on for a little bit of a run. So if you are in the NFT streets, I think maybe pay attention to these that are kind of further down the list when it comes to floor price. but you can see these sort of many multiple moves. Obviously, things like Mogora did like a 7x in a day. Some of these are up 10 to 20x, I think, over the last month. So definitely something to pay attention to.

51:58Yeah, agreed, agreed. Okay, all right. Let's go into the questions then. Questions, yeah. Just before we get to the questions, we want to showcase some more pro crypto content on Real Vision. Earlier this week, we had Ash Bennington do a deep dive into Deepin. we had two builders and an investor on the show to discuss the merits and potentials of Deepin so definitely check that out if you're interested in that you can access it on the Real Vision website which is realvision.com with a pro crypto subscription and let's move on to the questions so the first one, this is from Peter when you look at the global net liquidity on TradingView it seems to have dropped since the start of October any idea why that may be?

52:43I actually didn't even notice that. Volume was that? The global net liquidity. Global net liquidity, I don't think has... It's decreased since the start of the year, but then M2 has picked up fairly aggressively over the last two or three months. That's mainly been driven by China. So you obviously had the QT period coming towards an end. And then it's swung up fairly aggressively over the last month or two. So I think if you look at Raoul's charts on global liquidity, you can see this big turn up. And if we type in global liquidity, you'll see over the last two, three months, you've started to see that turn back up pretty aggressively.

53:30And once that starts turning back up again, it can turn up again for many years. So I think people are seeing that turn in the global liquidity over the last few months. Yeah, my thought was perhaps China as well. That was my initial thought when I read that question. Next question from Jonathan. I'm considering selling my ETH due to its weak performance this year, but reinvesting 20 % to 30 % in meme coins on ETH for leverage exposure without the liquidation or interest risk. Sort of like an option style play. Do you think this is a viable strategy for Ethereum upside for the coming months? I think meme coins...

54:17I think I've said this on the show before. I'm not bearish on ETH as an ecosystem. I just don't think ETH itself is necessarily the best asset to even play in ETH right now. Because so much of the volume is going to the L2s, which means so many of the fees are going to the L2s and the burn ecosystem that people were relying upon isn't happening as planned. That being said, like the TVL is still absolutely huge compared to other chains. And there's still a lot of money that can go into ETH meme coins. Particularly people get more bearish on ETH. So I actually quite like ETH meme coins. I think you've seen some huge run-ups in those and that you generally have seen far...

54:56You don't get hundreds of thousands of new meme coins produced every single week on ETH. So when one catches a bid, it normally has a pretty diehard community and it can go relatively high. Yeah, I agree. I've done a similar thing this year. And I like the meme coins on ETH because I feel like there's less competition than there is in Sol. I think you're choosing between three to five coins, which I do think all have upside. They've all outperformed ETH massively. And they seem to actually move higher with the market and not just with ETH. And then if ETH actually does really well, I think they would go even higher.

55:35So I do like that. My biggest position is in MOG, which is a sort of mid -$600 million market cap coin on ETH. And I think for me, that's the sweet spot. If ETH ever does rebound, I think you can do really well on that. And if ETH stays flat or underperformed, it still does seem to actually move with the market on a levered scale, I think. So I'm in agreement there. Last question, what's your take on Sol making a second higher low. Seems Bitcoin went lower. Thought Sol would also fall below 1.35. Yeah, so I think what I've noticed about Solana is that it's basically moving one for one with Bitcoin.

56:27And I think for me, the reason why I moved into Bitcoin rather than Solana is if I want to buy Solana, it's because I want to I want to see it has a higher multiple, a higher beta compared to Bitcoin. And I think this just speaks to what I kind of said before, and that I think people are probably cognizant of some of the unlocked stash inflation. What we have seen is that meme point trading has come back fairly aggressively. So maybe that leads to more DeFi volumes, more fees for Solana. But in my head, I just foresee those headlines happening in Q1 and people selling them. So, yeah, it's putting higher lows, but it's also putting lower highs, as you can see there.

57:12I think it will probably match whatever Bitcoin does. I don't think it will necessarily outperform. Apart from like, yeah, random days where it's up like 10 % or something like that, that will happen. But I think over the next three to six months, I don't see it outperforming Bitcoin. and I also think that but I, you know, over the next few years I think it very, very easily could I just think we're in for a slightly tougher few months Yeah Yeah, I agree I like that The only other thing I would say on Sol, which we also mentioned last time is don't forget to look at the market cap of it and not just the price of it because in market cap terms, it's already hit all-time high a couple of times this year and it's just off all-time highs.

58:07And as you said, there's like a time of supply coming to market next year and continual daily unlock. So I think it's just important for me, especially Seoul because it's been in such great focus this year. It's really important to look at it in market cap terms and not just in price terms.

58:28Well, I think that brings us, that's the last question actually we had. So that brings us to the end of the show. I'm just looking over at my screen to look at the Bitcoin price. If you wanted to have a bit more exposure, what would you earn? Like if you were like, if you were super bullish, what would you be buying right now? I don't know. That's the hard, that's the thing I've genuinely found hard. Like I, beginning of September, I was bullish and I was trying to figure out what to own. and I think the best thing I could think of was really like Bitcoin and then leather Bitcoin but I didn't want the liquidation risk.

58:58So I went to meme coins and that I think is a sweet spot. I think there's a few coins in like the 200 to$800 million market cap range which I think you could play for like a 3 to 5x on if things go really crazy and that's what I would do. If I could somehow get leather Bitcoin without any liquidation risk, that would be my number one choice. but it's hard to find the right trade there. Yeah, I think, yeah, like I said, I think Bitcoin was an obvious one. I think for altcoins, Sui, we mentioned on this show several times during that period, so I don't think we missed talking about that one. I do think Tau is one to take a look at just given the market cap.

59:40I think maybe Aave could be a decent one. It's come back relatively strong, although it's very, very difficult to believe in too many altcoins just because they keep disappointing on these bounces. But it does feel as though the market wants to own mid-cap meme coins. They want to own meme coins that they think can go to a billion dollars. That's what the market keeps on showing you that it wants to do. Whether you like it or not, that's what people are coming into crypto and buying at the moment. And it does feel as though it's a property place. All right, cool. I think that wraps up this week.

1:00:17And as I said, I was looking over at the Bitcoin price and our combination has not tanked Bitcoin on this Friday, which is a good sign. So thanks everyone for tuning in. That was RecVision. We have one question for you before you guys go. So please let us know in the comments of your answers. Do you think we'll be range bound in crypto up until the election? So that's about three or four weeks away. Make sure you're following us on X and we'll be back at the usual time next week, 11.30 a.m. Eastern time, 4.30 p.m. Still British summertime, I think. I think it's the last week before clocks change.

1:00:58But other than that, have a great weekend, everyone. Picture yourself on a beach, retired early and enjoying financial freedom. If this is your dream, then now's the time to level up your investing game and Real Vision can help you. We arm you with the knowledge, the tools and the network to succeed on your financial journey on your own terms. Take control of your future and visit realvision.com forward slash free. That's realvision.com forward slash free.

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