Shiba Inu (SHIB): Meme coin or crypto revolution? BTC ETF | The Market Report w/ Eric Balchunas

Foreign.

Hello, friends, and welcome to another episode of the Market Report. I am your host, Benton, and we are joined again by resin experts Jordan Finisith and Marcel Peckman. Jordan uses his background psychology and human behavior to spot emerging trends in crypto. Marcel Peckman applies his 17 years of experience trading derivatives options and futures to the crypto derivatives markets. What is up, guys? How we feeling this week, you guys? You guys feeling good about sheep? That's the real question. What's going on today? Marcel Jordan, how are we feeling?

Well, first of all, I never held shiva. Just a disclosure. I held Dodge in the past, but I'm not a Shiba fan. I don't even know what it does. I'm not from this generation. But what strikes me the most is that people think that bitcoin is dead because it's below $60,000 or something, man. It's up 80, 85% in the year, year to date. So how can it be dead if it's below 60,000? I just can't understand those traders.

I'm just enjoying. I'm just enjoying watching all the bitcoin maxis freak out about this. And even like people that like dogecoin are like, man, what's going on? I'm like, yeah.

Yes. And we appreciate everyone who's joining us today, drop your comments in the chat today, we're going to be answering them. We have a nice show lined up. We're going to be talking about all the breaking news, all the information that you want to hear first. So to kind of recap what we're going to go through today is on our markets news segment. We're going to be talking about El Salvador and then buying more Bitcoin. 420 to be exact. And then we're gonna be talking about sheep, the latest, greatest breaking coin to just absolutely skyrocket over the last couple days for God only knows what reason. And then we're gonna be talking about a fractal from 2017 on Bitcoin that could potentially be matching up with fractals here for Bitcoin in 2021. And our guest today that you don't want to miss is Eric Balchunas, who is a Bloomberg expert analyst that you don't want to miss. He's going to be giving us some insights about the etf. And then we're going to be talking about the coin watch this week on Markets Pro. And Jordan is going to have some expert takes about Shiba Inu that you're not going to want to miss as well. We Appreciate everyone tuning in. Thanks for watching today. Chime in, tell us where you're from. Where are you tuning in from today? I know last week we had a lot of people from around the globe and we are just super excited to get things rocking and rolling today. So let's go ahead and jump right in to our markets news segment this week.

Foreign.

If you have not liked and subscribed, let's, let's go ahead and get that out of the way. Let's get you subscribed to Cointelegraph's YouTube. We're here on Thursdays 12pm the first things first today though, we're going to be talking about the latest purchase from El Salvador. What is going on with this? Let's, let's pull up our screen here because I'm going to pull up some tweets first and then we're going to dive into the actual article itself. Michael Saylor was saying bitcoin is digital gold demonetizing gold as well as other competing cryptos. Both gold and bitcoin compete as non sovereign bearer assets. So it's dangerous to choose the weaker of the two competitors would have lost billions if we had chosen gold last year. So is this part of the reason why we're seeing countries like El Salvador get into bitcoin as opposed to gold? Marcel, what is your take on the latest purchase from El Salvador?

No, no, Benton, El Salvador's case is really specific. Like 70 or 80% of their GDP, their gross domestic product comes from people from United States doing remittances. So sending money to the citizens El Salvador, so probably families or relatives or whatever. So some companies were getting a huge chunk fee of those remittances and by implementing the lighting network which does bitcoin transactions instantly and very insanely cheap for one satoshi. So it's trying to improve this flow of money from abroad. It's a different case.

So I'm gonna pull up the article real quick that was written about this. They bought 420 Bitcoin. Is there, is there a specific reason behind that? Is there, is it maybe someone's favorite holiday down there in El Salvador?

It's just a smoking hot number like the title says, man, smoking hot.

It is a smoking hot number. Pun I think is intended by El Salvador. They just, they just memed that one into existence. So quick excerpts that we're going to dive into here. They bought 420 during this latest dip, if you want to call it that right now. It seems like we're hovering right around kind of like 58k. So Salvadorian President Naib Bukele tweeted earlier on Thursday that his government had taken advantage of the recent bitcoin price drop and added 420 additional BTC on the nation's stash. Jordan, what is your take on this latest purchase from El Salvador? Are we going to be seeing more of this from them in the future?

I wouldn't see why not? Just doing what any intelligent crypto investor does and we talk about all the time, the dollar cost averaging. Like if people thought they weren't serious about what they're doing, let it be known like yeah, no, they're serious about making bitcoin a part of their, their society and they've just proved it by like hey look, it dipped. We buy it just like Micro Sailor did all year long. Like this is the road to adoption. Like they're just out in front of everybody else and everybody's like why are you buying more? It's like because dollar cost averaging is the best approach in my opinion.

I disagree. Jordan, if you're talking about a retail Trader, I agree 100% because the mental of seeing you buy everything and it drops 60%, it's horrible. But if it's a nation and the guy understood the importance of bitcoin and long term benefits, he would have bought the $150 million at once, which was approved on 1st of September by the chamber of Deputies or wherever for them to invest in bitcoin and give the $30 to ITS and blah blah. So had he understood bitcoin he would have bought every single cent. Right? Right. Spot on.

Well that's easy to say when you're not the one in charge. But just switching over to some new possibly risky like system, you don't throw all your eggs in at the same time. It's like I don't tell people like dollar cost averaging. You don't take 150 million dollar nest egg and I'll invest it all at once like that, like not to me like that. The smart way to do it is over time as you survey the field kind of a thing. So I don't know which. Different opinion, different approaches on this one, I guess.

Yeah. I'm going to pull up the tweet from the, the president of El Salvador. He said it was a long wait but worth it. We just bought the dip. So I mean from, from the general markets perspective right now, like is this a dip? Are we, are we going to start sliding downwards with bitcoin? Like what are your kind of general Thoughts, Marcel?

But this guy started buying when bitcoin was, I don't know, 52, 47, and now he is calling 60,000 a dip. So either he doesn't understand trading, which is more feasible as he's the president, he's not a trader like us, or he's just trying to do some marketing stunt and whatever to call for the population to show that he's doing a smart investment. But as I said, the chamber of deputies or whoever had previously approved 150 million dollar purchase. So we're talking about a government company, a large entity, it's not a retail trader. So I don't see why he's celebrating that.

No, I think on a previous. We had a previous guest and was talking about just how the market is moving in. Like, bitcoin went from 30,000 to 60,000 in like a month. Like, is it a dip? I don't know. Maybe some people decided to take a few profits, but you don't, you don't get a return like that like every day. So to me, it's just a lot of the, the traders in the market playing the market kind of took advantage of that. And it's something that we wanted to see because anytime a price goes straight up, straight up, and it keeps going straight up, like Shiv has been doing it, that's like when your anxiety starts rising, like, oh my God, it's gonna come down. So, like, it's good that bitcoin paused. It's like, okay, let me. And we got a little rotation into the altcoins, maybe a little mini alt season. That's a good sign for the cycle of the market, in my opinion.

Yeah, and totally. So while we're on this topic of sheep, we're going to kind of shift gears into our next article. I'm going to pull this right up. Let us know your thoughts about sheep. So if you're watching right now, tell us what you think. Why is she so. So on fire right now? What do you think is happening behind the scenes? I'm going to pull up the latest article. The one excerpt that I really want to highlight here is, is sheep holder, who spent $3,400 on the meme coin last August, is now a crypto billionaire from that purchase alone, with the asset gaining 94 million 278% over the past year as absolutely bonkers. So this brings up the topic that I think is worthy of discussion here is why is this Meme coin absolutely pumping right now, Jordan?

Because that's what Meme coins do, man. People are like, the herd is finally arriving in crypto, and the herd does what the herd does. And that's like going to herd. Like, they stampede. They stampede after sheep. They stamped after Doge. They'll stampede after whatever pops next, because that's what people do. That's the psychology of it. We can't help but just, like, chase after what everybody else is talking about. It's. Oh, it's human behavior. It's human nature.

Marcel, what is your take on sheep? Like, do you have any insights as to why it's pumping right now?

I think I agree completely what Jordan said. And I will add that on crypto, there's a bigger problem that you won't see on stock market. For example, 80% of the holders in Sheba are people who join, who entered 150 days ago when the. The coin was worth nothing. So they really have incentives to not sell and keep letting it pump forever. When you're running a company like AMC movie theaters, you need the cash flow to keep the company open. So if the stock goes up too much, the AMC company and the directors themselves are going to make sales and push the price down. And this doesn't happen in crypto.

Yeah. And so real quick, I want to take a second to talk to our audience here. I see a lot of friendly faces. Looks like we got Luciano, we got Kal Toro, we got Conrado, Prince. We appreciate you guys tuning in. I'm gonna. I'm gonna shift real quick. We got a question from the audience here. It says, do you think Eth will reach 10k in this cycle? Marcel, what are your thoughts on this one in particular?

The first question is, what do you call this cycle? If bitcoin continues the uptrend for the next six months, I think 10k for Ethereum could be troublesome because they need to upgrade the network to Eth 2.0 to drop the proof of work, and the smart contracts need to migrate. So there's too much things that need to happen until Ethereum hits $10,000. So I think $5,000, $6,000 quite easily, but I don't see $10,000 in this cycle. What's your. What's your call, Jordan?

Yeah, that might be a stretch too. I don't know. We'll see. Like you say, he's got a lot of problems. They're still working on their transition to youth 2. A lot of other competitors are rising up, and then you got meme coins coming along and stealing everybody's thunder. I don't know this well. It's a it it eventually we'll get to $10,000. We'll get to this cycle. I don't know. And as I've been telling over the last couple weeks, I'm like, don't forget to take your profits. So. Because this market can turn on a dime.

Oh, that's true, that's true. I'm going to pull up the chart real quick for ETH while we're, while we're talking about it looks like we're in this little ascending wedge here, or bull flag pennant if you want to call it that. I think it, it still has a lot of room to run. It looks like this upper threshold here is right around that previous all time high of 4400. If this thing can break 4400 in, let's call it the next, you know, few weeks, like, I, I think we could see some very, very upward momentum. I am super, super bullish on eth. I've said it before, I think 10k is, is super attainable for eth. Now I, I know we kind of started talking about sheep, but what, like, how important is it when coins get listed on exchanges? Does that give the access to the general market and kind of get, get that sheep token in front of more new people or is this people taking profits from other coins and then rolling it into sheep? What are your thoughts on like, where this new money is coming from, Jordan?

I think it's a little bit of both. Some new money. I know several people that have just gotten into crypto or more recently and they're putting actually dollars into it. Whereas me, I've, I've more cycled out of some older profits into, into sheep. So it just depends on where you're at in the whole crypto market. And yeah, getting on Coinbase was probably one of the biggest things for sheep. Like, that surprised me. I'm like, dang. That's one of the bigger, like validations a project can get, which I think so. Yeah, I'm just, I like, I think I texted my people on Facebook back in September. I'm like, shiba's on Coinbase. It's gonna do a doge. Don't miss out. So that's just like, that's a given, the Coinbase pump and all that stuff. Long term, I don't know. We'll see what they can do with their whole ecosystem. The Shiba swap with the NFTs, the Sheba Shiboshi's, NFTs, like, they're, they're the two hardest trends in crypto are DeFi and NFTs. So she was kind of piggybacking along. That's a intelligent play in my mind.

Very good.

Let's see. Marcel, when is sheep hitting $1? Thanks Kaltoro, for chiming in.

First of all, sheep cannot ever hit $1 because it has like 400,000,000,000 coins out there. The circulation, they're even discussing about reducing the inflation rate, the how many coins are created each day. But, but still there are quadrillions of coins out there. But I think it can go up a lot higher from here because as new investors join the crypto market, they leave the traditional finance to join the crypto markets. They're going to look for new coins projects that have been ripping up over the past one, two, three months and they're probably going to enter the market through Coinbase or those large exchange. So if it's listed on those exchange with liquidity and it seems cheap because of the unitary price, there's always going to be attractions so it can continue pumping a lot.

Very excellent insights into the latest breaking coin to just surge into the top 10 of market cap cryptos. This week it's, it's been a wild week. I think we've seen this little slide in, in bitcoin and eth but for some reason we're seeing people just get super, super interested in these meme coins like, like sheep. So it's always a fun time in crypto. That's why we love this. My questions though is are we going to start to see some more new all time highs heading into November and December? Tell us in the comments what you think if bitcoin is going to get to reach a new high here heading into November. Tell us what you think because we're going to be talking about it. I do want to shift us though and into our guest interview today. Super excited to talk to Eric. He's going to give us his insights about the ETF and what's going to happen here in the future now that this stuff is live in the United States. So let's go ahead and move into our guest interview for today. All right, we'd like to welcome Eric Balchunas. Eric is a senior ETF analyst for Bloomberg and the author of the Institutional ETF Toolbox and the Boggle of Effect. He also co hosts the podcast Trillions. How are we doing today, Eric?

Good, how are you?

Excellent, excellent. Yeah. Thanks for coming on the show. I know we are super excited to talk to you about the ETF and kind of some of the latest happenings in the space. So we'll kind of kick things off just by starting things with. Why is the proshares bitcoin strategy ETF so important right now?

You know, I think it's important for both worlds, for the crypto world. I think you should look at the ETF as a bridge to this sort of more, I guess, mainstream money. And there's a lot of money that is mainstream. The metaphor I keep using is when the Beatles finally went on itunes. I don't know if you guys are old enough to remember that, but they were holdouts for a long time and they obviously got a lot of sales once they went on itunes because there were some younger listeners who just weren't going to buy music in a cd. It just wasn't going to happen. And so this is sort of the reverse. There are some older investors and you know, even Gen X boomers, whatever, that just really like the ETF format. And in the advisor world, it really fits nicely into their record keeping and accounting. And so this is a big first step. It's not the ultimate dream case where you have like a total crypto market ETF that charges like 20 basis points, super liquid and is spot, you know, and doesn't use futures. That's probably five years down the road, maybe three years. We're lucky. That will be like $100 billion. That that's going to be the big dream. This is the first step to that longer road. But it's like a bridge. It's the first part of the bridge or it's a small bridge that will keep getting wider if, I guess, if they want to use the bridge metaphor. And over there there's, you know, 30, $35 trillion in assets that probably largely won't go to a coin exchange.

So a quick follow up question for that is, so is a lot of this money that's kind of sitting on the sidelines that's been waiting for this etf, is that mostly from institutions or is that mostly just kind of retail traders? What does that kind of look like?

Yeah, so the word institution gets thrown around a lot. Like I use the. When I think institution, I think like an asset owner, like a pension or an endowment. Those institutions probably could get crypto on their own. They, I don't know, they probably use some kind of prime broker to get that. What I'm talking about is advisors, which is to me that's like, I don't know, maybe your parents actually go to somebody who helps them with their taxes, their investments, does some estate Planning. And there's a lot of rich people that need financial advisors. And so those people are always advising them on planning their finances. And part of that is picking the funds they're in. And advisors love ETFs because they're cheap. They get an exposure to everything. And so that's really. The advisor is kind of the gatekeeper to what you would call retail money. Now, I'm not sure if you call the advisor institutional retail. We tend to think advisors are probably more retail because they're really just the gatekeeper to all this retail money. Whereas an institution to me would be like, I don't know, the Harvard Endowment or CalPERS pension. You know, those people probably when they use ETFs, they tend to use them just for their liquidity. So it's possible an institution might use Bito or one that comes down the pike for like, you know, quick exposure or maybe to hedge or something like that. They might use options on Bito. That's something that they could definitely do. But I think largely the lane of money that if I'm crypto, I'm really looking at is that advisor money, which again, 25, 30 trillion. And they are. These are the people who tend to use mutual funds and ETFs.

Eric, I've got a more technical question for you. We've been here that there's a limit of exposure of how many clients, how many contracts a single client can have on CME futures. And CME had to raise it specifically for Pro shares because it was already hitting the limit. Do you think that this is problematic nowadays or is it going to be a problem when it hits $4 billion or so?

Look, my take on this, I was a little more worried four or five days ago, but I talked to some people, saw CME's earnings call. They had an earnings call where people asked them the same very question. I can just tell that CME is going to work with Pro shares. They're going to. It seems like the only limit that's hard is the 4,000 contracts in the front month. So to get there, I believe you'd need something like a billion dollars. That's why ProShares is going to had to split out into two months. So, but after you get to the front month, once you get over that, the limits are really just accountability. It's not like a limit. It's like if you get to 5,000 or 10,000, we could just call you, make sure everything's cool. Also, the actual size of the futures market is growing and we think CME will probably work with pro shares and you know, I don't see it being a big deal. The only thing that could be a big deal that you should watch for is in Bito's case, if it's in two months instead of just the front month, we'll lose a little sensitivity of spot and I think probably a little right, because if you're just in the front month, you're going to move a little bit more closer with spot. So it's possible some of the newer ETFs that come out after Bito are going to say, hey look, you should come to us, we're only the front month. And then they'll get too big and have to go to the second and then the next guy will make that case. It could be something like that, but I don't really see any major problems with that.

You kind of touched on it before. But do you think that they'll allow actually spot Bitcoin ETF anytime soon? I think you said like three years. And what do you think their motivation for not allowing that right now is?

Yeah, so Gensler is like a lawyer minded kind of person and he's a Democrat, so he likes regulation. So the problem with getting a spot Bitcoin ETF out is Bitcoin isn't a security and you have to track a secure hold a security if you want to get out through the 1940 Act. So that's why all the spot ETFs are under the 33 act, which has way less investor protections. And Gensler just not is not into that. He also thinks that the coin exchanges are quote unquote, a bit of the Wild West. So I think two things will need to happen. One, we'll need to see Bitcoin futures ETF be successful, no kinks. And number two, I think they'll probably have to be some kind of framework or something, maybe from Congress or the SEC or somebody that help makes him feel more comfortable with that quote Wild West. Personally, I'm fine with it. There's physically backed ETFs in Canada and in Europe. They seem to be fine. And of course the futures market is actually linked to that quote wild West. But he thinks that the futures are regulated, they're under the 40 act, which is you can do a futures ETF through the 40 act and that has a lot of protection. So if you listen to any Gary Gensler speech, he will say the word investor protections like four or five times. That's his big deal. And I just don't think he feel comfortable with a 33 act fund like GLD that just tracks, you know, maybe a collection like tracks spot price but has to use the exchanges directly. I just don't think he trusts that quite yet. My ballpark would be maybe 18 months. Grayscale just came out and said nine months. They'll prove it. I, well, grayscale is probably, you know, gonna be overly optimistic. They're trying to keep people from like leaving their fund. So that's one pick. I heard some of us analysts seem to be about a year or two, seem to be like, you know, you know, Q4, 2022, then some are already saying 2023. So I don't know, it's a little, it's still a little fuzzy to me. I need a little more information and time before making a specific call.

And so I do want to kind of like shift us back to kind of like the market itself. So do you feel like the pro shares Bitcoin strategy, ETF causes downward or upward pressure on price and why?

Well, it would be upward, right? So let's say everybody rushes in to buy Bito like they did. That means a market maker, in order to sell Bito to the people is going to have to go and buy futures. So they're not because now they're short futures through bito. Now they got to get long futures, regular futures, to be flat. Market makers don't like to have any position. So that's going to create buying on the futures. Now if the futures start to run above the price of bitcoin on an exchange, there's a whole separate group of arbitrage people who will arb the futures to the spot price. And in order to do that you'd have to buy spot Bitcoin. Thus demand for Bito will flow through to the exchanges and people will buy bitcoin in order to make that sort of risk free arb profit. And so the more that people come into Bito, the more bitcoin should go up theoretically. And in addition, I think it's also going to increase liquidity. So I think Bito will actually help the whole thing because the more you have people looking to ARB and big money managers and market makers in the US doing this, I think the more those exchanges are going to keep upping their game and potentially being really like more palatable to the regulators.

Eric, if the CFTC already deemed Bitcoin as a commodity, shouldn't the global commodity funds already be buying Bitcoin? The, the beto now that we have an etf because previously he could have said, yeah, it's a commodity, but I don't trade futures. But now he doesn't have this excuse anymore.

Yeah. Are you asking if the big commodity funds and ETFs will start to work in bito?

Yeah.

Or I'm sorry, Bitcoin futures.

Rumor has a commodity index.

Yeah, yeah. Okay, good question. Yeah, yeah. So we did a calculation if all of the money in commodity, broad commodity ETFs, where if those indexes get a 5% allocation to Bitcoin through the futures, that would be 1.6 billion in demand. So it'd be like, you know, bit oh plus a little. So it's a big deal. The question is how will those indexes evolve? Indexes that are from S and P, Bloomberg and you know, Dow and all that. If you, if the name sounds famous, it's probably a conservative index. So they're going to move a little slower. I would think that over the next two or three years they start working that in. There is one that already did it, gcc, which is the Wisdom Tree etf, that holds broad commodity. So you already have one doing it. The thing with that one is that's an active fund. So Wisdom Tree, which is a more, I don't know, they're kind of progressive issuer. I could see why they did this quickly, but the fact that they did it, I think bodes well for the other ones doing it. And you have to keep in mind, whether it's an advisor or an index maker, all of these, you know, sort of embedded mainstream actors are feeling pressure from the investors and their customers to get something going with crypto. So I think that the grassroots demand will ultimately drive the advisors into some of these ETFs and probably have the index makers work in a crypto allocation because they're going to lose business if they go. And there's another broad commodity that does have crypto. So that's how it's going to play out. All this will just take a couple of years. Somebody's asking the chat gcc, it's the Wisdom Tree Enhanced Commodity Strategy Fund, which is an ETF that has 190 million and holds a variety of commodity futures.

So you kind of touched it right there too. Do you see like the kind of roll out of more adoption over the next couple more, two or three years as more ETFs possibly get approved? And just in general, as somebody from traditional finance, what's your take on cryptocurrencies?

Yeah, so for your first question, Absolutely. I think Again, ultimately, bito is 95 basis points. I will say the underrated part of the Bito story. I see a lot of people slamming it and the role. And why do you need all this stuff? Obviously we get it. If you're a single retail investor like you guys, you just go to exchange. I think you're good. Keep in mind though, if you trade a lot, I don't know what Coinbase charges you, but Bito is one basis point round trip. I can't imagine anybody's better than that. And there's options. So even the trading community, I think will be very into bito. The long term people. 95 basis points, annual fee, plus the roll cost, probably 5% a year. That's, that's a lot. You could probably do better just holding it directly. Of course, over the years though, watch, Vaneck is going to come in at 65 basis points. Points. Someone will come in at 40. Probably by this time next year we'll have somebody, you know, a couple under 50 basis points. And then this time in the year following that we could be into a place where we have a physically backed Bitcoin ETF for under 30 basis points. Then we get the total crypto market. This is what ETFs do. When they go into an asset class, they usually start out trying to price a little higher. They can get away with it. But then it's brutal. Competition comes in every asset class. You look at stocks, bonds, commodities, smart beta, all the biggest funds now are, are under 10 basis points and traded at a 1 basis points spread. That's beautiful. That is where the real money will come in. So I do agree there'll be this evolution in terms of my thoughts on crypto. Look, I'm just, I read one book on it, I'm working on another one. I just, there's a lot of, I don't know. The one thing about crypto that at first I was like, what's going on here is they were like, oh, we're a new currency. But then there was this huge shift where actually because nobody was really using it as a currency, now we're a store of value. And I thought that was a weird shift and it made me a little skeptical. That said, what has made me respect crypto is its relentlessness. It just keeps coming back. Was supposed to be dead like five times, six times. And now you've got a lot of very smart people in the. And people who are, I can tell, are way smarter than I am, who are really into this. And when you think about the Internet in the future. I think there's a, you know, a real case for NFTs, crypto. It makes a little more sense when you think about the way things are changing. The whole idea of replacing the dollar with crypto or with bitcoin, I'm not sure I can get there yet. I also like the people that crypto pisses off. Like, for example, I not a fan of Paul Krugman and the fact that it bugs him makes me like it. So I kind of dig the spirit and the reaction to crypto. So I find, and crypto and ETFs have a lot in common. They're both very much disruptors and so I can definitely get behind that. So anyway, that's sort of my long take on how I see it, but I've been learning as I've been going.

Awesome. Those are great insights and we appreciate you sharing them with us and our audience watching today, folks. This was Eric Balchunas, the senior ETF analyst at Bloomberg. We appreciate you joining Eric and hope to have you on again in the future.

Thanks for having me, guys. Talk to you later.

Excellent. Right on. That was awesome to hear from the expert himself sharing his insights about the ETF and what could potentially happen next and what he's seeing from where he sits. I'm just looking through chat right here. Marcel, you have quite the fan club from Brazil, man. I, I don't know what's going on down there, but you got people hyped up in chat, man. They're tuning in from all over the place. It looks like we have people shouting them out. We got another fan from Brazil, just. Marcel, man, you are, are, are the, the, the superstar here, man. Love to see it. Now, I know we, we do want to kind of jump into our coins that we've been watching this week on Markets Pro. Let's go ahead and get into the Markets Pro segment for today. News is what moves the markets, guys. The News Quake Service by CT Markets Pro helps traders stay on top of important developments. News quakes, they're automated alerts that instantly notify users when market moving events happen. If you all were on Shiba Inu this week, you would have seen that newsquake. There was a listing on Bitfinex, so let's pull up the chart to Nilo. You see that little news quake there in the bottom, that red circle? That's a newsquake, folks. That is pure action. That means that white line price just absolutely skyrocketed. You see the Vortex score there in the middle? Just Shiba Inu rockets for days. You just, you just can't beat it. That's when it shot up from. Looks like we had 4 zeros and a 57 within 24 hours. And then that 4 zeros change to an 87. So that almost 2x there. You just love to see it. That's why Markets Pro, you love to have it in your pocket. You love to use the platform so you can catch those newsquakes. Let's move into our next token that we've been watching this week. This was near protocol, so let's go ahead and pull up this chart. And for those of you monitoring the Vortex score on the scanner, you might have seen that this vortex score was hovering right around the 80 mark this week. So for those who aren't familiar with the Vortex score, it's a comparison between current market and social conditions and those in the past. A high score means that judging from historical data that assets current outlook is bullish for the next 12 to 72 hours. First Circle there at the top at the green spot. You see that's an 80. That's a high score for vortex score. Then we see the white line price just boom. We just love to see that. So we saw the price for near soar from $9.30 all the way up to $13.10 with the action of that Vortex score. And we just love Markets Pro. So it don't be a Marcus, Joe, be a Markets Pro today. Sign up, get your Marcus Pro subscription today. So for those who haven't liked and subscribed, we appreciate you tuning in. Make sure you're here. It's Thursdays at 12pm Eastern and looks like we got some chats. We got Bill Green. Welcome back, Bill. We'd love to have you here. It looks like he really enjoyed Eric's segment today, so we appreciate that. Now is the time for Jordan to talk to us about some of his expert takes. So let's go ahead and get into it. He's going to be talking about a little Shiba Inu today. Get ready, folks.

Okay, so, yeah, Sheep's price surge this week signals the onset of a dramatic change in the landscape of the crypto space, ushering a new population of investors, enthusiasts in this exertech. I want to explain why this is happening and what it means for the future of crypto. So the rise in shib has resulted in an interesting battle I've kind of seen, especially on crypto Twitter, between groups of people that enjoy the volatile and silly nature of the meme coins. And embrace like the meme culture of the Internet which has really grown over the last 10 years. And they combine it with the ability to turn into real value. And then there's those that are in it for like the crypto and the technology and I'm an old school bitcoin holder and they believe in the one chain to rule them all kind of a thing. And like there's kind of a battle brewing between these two groups that is interesting to watch play out. And there's a larger population shift I think that's going on here that we all need to be aware of.

Yeah, because you say that there's a battle between the guys who are in for bitcoin or Ethereum camps or whatever, smart contracts or monetary breaking the US dollar and against the MEM coins which is a new generation. But we, we have Dodge coin which used to be at least the favorite meme coin by the OGs, the people who have been here since 2014 and they're unhappy with seeing Sheba going up so much. So is there a battle?

Yeah, it's just what you said, like the OGs are holding Dogecoin. This is a battle. Like this is a two different generations, like millennials and boomers or something. This is old school crypto cipher punks, libertarian minded folks. The people that are like give my. Get your government hands off my money central banks. And now there's like. But they've been for years, like mass adoption. Why aren't the people coming? But what happens with mass adoption is the mass of people bring their interests which are things like memes and stuff. So this new generation that's ushering in now and they're also the tech savvy younger folks that are not so much into that. So this new generation doesn't like those same things and they weren't here before because of that. So what's happening now is this new culture is coming in. Developers see that and developers know like if we, we need attention from people to keep our project going. So they, they push the means, they push the NFTs, they push these things that engage people gaming play to earn stuff like that. Because that's what's actually attracting the people here. So yeah, like Dogecoin is the old school. Dogecoin is a proof of work coin that is by definition old school. That's tight in Bitcoin, litecoin, dogecoin, Ethereum, moving over to proof of stake, trying to get like smart contract capabilities to Shiba Inu. It's on Ethereum like that Might be its own issue right there. See if they can develop their own chain in the future. But on Ethereum, smart contracts, she being throwing in their Shiboshis NFTs. They got Shiba Swap. So they're playing the defi angle. That's the new, that's the new crowd, man. Even like we had, it was hard to get the old crowd into some of these new NFTs and DEFY. So like there's this battle going on and if people just need to realize that this. Yeah, go ahead.

So my question is, do you think that those mem coins and NFTs compete with those old cryptocurrencies or. Or is that a different money flow is never competing directly?

Neil, pull up my, pull up my share screen real quick. This is a Google search for last year on just. And this is in the U.S. which, which cryptocurrencies got searched the most? Number one, Dogecoin. That's. This is this year 2021 Dogecoins number one, Bitcoin Ethereum. Number two and three, Shiba Inu number four. Shiba Inu didn't even catch on until April of this year and didn't really start. The price didn't start moving. So that's like four or five months that it. It got within less than a. Within a million almost of Ethereum Ethereum. So do they compete? This shows you right here that they're competing in terms of attention value. Like the people in America in the US are searching for it. And I just saw one more recently that was a global search and Shiba Union was third behind Bitcoin. Ethereum and Bitcoin obviously got a lot more searches recently because of the etf. So do they compete obviously for the attention of people? They compete and that's what I'm trying to get here. Like no matter if people are getting pissed off, people are. Developers have spent years developing really cool protocols that offer some. And somebody comes in and draws a cool picture and everyone's like, I want it. Yeah, that's just the way of the world, man. I know it's a hard thing for people to accept, but that's what the general population likes. So if we really want mass adoption, we're going to have to accept the things that come along with that. And that's the interests and stuff that the people go like. And like, if you. And we'll go back, I'm going to keep harboring you this. Like you said, if everybody's talking about it, just buy a little of it. Even if you don't like it. Right, Marcel? Right.

Yeah.

Psychology is the key for this game. It's not about who understands the most or who has the best project. What. What is the most future coin? If people are buying Sheba, just put thousand dollars on it. See where it goes.

Yeah. Last year dogecoin was on Tick tock and those Tick Tock was like, we're pushing dogecoin to a dollar. That didn't work. But they're like, well, we'll be back. And they can, they, they, they got Robin Hooders, they got Wall street bets and like we're back mo foes. Like, let's push this. And now they're like, oh, she was even smaller one. And it's got, it's got more zeros. We can make that go even higher. Like this is fun.

So I want to poll the audience real quick. I know we're on a little bit of a delay, but who here is holding dogecoin or Shiba Inu? Let us know in the chat. Tell us if you are a holder of those. I'm curious to see how many people watching today are actually a holder of either one of those meme coins. Go ahead, Jordan, take it away.

No. Yeah, like again, I've seen the dogecoin meme dose to a dollar that's been around for like two or three years. And that's just again, psychology. I'm like, I'm surveying the field. Once I see this pop up enough groups, I'm like, well, it seems like it's unintelligent to not buy a little dogecoin. And that was when it was like.002 cents. So just like pay attention to what people are talking about and include that in your approach to what you think you want to invest in. That's not investment advice. That's my approach. I survey what are people are really talking about and I make little strategic bets in a lot of those things. Even if I don't know the project, I don't believe in it. I'm like, the people do. I'm here to. If you. If, like when I think about this and people like, I'm a bitcoin max, I only buy bitcoin. I'm like, why wouldn't you buy something that could make you have more bitcoin? Then like, if this is going to go up 100 times and then you can flip it over into bitcoin. Seems like that would be a wiser approach if you really like bitcoin. But they're like, no, I can only hold Bitcoin. I'm like, okay, man teach his own.

So, Jordan, what I'm hearing from you is that you like to take into account a lot of this market or social sentiment into some of the plays that you like to make. Is that what I'm hearing?

Where's the value coming from? Where's the money that gets thrown around in crypto? It's not just sitting in coins, it's people trading it back and forth. So if you pay attention to what the people are doing, you can kind of get a little insight into what might happen in the future. It's just, yeah, it's not all about the tech. It's not all about the bet. Like, there's been really good platforms. Like Facebook wasn't the best social media. I remember it started with Napster, then we went over to Kazaa, and now the whole streaming music or that sharing music thing is gone. But we've averaged me, we've emerged into this crypto world. We're like, well, we're gonna share everything else and screw you kind of a thing. So we're watching a really interesting evolution of the Internet evolving and continuing to change our world. And now we're really. How do we include value and money into the Internet? That's this whole debate. And everybody's like, no, it's gold and all these. I'm like, no, the Internet needs money. It's a foregone conclusion unless they get rid of electricity and we no longer have Internet. Cryptos are the future. Get involved and the people will show you the way to what they value most.

And I see a few people chiming in here on chat saying, no, no, no, I'm old school. We saw Bill chime in. He said, no, I'm old school. I'm staying away from these things. We saw, let me see, C. Marie says, no, me either. So I, you know, I think there is. I, I think I was in the school of thought too. It's like if the, the coin or token doesn't have a use case, then I'm not interested. That. But Jordan, you may be persuading me here. You may, you may be changing my mind about some of these meme coin tokens.

I promise you that they're gonna be a coin that gets released that doesn't have any point, any use case. But so many people might even be shiv or something. So many people pile into it that a developer comes along and makes a really kick ass use case for it. That just blows it out of the water because there will Be the people there. Desire. Like, I'm a spiritual person too. Like, we're manifesters. We manifest stuff. If we all believe in something enough, that thing is gonna pop up in our reality lickety split. I guarantee. It's just. It might be not licky, but it might take some time, you know, Universe works slow in some cases, but like the. The developers will follow the people in some instances. It's not always the other way around.

Guys, whatever you do, just don't ap all your money on a single man coin. Do not do this ever. It's not recommended even for professional traders. We don't do it. I also recommend you not to do it. Invest more carefully.

And like I said it before, another show. One of the really good suggestions I heard is anytime a coin doubles, take off 10. So like, if you had achieved and it's gone up a thousand percent, it's unwise to not be like, scrape, scrape, scrape, just take out my beginning. Ah, something, something, right again. This market can turn real quick. Even if she goes another 10x from here. You're not gonna be. You never are sad about taking profits. All I'm saying.

So Adrian wants to know, is it too late to get into sheep? Jordan, what are your thoughts on this?

No, I don't think so. What I was hearing in the rumor mill like a week or two or three ago is that it was going to go 100x and I ain't done that yet. So that's not investment advice. I have not taken all my shib out. I've taken some profits, but I haven't taken it all because I don't think it's too late. But would I be buying more now? I'm like, oh, no, it's hard when you buy it lower to buy it so much higher.

Like, oh, but Lucy, I was throwing some shade here. She said I'm close to early retirement because of sheep.

Hey, I.

If you are, if you. There are ways to make money on these meme coins. Is it risky? Yeah, but I think, you know, we've seen people make money from these things. So, you know, it's. It's never financial advice coming from us, but there are ways to make money. So if you can navigate some of these risks and understand the. The waters that you're navigating in.

Dinesh understands the psychology here. He gets what's going on.

Let's see, what does Dinesh say? He says, screw institutional money. Fundamentals charts. Just check what's trending on Tick Tock. All right, we got a tick Tock trader. All right, guys, we're gonna start to wrap things up here. Any closing thoughts? Jordan, we'll start with you today. What are your closing thoughts for today's show?

Be careful of the fomo. Oh, you can't see it. Fomo. Like, that's what's going on right now with Shib. I bought the top. I'm like, that's fomo. Oh, just be careful of fomo. There's gonna be a whole lot of FOMO going on the next couple months here. If something has started mooning. Oh, I. I wait, I'm like, let me find something that has, like a ygg. It's the one that I like. It's just staying where it's at. Nothing's going up. I'm like, that's a good accumulation time. When it's gone, like 10G, like, Ah, watch out, folks. So, yeah, dollar cost averaging FOMO, when it's green, green, green candle. Like, just take a breath, maybe. I don't know.

Marcel, your closing thoughts.

I'll say if you are new to crypto, don't FOMO in, don't aping, because you don't really understand the market. But if you've been here for longer than two years and you feel that Shiba can do another 10x, yeah, why not buy some of it? So, but if you're new to it, just stay out.

Excellent. No one went broke taking those profits. So I'm on the same train as Jordan. You see your bag start to pump, get your principal out and, you know, keep it safe, keep it, you know, conservative out there. Don't get. Don't get fomoed. Like, like Jordan said, that's gonna do it for today's show. We appreciate you joining. We absolutely love having you all chime in on the chat. So we appreciate all those that were talking to us all day in there. We are super excited to come on next week, 12pm Eastern. If you haven't liked and subscribed, make sure you do it. We're here every Thursday at 12pm and we appreciate everyone tuning in. Until next time, make sure you're here 12pm Thursdays. Thank you, guys.

Sa.