Latest / The Paul Barron Crypto Show / Solana FUD Crashes Altcoins📉Memecoin Hype Fading?

Transcript

Solana FUD Crashes Altcoins📉Memecoin Hype Fading? · The Paul Barron Crypto Show

• 0:07
  Speaker 1: Market meltdown, and it's Salta to blame today. We'll break
• 0:10
  Speaker 1: into all of that and give you some insights to
• 0:12
  Speaker 1: where it's going. My name is Paul Barreon, Welcome back
• 0:14
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• 0:50
  Speaker 1: and off you go. Let's go into a of course,
• 0:53
  Speaker 1: what's happening in the market. The market is down today.
• 0:56
  Speaker 1: Everybody's asking what's the anticethys of what's happening. Well, most
• 1:00
  Speaker 1: of it has been looked at with what's been going
• 1:02
  Speaker 1: on within the drama inside of Salana. Argentinian President Javier
• 1:06
  Speaker 1: Milae denies that he was promoting his failed Libra Meme coin.
• 1:10
  Speaker 1: A couple of points in the article. I'll zoom in
• 1:12
  Speaker 1: on that I did not promote. What I did was
• 1:14
  Speaker 1: I spread the word. I think he's going to need
• 1:17
  Speaker 1: some statements here and bad pr I think in general
• 1:20
  Speaker 1: he needs somebody to help him with the publicist, maybe
• 1:23
  Speaker 1: to help him actually talk about this. You could have
• 1:24
  Speaker 1: probably spun this more positively, but its first public statement
• 1:28
  Speaker 1: since the libertoken controversy, and of course the local media.
• 1:33
  Speaker 2: I like a Libergate right there.
• 1:35
  Speaker 1: You look at this right now, at rallied to four
• 1:37
  Speaker 1: and a half billion, which is crazy, and then ninety
• 1:40
  Speaker 1: five percent down after he deleted his post. Melae claims
• 1:43
  Speaker 1: he has nothing to hide, all acted in good faith.
• 1:47
  Speaker 1: He is kind of in a position, I think where
• 1:49
  Speaker 1: we're going to probably see that does this cross the
• 1:52
  Speaker 1: line on his role in government with what's happening out there.
• 1:55
  Speaker 1: Forty four thousand investors that may have been impacted of
• 2:00
  Speaker 1: them were bots, so they claim in the best case scenario,
• 2:02
  Speaker 1: He says five thousand possibly were involved. So this is Listen,
• 2:07
  Speaker 1: it's a bad eye, a bad black eye for the industry,
• 2:10
  Speaker 1: But I think at the same time, it also raises
• 2:13
  Speaker 1: the awareness around what's going on in a new technology.
• 2:16
  Speaker 1: And we've seen this many many times before. New technology
• 2:20
  Speaker 1: often gets abused. We've seen it on the Internet, we've
• 2:23
  Speaker 1: seen it mobile, we've seen it with almost everything social
• 2:25
  Speaker 1: media still being abused today. I think it's just a
• 2:28
  Speaker 1: matter of time before we start to see some of
• 2:30
  Speaker 1: these things break out. However, with all that being said,
• 2:34
  Speaker 1: he could be facing an impeachment.
• 2:37
  Speaker 2: This is a.
• 2:37
  Speaker 1: Possible scenario that play it, and possible criminal investigation as well,
• 2:42
  Speaker 1: So this may not go very quickly for me lay
• 2:46
  Speaker 1: and really a bad move in general. This is the
• 2:48
  Speaker 1: other thing I don't understand is how are these cabals,
• 2:52
  Speaker 1: these meme cabals that are basically a bunch of developers
• 2:56
  Speaker 1: that are running around getting these deals into popular people
• 3:01
  Speaker 1: and also getting into the political side of things. How
• 3:04
  Speaker 1: are these guys continuing to win on this? This is
• 3:06
  Speaker 1: what I understand. That's the thing I think that many
• 3:09
  Speaker 1: people are still upset about is that we've seen this before,
• 3:12
  Speaker 1: other things that kind of hit on this is what's
• 3:14
  Speaker 1: happening with Jupe. Jupiter is going to bring an external
• 3:17
  Speaker 1: investigator in following Chow's resignation, which if you look at
• 3:21
  Speaker 1: what Mia is doing, he basically said the Metiora co
• 3:25
  Speaker 1: founder Ben Chow now is out, and also most likely
• 3:29
  Speaker 1: we'll probably see the CEO over at Kelcier also out.
• 3:32
  Speaker 2: So Jupiter has kind.
• 3:34
  Speaker 1: Of doubled down on its commitment to transparency. I think
• 3:37
  Speaker 1: Jupiter is one of those things. Listen, We've already gone
• 3:40
  Speaker 1: through the FTX debacle. We are not going back to centralize.
• 3:43
  Speaker 1: I think many people already know that Jupiter is not
• 3:45
  Speaker 1: going anywhere, and I think they know that, but this
• 3:48
  Speaker 1: is kind of his statement right here. He also co
• 3:51
  Speaker 1: founded Meteora right there, I'd like to reiterate my confidence.
• 3:54
  Speaker 1: No one at Jupiter Mediora committed any insider trading, and
• 3:58
  Speaker 1: they've also gone their way and turned terms of correcting
• 4:01
  Speaker 1: the position around these executives.
• 4:03
  Speaker 2: So this is a big deal.
• 4:04
  Speaker 1: Ben Chile sapped down and they announced that the protocol
• 4:08
  Speaker 1: would hire an external third party investigator to audit the
• 4:10
  Speaker 1: Jupiter team.
• 4:11
  Speaker 2: That's a good deal.
• 4:12
  Speaker 1: I think this is going to show some narrative that
• 4:15
  Speaker 1: the industry will need and remember that this is still
• 4:19
  Speaker 1: something that I think is very very early in the
• 4:21
  Speaker 1: mean cycle, and everybody's looking at this and saying, well,
• 4:25
  Speaker 1: wait a minute. Mean coins have been around for a
• 4:28
  Speaker 1: long time. We haven't seen the quantity and the advanced
• 4:32
  Speaker 1: concepts and strategy behind what we've seen with this particular cycle.
• 4:37
  Speaker 1: And I think the coals that have been getting into this,
• 4:40
  Speaker 1: if you look at thread Guy or Deve Portnoy, many
• 4:43
  Speaker 1: of those that have gone on record now saying hey,
• 4:46
  Speaker 1: we didn't really understand what was going on. I'm not
• 4:48
  Speaker 1: sure I believe that, but I do believe that this
• 4:51
  Speaker 1: is going to set aside maybe the direction of how
• 4:54
  Speaker 1: coals are even involved in the future. I think there
• 4:57
  Speaker 1: will be less of them, and hopefully it will limit
• 5:00
  Speaker 1: that and eventually we're going to find really good tech
• 5:03
  Speaker 1: that kind of makes it through.
• 5:05
  Speaker 2: Now, is Jupiter one of them?
• 5:07
  Speaker 1: They have a scenario right here, the stronger the wind
• 5:09
  Speaker 1: blows stronger, we stand. I stand with Jupe. A lot
• 5:11
  Speaker 1: of people very very bullish on Jupe and still well
• 5:16
  Speaker 1: behind this project because of its connectivity and its need
• 5:20
  Speaker 1: in the market, and of course Solana being the number
• 5:23
  Speaker 1: one liquidity platform for Jupiter this one potentially has I
• 5:26
  Speaker 1: think a lot of opportunity to succeed. Now that all
• 5:29
  Speaker 1: being said, there is so much yet to come out
• 5:33
  Speaker 1: of this, and if you look at where memes are heading,
• 5:36
  Speaker 1: whether they will continue to hold on, I think they
• 5:38
  Speaker 1: will because they are very culturally driven. It's kind of
• 5:41
  Speaker 1: like collectibles to a certain extent. There's going to be
• 5:44
  Speaker 1: some cycles in it. We have advanced up quite a
• 5:46
  Speaker 1: bit because of the opportunity to do these kind of
• 5:49
  Speaker 1: rug pulls that have been out there. But I think
• 5:51
  Speaker 1: this is good in the sense that a lot of
• 5:53
  Speaker 1: people are much more cautious and they're starting to go
• 5:56
  Speaker 1: back into the blue chip all coins, the all coins
• 5:59
  Speaker 1: that they believe have good, strong potentials in terms of
• 6:03
  Speaker 1: the technology and also just the narrative that has been
• 6:06
  Speaker 1: around for years versus these runs that we've seen on
• 6:09
  Speaker 1: these meme coins. If you look at Solana in general,
• 6:11
  Speaker 1: you know, Solana is all memes, and of course the
• 6:15
  Speaker 1: contradiction point right there is, Yeah, there's a lot going
• 6:19
  Speaker 1: on in Solana. Whether you look at decks, is liquid staking,
• 6:21
  Speaker 1: RWA's consumer facing on the gaming side, the NFT projects
• 6:26
  Speaker 1: deepen all of that. These are all projects within the
• 6:30
  Speaker 1: Salana ecosystem, so a very strong ecosystem and also a
• 6:34
  Speaker 1: very strong community. I don't think it completely goes away.
• 6:37
  Speaker 1: I think it's a scenario that Solana will take some
• 6:39
  Speaker 1: heat on this. Many people are kind of pointing to
• 6:42
  Speaker 1: whether or not Solana would even come back, and this
• 6:44
  Speaker 1: is something that totally starting to reference. But even kind
• 6:47
  Speaker 1: of throwing through memes under the bus a little bit.
• 6:49
  Speaker 1: It says if you put twenty bucks into candy Crush lubox,
• 6:52
  Speaker 1: you have zero in minutes. It's like a lubox. Mean,
• 6:54
  Speaker 1: coins are purely digital and have no value. So I
• 6:57
  Speaker 1: don't know, let me know what you guys think. Do
• 6:59
  Speaker 1: you think memes have no value there's no place for it,
• 7:02
  Speaker 1: or is this just one component of a crypto casino
• 7:06
  Speaker 1: that is out there in the market that is going
• 7:08
  Speaker 1: to continue to thrive. So another thing when you look
• 7:11
  Speaker 1: at just the messaging side of what Totally's trying to do,
• 7:15
  Speaker 1: this is where it kind of goes back to my
• 7:16
  Speaker 1: statement there on Malay is that there are ways to
• 7:19
  Speaker 1: spend this, but it does take professional PR teams and
• 7:23
  Speaker 1: I think also a little bit of humbleness of how
• 7:26
  Speaker 1: you approach going into these markets and I think that's
• 7:29
  Speaker 1: where Totally has kind of missed a little bit of
• 7:31
  Speaker 1: it because he threw memes under the bus. Here's a
• 7:33
  Speaker 1: couple of other statements right here. Salana founder totally hints
• 7:36
  Speaker 1: that a sole rebirth, saying the death is the only
• 7:39
  Speaker 1: way out of this healthscape. And there was his statement
• 7:41
  Speaker 1: right there, and this was after we had heard the
• 7:44
  Speaker 1: point that they're making here, which.
• 7:46
  Speaker 2: Is this time Salana is not coming back.
• 7:48
  Speaker 1: I don't think that is necessarily the case.
• 7:51
  Speaker 2: Now.
• 7:51
  Speaker 1: Granted you have to navigate this very carefully for Solana,
• 7:58
  Speaker 1: and it's not necessarily their fault, but the ecosystem itself
• 8:02
  Speaker 1: has started to breed this kind of problem. And anytime
• 8:05
  Speaker 1: you have those kinds of problems, Solana, if they step
• 8:08
  Speaker 1: in and try to limit the ecosystem, there's a problem
• 8:12
  Speaker 1: right there in the sense that a lot of the
• 8:13
  Speaker 1: traders and the activity that's happening out there in terms
• 8:15
  Speaker 1: of revenue and profits that the chain is getting start
• 8:18
  Speaker 1: to go away. But I think there might be a
• 8:21
  Speaker 1: good happy middle that could be coming into this. The
• 8:24
  Speaker 1: other thing that Salana's doing is they're bringing their event
• 8:26
  Speaker 1: here on Stateside, so we'll see that in New York.
• 8:30
  Speaker 1: I think it's coming out in May. That may open
• 8:32
  Speaker 1: up an opportunity to to kind of come clean with
• 8:35
  Speaker 1: what's happening in the ecosystem and also get a lot
• 8:39
  Speaker 1: more people covering it here in the United States, which
• 8:41
  Speaker 1: is going to be very critical for Solana's health. All right,
• 8:45
  Speaker 1: let's go on to another thing. This was one last
• 8:47
  Speaker 1: point here. A lot of people are tagging the SEC
• 8:49
  Speaker 1: in posts about Libra and Hayden. This is the guy
• 8:52
  Speaker 1: one of the other devs on it. SEC handles civil enforcement.
• 8:56
  Speaker 1: They canon post fines, but it could get into the
• 8:57
  Speaker 1: dojside if in fact these guys were doing doing bad things,
• 9:01
  Speaker 1: if they were lying, cheeting, and stealing, that would be
• 9:04
  Speaker 1: a problem, and that is where a scenario could get
• 9:07
  Speaker 1: into a DJ activity. A lot happening here right now,
• 9:11
  Speaker 1: that is for sure. I want to go to a
• 9:12
  Speaker 1: clip real quick because this is Hester Pierce. This is
• 9:15
  Speaker 1: not really the head of the SEC, but definitely of
• 9:17
  Speaker 1: the Crypto Task Force, and she has some interesting statements
• 9:21
  Speaker 1: on meme coins.
• 9:21
  Speaker 2: Take a look. Is that different than just an end
• 9:24
  Speaker 2: user launching a meme coin. How should parties or people
• 9:28
  Speaker 2: launching meme coins think about these things as it relates
• 9:31
  Speaker 2: to the SEC.
• 9:32
  Speaker 3: Well, again, facts and circumstances matter, So I've put that
• 9:35
  Speaker 3: out there. People always have to think about facts and circumstances.
• 9:38
  Speaker 3: The reach of the securities laws is broad, but I
• 9:42
  Speaker 3: think just because something is out there and people are
• 9:48
  Speaker 3: it's popular, does not mean that it will fit within
• 9:50
  Speaker 3: the SEC's jurisdiction. So I just caution people not to
• 9:53
  Speaker 3: assume that there's going to be an SEC regulatory backstop
• 9:57
  Speaker 3: to everything. You know, a lot of people now feel like, oh,
• 10:00
  Speaker 3: we can do whatever we want. Well, there are fraud
• 10:02
  Speaker 3: laws anti fraud laws in the United States, and if
• 10:05
  Speaker 3: the SEC doesn't have jurisdiction and we see something that
• 10:08
  Speaker 3: doesn't look good, we're going to refer that on to
• 10:12
  Speaker 3: someone else.
• 10:13
  Speaker 2: You're going to report the correct and to their correct entity.
• 10:17
  Speaker 3: Correct exactly, all right.
• 10:19
  Speaker 1: So her statement there is that, hey, meme coins are
• 10:22
  Speaker 1: not illegal to launch in the sense.
• 10:24
  Speaker 2: Of the SEC's guys.
• 10:25
  Speaker 1: What is illegal are the activities that have been happening
• 10:29
  Speaker 1: here where you've got fraud to see the problems that occur,
• 10:33
  Speaker 1: And that's a completely different category of law breaking, which
• 10:38
  Speaker 1: is where you get into the dog side, so dojside.
• 10:41
  Speaker 1: So I think the point being here is that we're
• 10:43
  Speaker 1: going to see some good meme projects come out of
• 10:45
  Speaker 1: this in the sense of real utility and or community
• 10:49
  Speaker 1: that is going to be very effective. It's going to
• 10:52
  Speaker 1: be one in a million that make it through. So
• 10:55
  Speaker 1: just remember that one in a million. That's your odds
• 10:58
  Speaker 1: right now. So almost ever, everything you bet on is
• 11:01
  Speaker 1: going to go to zero. And that's the thing I
• 11:03
  Speaker 1: think that people have to remember. And this has happened
• 11:06
  Speaker 1: before in investing communities. We saw it to a certain
• 11:08
  Speaker 1: extent in the NFT community, and I think the scenario
• 11:11
  Speaker 1: is playing out right now where it's going to open
• 11:14
  Speaker 1: up maybe a window here for an opportunity for many
• 11:18
  Speaker 1: of these projects to maybe take a step forward and
• 11:21
  Speaker 1: get clean in terms of how they go to market.
• 11:24
  Speaker 1: So a lot of cool stuff happening and bad things
• 11:28
  Speaker 1: at the same time. Users begin receiving their FTX refunds
• 11:32
  Speaker 1: payments on kracking. This looks like it's going to be
• 11:34
  Speaker 1: coming in USCC. So likelihood is will they go back
• 11:38
  Speaker 1: into the market. Do you think they will go back
• 11:40
  Speaker 1: into the market? Hit the like button if you think
• 11:42
  Speaker 1: they will go back into the market. If you don't
• 11:44
  Speaker 1: think they will go back in the market, then don't
• 11:47
  Speaker 1: hit the log button, but make sure and subscribe if
• 11:49
  Speaker 1: you haven't already. I think they'll probably dabble in and
• 11:52
  Speaker 1: they'll probably put a little bit on the cash on
• 11:53
  Speaker 1: the sideline, but right now the market is way down,
• 11:56
  Speaker 1: even though that is probably up from their original investment
• 11:59
  Speaker 1: versus when they were investing in the FTX side of things,
• 12:02
  Speaker 1: So be cool to watch. Here's one other point right here,
• 12:06
  Speaker 1: when you look at another strong chart like Eth versus Soul,
• 12:08
  Speaker 1: and then what they're hitting on right here highlights the
• 12:10
  Speaker 1: eventual rotation, and this is typical of what we've seen before.
• 12:14
  Speaker 2: Solana is a.
• 12:15
  Speaker 1: Little bit of a wildcard here because in many cases
• 12:18
  Speaker 1: it's leading out these all coin runs. Solana looked like
• 12:24
  Speaker 1: it was going to lead out all Corona, but we
• 12:25
  Speaker 1: didn't actually have an all coin bull run. So maybe
• 12:28
  Speaker 1: that was a precursor to what's happening right now, which
• 12:31
  Speaker 1: is a real eventual rotation that's going to take place
• 12:35
  Speaker 1: and move into ethereum, which is where we get out
• 12:38
  Speaker 1: of the rug season and into what we will see
• 12:40
  Speaker 1: in terms of all coins other things happening. This is
• 12:44
  Speaker 1: a good thing for Eth. Also, Gray Scale and New
• 12:47
  Speaker 1: York Stock Exchange just filed with the SEC to allow
• 12:49
  Speaker 1: their etherem, ETFs, ETHE and ETH to start taking stakes.
• 12:54
  Speaker 1: And that'll be a big deal because this will expose
• 12:56
  Speaker 1: even more traditional capital and institutional capital to staking. Now,
• 13:02
  Speaker 1: so a big opportunity here that will continue to drive
• 13:05
  Speaker 1: on the validation of ETH.
• 13:07
  Speaker 2: Now.
• 13:08
  Speaker 1: Remember Salona also had another chance to win. This is
• 13:10
  Speaker 1: a chart that was done by the Wyoming stable Coin
• 13:13
  Speaker 1: Committee and they were trying to establish what blockchain and
• 13:17
  Speaker 1: I think what has occurred is Slana got slid maybe
• 13:21
  Speaker 1: back a little bit because of the things that have
• 13:23
  Speaker 1: been happening when pumpdaf fund really started moving, and now
• 13:28
  Speaker 1: Avalanche and Suie have elevated up. Avalanche I think he
• 13:31
  Speaker 1: actually went in and announced that they've been moved to
• 13:34
  Speaker 1: the final phase. So it looks like we could have
• 13:37
  Speaker 1: Avalanche or Swie in on a potential selection of a
• 13:42
  Speaker 1: stable coin within a state, which could lead to a
• 13:45
  Speaker 1: lot of other states moving in this direction. So pretty
• 13:49
  Speaker 1: big deal out there for sure. One of our channel
• 13:53
  Speaker 1: partners right here, Suie, is launching Walrus, which is going
• 13:57
  Speaker 1: to be another scenario that is going to play at.
• 13:59
  Speaker 1: I think when you look at the potential of real
• 14:03
  Speaker 1: storage on blockchain, which is kind of what Walrus is
• 14:06
  Speaker 1: trying to do. And the other thing that they're doing
• 14:08
  Speaker 1: here is kind of interesting. They are this because remember
• 14:12
  Speaker 1: the token itself has not launched yet.
• 14:14
  Speaker 2: But if you go over here and you.
• 14:15
  Speaker 1: Go to their blahblob dot Walrus site, looks to me
• 14:19
  Speaker 1: like they might be getting ready for an air drop
• 14:22
  Speaker 1: of some sort. But something's brewing right now, I think
• 14:24
  Speaker 1: was Sweet and the other thing very good timing for
• 14:28
  Speaker 1: Sweet if they wanted to try to come in and
• 14:30
  Speaker 1: do something in terms of wrapping up some liquidity and
• 14:34
  Speaker 1: steal market share, much like what you see in the
• 14:36
  Speaker 1: tech space. There's opportunities there for that. So we're watching
• 14:40
  Speaker 1: SWEE really closely. We'll continue to get you guys details
• 14:43
  Speaker 1: on that. Of course, if you're not in the diamond circle,
• 14:46
  Speaker 1: get in right now. It's a great place to get
• 14:47
  Speaker 1: additional content. Get in also to our Telegram group. That's
• 14:51
  Speaker 1: actually where I spend a lot of my time chatting
• 14:53
  Speaker 1: with you guys, getting your insights on where you think
• 14:55
  Speaker 1: the markets are going. We leave a link down there
• 14:57
  Speaker 1: to the Telegram group. Go ahead and join that. It's
• 15:00
  Speaker 1: a great place, as I said, to touch base with me.
• 15:02
  Speaker 1: But also hit me up out there on X which
• 15:04
  Speaker 1: is just at Paul Baron. We'll catch you next time
• 15:06
  Speaker 1: right here on tech Path