#151 Hyperliquid
Why is there so much HYPE?
GM - this is The Snapshot, edition #151.
This is what I’ve got for you this week.
This Week In Web3 - $PENGU Is Coming
Sponsored Post - Lil Nouns Approve 3.65 ETH IRL Miami Event
Notable Sales - Hobbs, Butcher, Squiggle, Punks, XCOPY, Refik
Investment Focus - Hyperliquid
For sponsorship enquires, please DM me on Twitter.
Have a great day,
B
This Week In NFT World - $PENGU Is Coming
$100k BTC - a huge day!
On Fed Powell's BTC comments: "Yes he said something like this: “Bitcoin is not a competitor to the dollar; it’s a competitor to gold” But it was kind of a throwaway comment. Most of his response was about how we need better consumer protections for crypto. Not as bullish as people think sorry"
"$IBIT is now over $50b. It took it 228 days to reach this milestone, the next fastest ETF to reach 50b was $IEFA in 1,329 days. So over 5x faster than any ETF ever launched. Ridiculous."
Pudgy Penguins announce PENGU token for 2025: Penguin NFTs soar 40% in the week to 21.2 ETH
Over the last 3 years, Pudgy Penguins has become the face of crypto. Sitting in millions of households worldwide, garnering millions of followers, and amassing over 50 billion views, Pudgy Penguins has cemented itself in the hearts and minds of everyday people and culture.
With PENGU, the millions of Pudgy Penguin fans and the hundreds of millions of people outside of crypto that see and share the Pudgy Penguin every day finally have the opportunity to align themselves with the character.
Now, everyone can join The Huddle.
PENGU will have a total supply of 88,888,888,888 and will launch on Solana.
From Pudgy Penguins
Trump Taps Paul Atkins for Next SEC Chair, Making Good on His Crypto Promises
"Atkins served as an SEC commissioner under President George W. Bush and is widely respected in conservative legal circles and amongst the establishment Republican party. Since leaving the commission he’s become outspokenly supportive of the crypto industry, having co-chaired the Token Alliance at the industry group Digital Chamber of Commerce since 2017. As founder and chief executive of the consultancy Potomak Global Partners, Atkins has advised digital finance companies on regulatory compliance topics since 2009."
From unchained
Trump choses David Sacks, venture capitalist and former Paypal COO, as Crypto Czar
"Trump will appoint David O. Sacks as White House director of artificial intelligence and cryptocurrency.
Trump said Sacks will work to develop a legal framework to provide the crypto industry with the clarity it has been seeking, allowing the industry to flourish in the United States. David O. Sacks was the COO of PayPal during its founding period. Sacks serves as an advisor to the 0x protocol.
David Sacks believes that Bitcoin is a tool to fight against the traditional financial system and centralization, and DeFi can make the financial system more transparent. David Sacks has invested in multiple cryptocurrency projects through Craft Ventures."
Top AI agent AIXBT decided to burn 3% of supply of their token CHAOS; CHAOS is down to $10M after rise to $30M
"more burnage incoming ser"
"good eye. chaos needs to burn. 80% is going to the void. the rest will fuel the terminal."
Hawk Tuah's $HAWK token pumped and dumped immediately
"96% of the token supply has been sniped and is slowly being sold on the community. Buying this highly speculative coin might result in loss and high due diligence is recommended."
From Community Notes
Sponsored Post - Lil Nouns Approve 3.65 ETH IRL Miami Event
The Lil Nouns DAO approved a 3.65 ETH proposal to hold a Pizza DAO event at Art Basel in Miami.
These IRL events the Lils hold are always awesome.
I attended the event myself in Miami last year - it was brilliant to finally meet so many of the people from the Lils/Nouns ecosystem.
The PizzaDAO event took place on Friday December 6, 6-9 pm at the Gates Hotel in Miami, where there was also also a Lil Nouns lounge space.
The vote passed pretty unanimously!
Lils proving once again they will routinely back fun IRL events to bring the community together. A great indicator for any community!
If you are curious about contributing to a cutting-edge DAO and getting paid to bring your ideas to life: check out our website.
Notable Sales - Hobbs, Butcher, Squiggle, Punks, XCOPY, Refik
Tyler Hobbs, Fidenza - 52 ETH
Jack Butcher, Opepen Set 1 - 32 ETH
Chromie Squiggle floor moves to 6.35 ETH before pull back to 5.8 ETH
Winds of Yawanawa by Refik Anadol 2x in the week to 10 ETH ETH floor
XCOPY, The Doomed (Red) - 25 ETH
Azuki, Spirit - 100 ETH
CryptoPunk, Cowboy - 85 ETH
Investment Focus - Hyperliquid
This is the Hyperliquid chart since its launch at the end of November. It is one of those dream up-only charts which you think do not exist. But why is this the case?
Hyperliquid wants to be the blockchain that houses all finance. And there are many reasons why some of the best traders think they are best placed to become that.
No insiders, no VCs - so much criticism around predatory tokenomics when other teams launch their products; the Hyperliquid team gave no access to any VCs, which means there is no traditional VC sell pressure on this token
Founders are wealthy - former market makers who have already made a lot of money in crypto, the team do not need to sell their tokens to make it this cycle (they have actually been buying)
The product is actually really good
Trader Flood shares key thoughts on Hyperliquid in this video. Recommend
On the trading side alone, the potential to be compared with BNB ($107B FDV vs HYPE at $14B FDV right now)
On the L1 side, have the potential to have a narrative to rival Solana (Flood shared both of these comparisons in the video above)
So people like Hyperliquid a lot. I see three ways to make money here:
i) Provide liquidity: the vaults are paying out close to 30% on deposited stablecoins at the moment. Pretty juicy
ii) Trade on the platform: there is likely to be another season of rewards for users. The last airdrop was a multi-billion dollar airdrop to the community because they airdropped around 1/3 of the tokens.
iii) Buy/hold HYPE - if you think the HYPE narrative has a gap to close with BNB / SOL, this would be the way to express that.
For now I am doing all 3.
Not a sponsored post, genuinely think HYPE is compelling, and you can sign up at this referral link if you’d like.
Have a great day,
B
Disclaimer: The content covered in this newsletter is not to be considered as investment advice. It is for informational and educational purposes only.
I hold some of the NFTs mentioned in these newsletters