I only know of one other liquid fund with a non insignificant position in $PUMP and even they said it was only moderately sized. Incredibly underowned for a category leader. I expect some of the move today is fomo buying to put on initial toe hold positions. With 1) the unlock now passed, 2) strong revenue growth, 3) product momentum with the mobile app, 4) better comms from the team, and 5) a good looking chart, I think we see larger institutional allocators re-evaluate, driving a lot more flows to the token

There are 5 core elements of the intersection of AI and crypto that I find most compelling. In no particular order: 1. Consumer AI apps that maintain data privacy 2. Distributed training of AI models comparable to those of the frontier labs 3. Data protocols to support model pretraining 4. Tokenized compute 5. Identity attestation All of these categories have liquid tokens with demonstrated traction, revenue, and accelerating growth. Very likely in my opinion that they materially outperform the broader market from here

Have seen a bunch of people pushing back on the Anthropic news being a positive catalyst for Venice user growth and $VVV with variations of “well it’s not like Venice has a model that can compete with Mythos.” That’s entirely missing the forest for the trees. Sure that’s the first order effect but the second order effect is the impact on user data and privacy. If one of the top AI labs is willing to switch off access to users at a moments notice, what will prevent them from sharing all of your personal data or gating models/features based on user profiles (location, nationality, background, etc). It’s not about what other models does Venice offer that can compete with Mythos today but rather when you use Venice, usage is private/anonymized/uncensored. The other implication of the Anthropic news is the clear need for decentralized training and open source models that can one day compete near the levels of the models produced by the frontier labs. That’s a long term problem to solve but there are also a lot of interesting protocols working on this, some with liquid tokens but many still pre token launch.

This is the first time in a while I think you can put together a portfolio of tokens that 1) All have real product market fit that is also durable and not based on price driven positive reflexivity 2) All have 3-5x upside in the next 12 months 3) Have strong floor valuations based on the durable fundamentals but also catalyst paths that could unlock 10x+ upside in the medium term Better time than ever to lean in and run a concentrated high conviction portfolio