While everyone was hating on PumpFun and calling their revenue fake, they took that exact so-called fake revenue and bought back their own token at the very lows for 6 straight months. The coolest comeback would be if they ran $PUMP back to new ATHs, ending up on one of the fattest buyback treasuries in crypto history worth close to a billion, purely because they believed in themselves when nobody else did. So far they're only 4% away from flipping positive on it. Never bet against people who put their money where their mouth is.

Signs of the bottom being in. One thing @blknoiz06 forgot here: Speaking to many of the top founders and investors day to day, it’s incredible how much progress is happening in the space, and how many great announcements / integrations / partnerships etc most builders already have lined up. They’re just not releasing them, because they think it’ll fizzle out in these market conditions. The moment sentiment turns and all these companies start shipping the plethora of updates they’ve been sitting on, it’ll turn into a cascade of reflexive price action faster than any of you burnt out bears could imagine right now. Fun times ahead.

One of the most fascinating shifts I've noticed lately: Non-crypto natives are more bullish on this industry than crypto natives themselves right now. You feel it clearly in LP conversations while being out there raising. The crypto crowd is tired and keeps telling you to pivot to AI and robotics. The traditional investors are leaning in, drawn by the fundamentals we've built over the past few years and the regulatory tailwinds finally landing. It doesn't feel obvious yet, but it's exactly these backend shifts that will carry the entire industry higher for longer, and the sentiment shift screams bottom at me. The best time to bet on crypto is right now.

Everyone I tell that I'm currently doubling down on crypto treats me like I'm the craziest delusionist ever. They did the same when I quit my job in 2019 and went all in. I proved them wrong before and I'll prove them wrong again.

Prediction: The most successful projects of the next few years won’t be built on super innovative concepts, fancy narratives or anything of that sort. It will be the ones that: 1) generate real revenue 2) have a clean structure with either just tokens or just equity, not both Almost sounds too simple to be true. But the reality is that competition is so underwhelming that ticking these two boxes, which should be taken for granted, is enough to make you stand out as exceptional. Big opportunity in that gap that won’t exist forever.

This is what I’ve been waiting for: @Collector_Crypt has flipped PumpFun in daily revenue and has become the #1# revenue generating business on Solana. Memecoins are dead, long live collectibles.

A few insiders reached out to me regarding this tweet: 1) The foundation has allegedly changed the $LAB vesting schedule before to keep the pump going. The next unlock is now reportedly pushed to August. 2) They’re making deals with CEXs, handing over large amounts of $LAB tokens so they let the scam run on their exchanges. 3) The market maker behind the $LAB pump is reportedly the same one involved in the massive Movement Labs $MOVE pump and dump. 4) The funniest part: investors are apparently not allowed to derisk through OTC desks because the team is currently negotiating with an OTC desk to sell its own tokens. lol

I’m neither a Hyperliquid nor a Solana maxi. As an investor, I also don’t care much about trading. But when @toly, one of the most brilliant, successful and relentless founders in the industry, gets excited about a new product like this, you better pay attention I guess.

$BOT, a closed-end robotics fund that listed on NASDAQ just days ago, is already trading at more than 5x of its NAV. That’s the premium investors are willing to pay for liquid exposure to blue-chip humanoid names like Figure, Apptronik and others. There’s a crypto-native equivalent to this: @xmaquina They’ve secured access to some of the most sought-after robotics companies in the space, many of which are already marked up significantly. But the most exciting part is what comes next: They have already announced plans to evolve into a Robotics Capital Markets protocol, transforming them from a simple investment vehicle into a revenue-generating platform that could give investors far more targeted and granular pre-IPO exposure to the companies they believe in. Arguably one of the most interesting projects combining the best of both worlds: robotics and crypto. $DEUS TGE is less than two weeks away. Timing couldn’t be better.

The best thing happening in crypto right now that nobody talks about: Airdrops are dying. The fact that we spent years paying people to pretend to be users and then wondered why every token dumped -90% after TGE will be one of those ridiculous things where people look back in hindsight shaking their heads. Now projects are finally forced to stop optimizing for their token and actually focus on building a product that people want. This gives us real users, real demand, real retention. Even if some metrics on paper might not look as exciting as they did a few years ago based on fake data, this is probably the most bullish shift this industry has made in years, because it’s real. And the best part: we’re finally getting rid of all the pseudo builders and fake users who were only here to extract as much as they could. That alone should create a positive feedback loop that lifts the entire industry long-term. The industry is healing, even if it just doesn’t look like it on a chart yet.

Leveraging crypto rails to create new assets and entirely new markets has been one of our core theses at Moonrock Capital. Watching peaq turn physical machines and robots into real world yield bearing onchain assets is genuinely exciting, as it’s one of the main reasons we backed them in the first place. Seeing this ambitious vision slowly but steadily come to life after all these years, and now tapping into a distribution platform like CoinList with millions of users, is pretty satisfying, not gonna lie. Similar to how TCGs and collectibles evolved into a massive new onchain category, I believe machines and robots will become an entirely new and exciting class of RWAs onchain. Mark my words.

A founder in my portfolio just told me something that made me smile: Every single competitor in their space is either already dead or about to die, as they’re running out of money. Meanwhile they’re profitable and growing, even if their token looks dead af. This is what bear markets are designed to do. Kill the weak and hand the entire sector to whoever survives. The next cycle will be won by the last ones standing. And the irony is that most of them are standing right now while you’re scrolling past their tokens at all time lows.

No signs of slowing down for Collectible Capital Markets. Raising $200K to tokenize museum-grade dinosaur skeletons and make them globally accessible. Already 33x oversubscribed and wouldn’t be surprised if this one ends up with $100M in commitments. That’s what happens when you combine ownership of sought-after collectibles with global capital formation and transparent, fair tokenomics. This is just the beginning, expecting this trend to continue as hundreds of billions worth of collectibles will move onchain. That’s the future of collecting.