Why Crypto Market Cap Can Mislead You | Daily Crypto IQ

I never knew. Hey everybody, hey I think that we're just holding on to something. Heat. Heat. I think that we just holding on to something. I think that we're just holding on to something. Just tell me what's I think that we just holding on to something. I think that we're just holding on to something. Just tell me what Hey, hey, hey. What's up everybody? Welcome to the Underground Crypto Deep Dive Show. It is Tuesday and we are kicking off another series yesterday, the token autopsy. Should a project even have a token? And if it does, is that token even needed? Is that token even necessary? Coin, whatever you want to call it. Unit, share. Well, I wouldn't call it a share. Let me get myself on the screen. Hey, there we are. How's everybody doing? Of course, we start

off with that 4hour BTC chart. And look at that. Sitting kind of right on the 21. Now, last night, we asked whether every crypto project actually needs a token. Tonight we assume the token does have purpose and move to the next question. So if we answered everything from last night pertaining to whatever token now we move to what we would ask next, right? And that is is the market actually valuing that token. This is timely because Tokconomics estimates uh that about 690 million in scheduled token releases will occur during the week of August 24th, 2024th. Wake up. I got to wake up. All right. So, let me say that again because that definitely came out very jumbled. So, there's 690 million in scheduled token releases during the week of August 24th through the 30th. A lot of numbers. I

jumbled that all up. All right, everybody awake out there. How's all my undergrounders? Who is in my chat tonight? Thank you for always being here. Melissa, we got uh Sagar, welcome in. Welcome in. Cam, Strugahart, and I know some other people will show up. It is early in the stream. Sip some coffee and like I said, wake up. Today, August 25th, Humanity Protocol or H token has scheduled releases valued at approximately 19.2 million, equally to about 8% of the circulating supply. And this is why we talk about tokconomics. I know humanity has kind of had some problems and fell down, but we're just using it as an example here. Huma has smaller releases of approximately 10 million. That actually represents more like 16% of its circulating supply. The point here is there are a lot of coins with scheduled

token releases that are large amounts of their circulating supply. Now, why they do this, I don't exactly know. It doesn't seem like the smartest idea. seems like it'd be smarter to release them in smaller batches over longer periods of time, but it is what it is. Right now, that comparison is tonight's lesson. The largest dollar amount is not necessarily the largest proportional supply chain. So, just because something has a large dollar amount, like it's 10 million worth of a supply, doesn't necessarily mean that the percentage is high or low. doesn't really have any relevance to the actual percentage of the supply and that's what you need to know. So an unlock does not automatically mean every token will be sold either. It means previously restricted supply becomes transferable and that's all it actually means. Token unlock. The actual effect

depends on who receives it, their cost basis, liquidity, demand and market conditions. Are they required to lock it up? Were they early investors? And then all of a sudden now they're open. they can sell like they had like a six-month lock window or something or a year lock window and then now that's over and they can dump. Meanwhile, the number most people watch is market capitalization only uses tokens currently counted as circulation. So when more come into that circulation, that's problem. So tonight we're learning why a token can appear small, inexpensive, and early while the market may already be assigning the complete supply a mass valuation. Let me know in the chat when you research a token, do you look at the market cap or the fully diluted valuation first? And what you may not know, one of my

favorite segments to do. Let's take a look again at this 4hour chart here. You can see what it is. I've been doing this for weeks now. Pretty much inverted head and shoulder here. It had a measured move. We got that measured move so much faster than I thought we would. So, here's the measured move. Bang. And it went straight to it, right? And the measured move was about 76,000 and you went as high as 81,200. So we're doing really good and we're kind of going sideways, right? So now we zoom in a little bit to this area here. What I like about it is you see look where the 21 crossed the 200. That's where it took off. That's good. And then it kind of flagged out here. And you don't really need the bottom line of the flag

for this purpose, but we'll put it in there. And it has a really big measured move, but you haven't quite got all of that measured move yet. So, we're respecting, what I really wanted to get to is we are respecting this 21, the white line as of right now. That doesn't mean we always will. And then of course you can't ignore this potentially shoulder head and shoulder, but that hasn't happened yet and it's also not guaranteed. And in a very bullish time, you may get something that almost resembles a shoulder head and shoulder and still pump out of it. So, you can't lose, this is how I like to think, you can't lose the 200, the red line, until you lose that 21 and then you have a big area in the VRVP to come basically straight down. There's

not a lot holding it up. The same reason why you went straight up really fast could be the same reason why you come down really fast. Doesn't mean we will, but don't think it can't happen because that would be rather foolish. And who knows, there's a couple areas with some resistance here, support and resistance that could hold us if we start falling. Anybody watching the bigger time frame charts? Anybody? Anybody? What you may not know is that market cap is not the total amount of money that an investor has deposited into the cryptocurrency. Ah, we're going to learn a little bit more about that. And a token's price can rise after a relatively small purchase. And that new price is then multiplied across the entire circulating supply. A $100 token can have a smaller valuation than a token priced

at 1 cent. Tokconomics. We talk about it all the time here on the channel. Circulating supply, total supply, and max supply are three different measurements. Token classified as circulating may still be held by long-term holders and unavailable for normal trading. This effective tradable float can therefore be smaller. The FDV or fully diluted value assumes every token is valued at today's price. That assumption will almost certainly change as the supply and demand changes. So, you kind of want to be a little weary of that fully diluted value. A token unlock creates potential supply. It does not prove that its recipients will immediately sell it. Market cap does not measure liquidity. A billiondoll token still c can still have a shallow market. So liquidity is very different and different data providers may calculate circulating supply differently especially for treasury staking and

locked contract balances. All right, that should get you warmed up on tonight's topic. Let's go ahead and jump over to the crypto bubbles. And although it has been very very good to us in the market over the last couple of weeks, don't think sentiment and market can't come down a little bit. It's got to cool off, right? Things get really, really, really, really hot, they got to cool off. If you're driving a car and the car gets and the engine gets really hot, you got to pull over and let that thing cool off. It's kind of the same way with the market. The best way for it to cool off is it to go sideways. like the most bullish way is for it to just go sideways. And you might be asking why. Well, because then you're not giving

any of the increased value that you just gained in the market. You're not giving it back, right? I hope that makes sense. Shrugart says, "I'm listening. Just really tired out this week. I feel you, brother. I'm just glad that you're here. appreciate you being here and uh you know just follow follow along the best you can. If you get even a little bit out of this series, you'll be you'll be raising that crypto IQ a lot because this one is full of a lot of sauce. All right, let's look at this one through 1000 here over on the crypto bubbles. You'll see a little bit of red. Shouldn't it shouldn't freak you out. We've been pumping three, four, five percent per category per day for days now. All right, we're starting to get a little bit of a cool

off. We just want to see it not pull back too dramatically. That's it. I think that's an easy ask, but of course, uh, people will get addicted to the pumping and one day of it having a little bit of retrace and they will freak out and sell their bags is what it is. S&P 6900 up about 11%, STX up 12% and Rain up 24%. RAIN being a prediction market project. VVV even catching a little green but everything else seems to be pretty red. Our biggest red bubbles are like EFI, Dash, Trump, maybe Virtuals, Bitway, but again 10% up, 10% down. It's not too crazy in this market. 100 to 200. Here we got Falcon Finance and Backpack token with a little bit of green. Humanity getting a 10%. Jasm getting two days of green. Usually Jasm has a day

of green and then it immediately rolls over the next day and gives it all back. I think we were up like what like 10% yesterday and now we're up another five. All right, I'm still way under my purchase there. Zama, Cash Cat, and Manad. Manad down 12.5% to about a high two cents from a low three cents. And Cashad, of course, a premier memecoin over on Robin Hood chain. Down 17% to 180 million. People probably taking profits on that thing. It's so high. I don't know why you'd get into it unless you really believe Cash Cat's going to like a billion dollar market cap. Then we got up. We got bedrock token and star power that is star up 38%. Pawns up 22%. Uh launchpad for Robin Hood ecosystem. Prom has been out there in the limelight. APR has

had a couple of days in the sun here recently. Good stuff. And our only real green category is 6 to 700 and it's usually a handful of tokens. Oh, Jimothy. Jimothy back with a vengeance. 16.2 million. It's a meme coin, of course. Then we got BMT, Bubble Maps token. AGI 51%. Q AI or Quantics AI. I'm not familiar with that project. And MDT up 200%. Measurable data. Let's check this thing out real quick. What is measurable data here? ETH contract category big data made in China. Oh, this is a Chinese coin. All right. But what exactly is it? Big data doesn't really dial me in here, huh? All right, we'll come back to that. I don't want to get too off track. Let's do our price rundown here. So overall market cap really only down 04%. And when it

starts getting red and we've done a lot of pumping, you kind of can gauge how much we're actually losing in value or not losing in value based off of the overall market cap. 2.75 trillion. Pretty good. I would say we really haven't lost much value in the overall market cap, right? 04% today. I'll take that on a on a consolidation or sideways day. No problem. Bitcoin at 78,546. Ethereum 2,442. B&B still flipped XRP and they they were neck and neck the other day. XRP has lost a little bit, but XRP was up big. Like it was up almost 50. It was up over 50%. People are going to take profits on that. You could say they're a little narrow-minded. You could say they're good at making money because they take their profits. Either way, I guess it's all beauty

in the eye of the beholder. BNB $693, XRP $143, Salana back under a h 100 bucks, $9644. Troncoin 33 cents. Hyperlid doesn't stop. Hyperlid over $80. It was just at 50 bucks two weeks ago, maybe three weeks ago, more like two weeks ago. Dogecoin losing that 9 valuation a little bit. Zcash having a little bit of a cool off. $773 for Zcash. That thing just banged. It's up 50%. Rain had a really good day today. Couldn't tell you why, but it did. Uh I'm not a big prediction market kind of person, but uh 018 38% to the upside for rain in the last seven days. Chain Link $1127 up 20% 7 days. Monero XMR $440. Cardono really high 20 cents. Call that thing 21 cents which is great for Cardono because a lot of times Cardono lags. I've noticed

that a lot of our coins that usually kind of move on their own impulse or kind of lagging behind stuff like that are actually moving XRP, Cardono with the market. That's a good sign. XLM 18 cents. Canton Network back to 12 cents here up 32% in the last seven days. So don't let a little bit of red fool you. Come look at the 7day price change percentage. And that'll tell you everything is still pretty a-ok. Okay. Toncoin $143. H bar high 7. Avalanche $7.34. Uh SU 75 here. And uh not going to try to read the price of Sheba Inu. Meme core $1.17. A slight bounce there. And of course we will look to see where Flare is. Number 95 by market cap. So it's hanging in there. Anybody out there? How's everybody doing? The mic good music good?

Music level good? All right, let's take a look at what is trending over on Coin Gecko as we always do. Hyperlid dog, I think that's inscription on Bitcoin. Uh, pumpf fun, Bitcoin, aerodyome still relevant. I like that. Have a little bit of a drrome. It'd be cool if that thing would actually do some numbers. Pawns, Ethereum, Cashcat, Salana, Manad, Athena, Sheba Inu, Lighter, Cardano, and Chainlink. Everything is awesome. Hey, I love to hear that. That's the kind of feedback I like. Everything is awesome. Perfect. I don't really see anything here that I'm like, "Wow, we really need to go look at that." So, let's go ahead and move right along. All right, a little bit of a pullback on the fear and greed index, which is exactly what I was saying. I really wanted to see. I really wanted

to see a little bit of a pullback. Now, remember fear and greed index, it's that number that I say you keep in the back of your mind. We went from about 74 to 65. That's good. I'd actually like to see us come all the way back in the neutral. Now, remember, this is sentiment, not price. Like this doesn't just move up and down based on the price of Bitcoin. That's not it's not what going on here, okay? This is sentiment of the overall market. Are people extremely in fear or are they extremely greedy because everything's pumping really hard. You could replace replace Whoa. Um I need to wake up. You could replace extreme greed with like extreme optimism or like euphoria. And we don't want to get up into euphoria. You know, when the market goes into euphoria, that

usually means it's going to get a pullback. That's that's how that usually goes. So, we don't want to go straight from we've been in extreme fear for months to all of a sudden we're in euphoria. That's not a good sign. That means we're coming right back to extreme fear. I hope everybody understands what I'm trying to say. I know my OGs, they they get what I'm saying. So, Entrophy, Entrophy, F assets, Hertzflow, some new projects on the radar here all in funding rounds. Prom, HAR, Ponds, Cash, Cat, Stacks, Algaran, Anchor Network, amp. Is this the same amp? It must be. Six years old. Popcat. We got Lobster. I don't know anything about lobster here, but is that like Cloudbots type stuff? Remember when everything was like Claudebot lobster coins? I'm sure you guys remember that wave. Dchain, Jasmine, Layer

Zero, Quantics Finance. I want to take a look at that. B&B at a station service and DGrid. Dgrid's new on the map. All right, let's start with Entrophy. Entrophy is a platform for trading perpetuals on crypto equities and commodities and preIPO markets. What else do we really want to say? It includes uh BTC, ETH, gold, oil, S&P 500, and individual stocks, right? Not so something I'm super excited about, but it has its uses. It is a decentralized exchange. They've raised 14 million from Ribbit Capital. Not really high on my uh investor list there. F asset or Facet. I think it's just supposed to be Facet. Uh 145 million. But see how you have this is part of today's lesson. Total raised here and then valuation and there's a huge gap in between them, right? stablecoin powered NEO bank and

payment platform for emerging markets with RWA access. Now, we talked about this yesterday a good bit. See quite a few of these NEO banks. Everybody kind of needs uh a banking charter. You see, they all have it. Ripple, Kraken, even see Kraken getting MICA, which is European regulation, you know, certified banking charters over in Europe. So, it's a global thing that they do. Herzflow, did any of your alts pump enough to take profits? I got real close on soul. After this consolidation, I should be green on the next pump for my soul spot. Nice. And Camstar, you looking to sell that like at what? A 50% gain, 100% gain. Uh, you know, top of the bull market soul is going to be worth way more than right now. permissionless perpetual decks and leverage trading engine built on the B&B

chain. We looked at this the other day. We even went as far as going into the website and taking a look at it. They have, of course, funders and backers like YZI Labs. It's on the B&B network. So, it's no surprise that Binance Incubator would kind of be all over that. What else do I want to talk about? I want to talk about this Quantics Finance right here. QFI uh what about it is a decentralized lending protocol that provides an infrastructure for institutional participants. Again, for who? For institutional participants. It's got a Tron contract and it's on the Tron blockchain and it's for yield farming. It's pretty much all we need to know about that. And now let's see because we did a little bit of research on it. Took a second on it. Not deep diving it really

all that hardcore, but now I know when I see that Troncoin. Let's go to DGrid. DGrid's kind of new on the radar here. And that is DGAI token just pretty much launched what 3 days ago. 101 million been as high as 125. decentralized AI inference network and unified API gateway. And we could go really more into this. We we went deeper into this yesterday. Hopefully, you were here. Additional to intelligence routing capabilities, the project integrates web 3 native billing solutions like X42 payments. I hope you got something in your portfolio. That's X42 payments. That was really all I wanted to point out about that. And let's move right along to tonight's tonight's educational teaching. Raise that crypto IQ. I tell you to be the best speculator in the market that you can possibly be. All right, we're caught up

on the chat. So, we always start with the problem. That coffee is good. I needed that. So, a new investor compares two tokens. We're going to start with an example. Token A costs 10. Token B costs $50. Now, this is where a lot of people new in crypto just don't get it. And it takes them a while to understand. We sit here all the time. Yes, it's time for Camp's bedtime story. He's actually here for his bedtime story for once. Um, this is where you you say tokconomics over and over and over and over and over and over and over. You try to explain to them why it's so dang important over and over and they they try to listen. It's not cuz they don't want to listen. A lot of times they just don't get it. And so

hopefully this example finds you well if you could potentially maybe be one of those people. Let's take it from the top. A new investor compares two tokens. Token A costs 10 cents. Token B, well, it costs $50 per token is what we're saying. Token A feels dramatically cheaper because it's only 10 cents. So, the investor concludes that it has more room to go up. But token A which is only 10 cents has 100 million tokens circulating and a maximum supply of 10 billion. Now when you talk circulating supply maximum supply think of the difference between 100 million out of 10 billion that leaves a huge percentage of tokens. While token B only has two million tokens and no additional supply schedule. The individual token price is an illusion. I got to say it for the people in the back,

somebody who might watch this stream later on. The individual price of a token is a complete illusion. It hides the complexity of the economics of a token. What we call tokconomics. Evaluate the complete supply structure. Instead of comparing token prices, calculate current market cap, fully diluted valuation, percentage of supply circulation, upcoming supply growth, if you can find that information, effective liquidity and demand required to absorb the new supply, meaning how much demand would need to be there just to keep the price from falling down. Not go up, but just stay where it is. and not go down. The question changes from how high can the price of a token go to what valuation is the market already assigning it. See the pressure before it reaches the market. Understanding supply does not predict exactly what the price will do. It

helps identify how much dilution is possible. What supply may expand, how large an unlock is relative to the current supply market, right? The current market, and whether current liquidity can absorb it, how much future growth the present price already assumes. If you're just rolling in, smash that like button for me. And we are raising your crypto IQ one series at a time. So token price tells you almost nothing by itself. This is kind of like the biggest point that I want to get across. One of the biggest things they do in the memecoin world is you get, you know, a million tokens for like $5. And that makes you feel like you have a lot. and it makes you go, "Oh, if that goes to a dollar," but you're not understanding the picture of tokconomics at all. And so

the price of one unit or one coin depends on how many units the project created. That can be kind of arbitrary, like it could kind of be all over the place. Every token can have totally different max supplies. If you don't know what the max supply of a token is and you don't know what the circulating supply is and all you are is looking at the price per coin, then you're not really understanding the whole picture. And that's certainly what I would like you to raise that crypto IQ cuz this is sauce. When I learned this, I instantly became a much better speculator in the market. Tropical Astronaut, what's up? What's up? Says, "Just popping through real quick to show some love. 2021 cycle not paying attention to circulating supply smoked me. There you go. There's a testimony in

the chat right there. Um, a lot of people, I don't know, you have different camps of people, but a lot of people don't want to take any time to look at anything, right? Like they just want to buy stuff and hope that it does well. Those people usually don't do very well. All right. So, for example, 1 million tokens at $100 each, 1 million market cap. 10 billion tokens at 1 cent each, 100 million market cap. Both of these projects only have $100 million in them. But one has $100 per token and one is only 10 cents per token. the valuations are identical even though one token appears 10,000 times cheaper. And another thing I want to say is if the market cap is 100 million when you buy in the token, right? And it doesn't matter if you

put $100 in token A, call this top one here token A or token B, it doesn't matter. There's $100 million in it. If the project goes up to 200 million, you doubled your money. It doesn't matter if it had a million or 10 billion. It's market cap that decides how much money you're actually making. So even though the valuations are identical though one token appears 10 times cheaper. The market cap actually measures the formula is this market cap equals current price times circulating supply is one way to do it. Another way to do it is you could take the circulating supply and divide it by the market cap and that'll give you the price per unit. But you know, it's math. It comes out the same either way. Says, "Nice, Mel. My arts, my alts are still in the

red. LOL. I must have bought in Euphoria like a noob." Hey, it happens to everybody. That's why we raised that crypto IQ. Hey, we'll eventually go up. This is uh, you know, I don't know that we're out of the woods 100%. I would love to say bull market, no lower lows. That would be amazing, but it's not guaranteed. All right, we at least kind of want to get past the beginning of the new year, then I will certainly start leaning more. If we get past the beginning of the new year and we don't have a lower low for Bitcoin, I think we're out of the woods. But of course, this is crypto. Anything can happen. That's what we've learned so far. So if a token trades at $2 and has 50 million tokens in its circulating supply, $2* 50

million equals 100 million market cap. Coin Gecko defines market cap as the current price multiplied by circulating supply, but it also warns that market cap is not an indicator of quality or the amount of capital invested. This is where we start digging a little bit deeper. Market cap is a valuation derived from the latest market price. Why market cap is not money invested? Imagine the most recent token trade increases the price from a dollar to a$110. If a 100 million tokens are circulating, old market cap 100 million, new market cap 110 million, the market cap increase by 10 million. But that does not mean the buyers deposited $10 million into the market cap. You know, you do have perpetuals. You have all kinds of different things. The latest price was applied mathematically to all 100 million circulating tokens. Even

though only a small number may have traded at a 110. Understand the three supply numbers. You have circulating supply, total supply, and maximum supply. And we even have some other more advanced stuff like overstanding supply, outstanding supply, stuff like that. John 3:16 in the house says, "Yo, blessing. Smash that like." I appreciate you saying that. Of course, smash that like button and welcome in to the show. Our series this week is the token autopsy. We're breaking it apart. So circulating supply tokens currently considered publicly available and circulating. This is like definitions, right? Total supply are all tokens already created minus tokens that have been permanently destroyed or burned. This can include lock tokens. And then you have the maximum supply, the greatest number of tokens the protocol permits to exist ever. For Bitcoin, that would be 21 million. Most

of you at least know that some tokens have a fixed maximum, others can continue inflating indefinitely. Some tokens have no max supply. So, Coin Gecko notes that circulating supply can change through unlock, staking, rewards, mining, burning, and other mechanisms. There's mechanisms that make a coin deflationary, and there are mechanisms that make a coin inflationary. Rewards are usually distributed in the token. That's inflating the token. Buybacks or really burns are deflationary because they take it out of the supply or out of the circulating supply, right? What does the f fully diluted value actually measure? Here's a simple simplified formula. And hopefully this doesn't scare you guys too much. A formula. Oh my god, not a formula. So fully diluted value equals current price times the total or maximum supply. So they're basically here here's what fully diluted value is saying.

If all the tokens were out into the max supply or the circulating supply, if the max supply was the circulating supply and they were the same number, what what would it be at the current price that it is now? That's fully diluted value. If a $2 token has 50 million circulating tokens, so 50 million circulating tokens, the price of each token is $2. It's 100 million market cap. 500 million total tokens to ever exist in the project. Then market cap is 100 million and the fully diluted value is 1 billion. That's why you get these huge numbers. Why I don't really understand why we care personally is because if all of those coins came out, they would dilute the original price, right, of $2 would fall dramatically. If you went from a 100 million uh or sorry, if you

went from uh 50 million to 500 million, you would dilute this $2. I think would be about 20 cents. And so why we're evaluating 500 million at the price of $2, I don't even know why we're doing that. It seems like moon math to me. Uh the token may appear to be a 100 million project, but its current price values the complete supply at $1 billion. I don't know if that's just like for them to borrow money again. I don't I don't get it. Fully diluted value is a presser is a pressure gauge, not a prediction. All right, so this is where even I hopefully will learn something here because I I look at the fully diluted value and I'm like, who cares? Does not predict the future market cap. Okay, it assumes all tokens enter the circulating supply.

The token price remains unchanged. Demand grows enough to support that price. So basically what they're saying is demand continues steady or equal as the all the tokens come out and then that would be what the whole thing would be worth. The supply figures remain accurate. Governance does not alter issuance or burn any of the supply. Those assumptions are unlikely to remain perfectly true and that's why I don't really get why we bother looking at it. seems like moon math. Fully diluted value is useful because it reveals the valuation burden created by future supply. So another way that you could look at this, another way that you could say this here is if more tokens come into the supply, they will dilute your price. All right? because your price is being calculated by how many are in circulating supply. So

if the market cap stays exactly the same and more money doesn't come into the market cap and but new circulating supply comes in from the maximum supply, it will dilute. All right, so there you go. And your price will go down. I was trying to think of a good metaphor for that. What would be a good metaphor of something that gets diluted that you wouldn't want to be diluted? I'm not even going to bother to waste time on that. So, a quick approximation is circulating percentage, right? Equals circulating supply plus divided by total supply. This is what I was saying earlier using our example of 50 million divided by 500 million would say 10% circulating supply or sometimes you'll hear vested. That means approximately 90% of the total supply is presently not circulating. So here's what we're really trying

to say here. If you're in a token and you're looking at the tokconomics and its max supply is 500 million, but that 500 million is not circulating. 50 million tokens are circulating. That means you have 90% of the supply to come in and dilute your price over time. Now, it can matter per project when those tokens are going to come out, how much of them are going to come out. Um, and if you plan on holding a token for a week or five years, if you're if you're planning on holding a token for a week, I wouldn't worry about 90%. If you're planning on holding a token for 5 years, I would be very concerned about 90%. You see how it matters what kind of trader you are and what you're doing. Hextown says, "Morning, brother. Morning to you.

Thank you for being here." So the market must eventually absorb that additional supply, reduce the token price, increase demand and burn tokens or change the issuance schedule. Now this is why we say a project can have an awesome CEO. They can have an awesome product. They can be very attractive in the market and have garbage tokconomics and the price never really increase because maybe the circulating supply of the token is being increased by the maximum supply. like new tokens are coming out way too fast, too often. And even though people want it and the demand is high, it never does more than kind of like get back to where it was. So you don't really make any money. All right. So understanding low float and high fully diluted value. So let's talk about it. This is sauce, right? You

may or may not understand this, but if this is the first time that you're being exposed to this, that's still a good thing even if you don't get it because that means you have a higher percentage of understanding it the next time it's presented to you. So a lowflat slash highly fully diluted value launch usually contains this a small initial circulating supply a high token price supported by a limited availability a much larger locked supply a larger valuation applied to the future tokens a vesting schedule that gradually increases supply. This structure does not automatically make a project fraudulent, right? It does mean the current market may be valuing a scarcity condition that will not last forever. What they're saying is the price may be high per coin because the actual supply is very low or limited. That would be

pretty much the definition of scarcity. But there will be an increase in supply as new tokens come in over time. The scarcity of the token may not always be scarce. Okay, hopefully that helped. Compare unlocks by percentage, not just dollars. Okay. So, when you're looking at a percentage of what is being unlocked, you're going to understand how relevant it is to your token versus just money. Now, if if you know the dollar amount of tokens coming out, that's not useless. It just requires you to understand basic math and look at the market cap and understand proportionally. But the percentage of circulating supply is a lot quicker to get to the information that you really want to lock into. So, humanity or ticker H, we're using this as an example. This is from the intro, right? Approximately 19.2 million released.

Okay, just don't even worry about that number. What we really want to know is that is about close to 8% of the circulating supply. So your dilution, how much? Say you hold $100 of it, you're going to lose about 8% of that. If if no new money comes in to buy up that new supply. If the market cap stays exactly the same and that circulating supply comes in and dilutes the value, it's diluting it about 8%. Here's that's not so bad. Honestly, 8%'s not really a big deal. Huma, a different project, has approximately $10 million of tokens being released. Notice how that's a much smaller number of money. So, it looks smaller, but it's actually about 17% of the circulating supply. So, I think most of you, it's pretty basic. Would you rather the token you're holding go down

by 8% or go down by 17%? I think it's an easy answer. So even though H has the larger dollar release, Humanana has the larger proportional proportional expansion aka devaluation. The better question is not merely how many dollars are unlocked. Matter of fact, I wouldn't focus on how many dollars are unlocked at all. How large is the release compared to the supply and liquidity already available? Basically, what is the percentage of new coins coming in? An unlock does not automatically mean a selloff, right? There's a difference between a dilution in the value of your token and all the people receiving those new tokens selling them off. Much like an airdrop, right? People get air dropped a bunch of to of coins. Most people are going to sell free coins unless they're like really bullish on the project long term.

They got a airdrop in the bottom of the bare market and they're smart enough to know that it's not the best time to sell. So, they hold them, but they were basically given free money. And most people, they cash out that free money right away because just as it could go up, it could also go down. What if you were at the beginning of a bare market and you got a airdrop? Well, you wouldn't want to hold that. You'd want to sell it. An unlock may go to founders, employees, early investors, community programs, a foundation, a treasury ecosystem incentives. Some recipients may sell immediately, of course. Others may stake, hold, or delay distribution. Tomorrow, we will be examining why the recipients and cost basis matter as much as the unlock amount. Market cap does not measure liquidity. Okay, Liquidity

asks, "How much can be bought or sold before the price moves significantly?" And I'm thinking next week's series might be all about liquidity because liquidity is a really important thing to understand. Chris Cos says, "33 my fellow lifer givers gain. Thank you for stopping by and I appreciate you always being so uh consistent with dropping by here. So, how much can be bought or sold before the price moves significantly? A token can display a $1 billion market cap while only having a few million dollars of usable liquidity. This creates two different numbers. a paper valuation, which is the latest price multiplied by the current circulating supply, and then the executable value, what holders could actually receive if they tried to sell. Those numbers are never identical. Effective float can be smaller than the circulating supply. So suppose a 100

million tokens are reported as circulating. 40 million are held by the founder. 25 million of those are staked or locked up. 20 million are held by long-term wallets. And only 15 million regularly reach exchanges and liquidity pools. The reported circulating supply is 100 million but the effective tradable float may be closer to about 15 million and that is a big difference right it's a drastic difference so a smaller effective float can produce stronger price movements in both directions the complete valuation checklist right never rely on one number you want to compare token prices of Circulating supply, total maximum supply, market cap, fully diluted value, percentage circulation, unlock schedule, recipient allocation, trading volume, actual liquidity and market depth, token demand, and emissions and burn rates. So, let's hop over to Coin Gecko and let's talk about some of the coins

that we often contribute to having really good tokconomics, right? And let's let's give you some numbers you can actually see. So, right here you can see Ganosis is worth $120, right? GNO is the ticker. Its max supply is 3 million. its circulating supply is 2.6 million. So what does that tell us? And we said a lot of things in the education and a lot of those things are important but I do want to simplify this into usable easy to see. Now, I like Coin Gecko for looking at my tokconomics because they put it all together right here. I noticed so does Block Works. Block Works does about the same thing where like if we go over here to Crypto Rank and we go to Gnosis, they'll have it of course, and we look at it. Is this as straightforward?

Look at this over here. Does that look as easy to look at and read as this? No, it doesn't. Now, all the numbers are there, so it doesn't really matter if you understand what you're looking at. I just like Coin Gecko for for any of these kind of tokconomic evaluations. So, the first thing that I notice right here is max supply is 3 million and the circulating supply is very close to this number. You want your circulating supply to be as close to your max supply as possible, but you also want your max supply to not be very high. The higher the max supply, the more dilution, right? So imagine if Ganosis had a 6 million max supply and its circulating supply was doubled. this coin would only be worth about 60 bucks, close to 61 bucks or 60

actually be $60.50 something like that. So right there your price would be cut in half if we doubled our circulating supply and our max supply. Right? So this is a good example how basically what I'm trying to get at here is how do you quickly look at a coin? Let's just pick a coin. All right, let's just pick a random coin. Let's look at AVAC, right? Avalanche. I don't even know its tokconomics off the top of my head at all. So, notice we have a lot more numbers here, but what do we need to focus on? Well, first we need to know what the max supply is. Max supply 720 million. Okay, that's good to know. But 720 million are not in your circulating supply. your circulating supply is 431 million. So, how many tokens, and we're not going

to bother to do the math right now because it doesn't really matter. How many tokens exactly are still coming out? So, that's your gap. That's your future future dilution. Okay? And you could go to the project. I would use chat GBT or something to just look at what the vesting schedule is and how soon these tokens are coming out. Now, once you've identified circulating supply and maximum supply, you want to go look at the market cap. $3.1 billion in this and AVAC is only $7.36. So hopefully you're starting to understand why Gonosis is $120 and Avalanche is $7.36. Notice Avalanche has $3 billion in its market cap and Gonosis only has $319 million, but Gnosis has a higher dollar price. And I'll tell you, if you buy Gynosis at $120, you are more likely to make more money faster

with Ginosis because of the tokconomics than you are Avalanche. And that is very speculative because you're also assuming the market is going to cap the gnosis in the market is going to capture a decent amount of attention and evaluation and people buying the coin, right? Avalanche could easily outperform it percentage-wise if it gets the right attention. So, we really want to focus on tokconomics. I I I know I'm kind of all over the place with it. I've explained it so many times. I'm trying to figure out the simplest way to make you understand the power of tokconomics here. So, here we'll we'll use another token. And I think this is a good example for more than just the tokconomics. Okay, this coin here is a good example. Oh, look at that. I doubled my money. Beautiful. This is a

good example of the dollar amount going up quickly even though there's not a lot of money in the market cap. So, max supply 500,000 half a million and its circulating supply is not even there. Its circulating supply is 353,000. Beautiful tokconomics. Its market cap is under a million and it's at $2.83. I think I started buying at like a$145 a$160. And I don't I don't own like a crazy amount of it, but I own a little bit of it. I think I own like like 50 tokens or something like that. But my point and why I wanted to show this is this is this game. This game that I've shown off quite a few times. And why am I talking about this game? Well, it's a game. It's niched. Who would want to hold the tokens? PE a people

who really understand tokconomics, they don't play games, but they understand this can go really high, right? Other than that, people who play this game will hold these tokens to get the rewards that come with holding the tokens. There's incentive. But my point is this is very niche. This is far more niche than Avalanche, which is an entire layer 1 blockchain. So although the tokconomics are very very good for this coin and it takes very little money to make the price of this token go up, it also is likely to capture less attention. And of course, Avalanche has $3 billion in it. This coin hot take will most likely never even have a billion dollars in it. but it doesn't need to have a billion dollars in it for me to make a lot of money off of this token.

So, and this is not a pitch for you should buy Lumino. That's that's not what I'm trying to say. What I'm really just trying to say here is although the tokconomics are amazing on this project, it is very niche and not everybody's going to even ever know about it. Avalanche. A lot more people are going to know that Avalanche exists and a lot more serious investors are going to consider buying it versus Luminina. But there's a small portion of people out there who understand their tokconomics who would put a million dollars in this token because they understand once this thing doubles overnight, it's off to the races. It'll be on everybody's radar. Those are whales though. Those are whale games. Let's look at our top gainers, top losers. Can't believe it's only been an hour. We didn't have a

lot in the market to really talk about. It's a little sideways. So, on a sideways day, we don't have as many new projects. We don't have as many things pumping crazy to show off or show you. We really are just looking to hold that 21 on the 4hour BTC chart as I showed in the beginning of the stream. Top gainers of the day, Rain, a prediction market project up 23.8% at the moment that I'm saying it. It does vary. Metadow up about 15%, stacks up 13%, spx6900 up about 13%. Humanity with a little bit of a comeback. Can humanity reclaim its position? I don't know that that's a hard that's a hard guess there. So, official Trump, Grass, and Manata are top three losers. And honestly, after the pumps that we just had, an 11% loser, no big deal.

It just not even a big deal. It'll probably gain all of that back. Next time we have a really bullish day in the next three, four, five days, if we continue to be bullish, you know, grass will be up 10, 15%. Like, it'll bounce back so fast. Manat will be up 25%, right? if we continue to be bullish. Again, I do want to bounce back now that far more people are here. I wish more people would show up in the intro of the show, of course, but that's okay. We go live 8:30 p.m. New York time, whatever that is for you. And my OBS is freezing up. Hopefully, I'm not freezing up. Just give me one second here to figure out why it's doing this. Oh, OBS is not responding. Who knows why? Every day I get much closer

to buying a new computer. And this computer is not even bad. I don't even know what the problem is right now. This is actually a really good computer. All right. If you can hear the sound of my voice right this moment, put a 111 in the chat for me. No, we don't want to close the program. I kind of need OBS right now. And it was running fine until I clicked on it and now it's just like, oh, sorry, never mind. We're broken. Let's see if we see some 111s in the chat. Does anybody All right. Thank you, Melissa. I really appreciate that. All right. So, apparently I'm still live, but I can't switch you over to Trading View uh because it's like broken in the background. So, here's what we're going to do in the meantime while I

wait for OBS to figure itself out. We're going to give away a free $5 in whatever cryptocurrency you want. And on a Tuesday when it's mostly my regular people here, I want to give a little a little bit of value back, right? And as we get to pumping these giveaways will get much bigger, right? So, I'm thinking of a food. The first person to put that food in the chat is going to get a free $5 in whatever crypto they want. Of course, you do have to be a member in the Discord because you have to DM me on Discord or email me at the email in the description. Either way, now it's a common food. All right? So, I didn't pick like, you know, some like crazy dish from, you know, Greece or something. It's a common food.

It's not tacos. I will tell you it's not tacos. >> What? Why won't OBS work? But we'll do this giveaway in the meantime. Anybody? Anybody want to take a guess? It's It's one of your common foods. It's not something crazy. First person to put this food in the chat gets a free $5 and whatever crypto that they would like. >> Hopefully you can still hear me as OBS is being just dumb. Okay, Reliable J says bacon. Welcome in, Reliable Jay. Welcome in. It's not bacon. I'll narrow it down a little bit, too. It It's Italian. It's an Italian food. Show went so fast today, but we still covered our bases for sure. All right, I did have to reset OBS. Hopefully that didn't mess you guys up too much. All right. All right. Now, I think we have OBS

fixed. Sorry about that. Spaghetti. Actually, Melissa got it. So, Melissa, you will get that free $5. You know how to reach me, that's for sure. Um, just message me. It was I I was going to go with spaghetti or meatballs, right? Because I mean, you can have meatballs and spaghetti. So, I was like first person to say rather meatballs or spaghetti. I really wanted to give it away to somebody who is like always here. So, that works out well because I don't think anybody's here more than Melissa. Shout out to all my undergrounders. We'll give it We're going to give away another $5. Who wants to do another $5 giveaway? Let's see if uh Melissa wins both of them, right? So, I'm thinking of a number between one and 50. Between one and 50 and you could win a

free $5 in whatever cryptocurrency you want. So, that'll be $10 given away on the stream. Melissa said 52. I'm assuming you're joking. Uh, I think I think you're doing that on purpose here. 42, right? Somebody usually just starts going one, two, three, four, and they're going to win. You're going to let them out compete you. If somebody starts doing that, usually I make the gap way bigger, but we're at a later part of the show. I don't want to make it too crazy. So, if you want to win a free $5 of cryptocurrency, whatever currency you want, I will send it to you, then you're going to need to pick a number between 1 and 50. And we'll keep that going through like the rest of the stream. We are entering into the underground hangout part of the night.

And this stream went really fast. All right, let's go look at some sunflower land. Melissa says, "I don't know if anybody else is here." There's other people here. I can I can see there's at least 13 people here. 14 33. The clock's not in sync. Well, that's not my fault. Sunflower land. Sync your clock. 48. Nobody's hit it quite yet. Oh, I just got like a honey thing. Six. Yo, I've been making pizzas like crazy. Shout out to Reliable Jay. He knows what I'm saying. All right. And we got new stuff to do, huh? Hello Zo says 24. Welcome in. Welcome in. You're actually really close. I'm being really like loose with the giveaways today. That's for sure. Camsta says, "I'm still here." Cool. Free $5 whatever crypto you want. Melissa won the first one. Who's going to win

the second one? Pick a number. One through 50. just listening while trying to time my BTC short scalp. Well, if we fall down through that VRVP gap, you're going to get paid. But just remember, if everybody decides that they're going to short this thing, it's going to pump. It's called a short squeeze. So, the more people that are thinking like you're thinking, the more likely it does the opposite of what you're talking about. So, good luck. That's a big part of why I don't I don't do that right now. I'm just buying spot bags and holding for the long term. And of course, LOL in the house. Thank you for being here. Melissa, very close. Melissa, very close to winning $10 and and free cryptocurrency. How much value do I have to try to give away before the masses

start showing up to the stream? That's the question. Let's go talk to Betty. Turn some rewards in. We're doing these quests because I really want to get some cool rewards from Stella. Ah, the next one's just the ascension or the feathers. I really love getting these boxes or the the keys. 22 28 says, "Good tip, you G." Absolutely. If you think like the masses usually get rocked and I know because I've made that mistake a bunch of times. I've been around, you know, trading and stuff for at least like five years. Oh, Melissa got it. It was 27. Y'all y'all gave it to her. Y'all let her win. I did get a treasure key. Let's see what we get. What do we get? Last time I got like a raffle ticket and then I didn't win the raffle, so

I was like, that was lame. 20 to 20 gems. I'll take that. That's good. I need those to uh to expand my island a lot of times. So, I'll take that. Let's go. Melissa won $10. Won both giveaways. Hey, it pays to come to the Underground Crypto Deep Dive Show. Let's eat some food. Let's get back to our island and see what the heck is going on at our home base here. Chop down some trees. Oh, did I never plant anything? Dang it. What do we want? We want oranges cuz it is springtime. We need more axes. So, let's get a few of those. Oh, 200 coins. Nice. still loving Sunflower Land. I think Sunflower Land is a good one to just kind of mess with every day because it's highly likely to be worth something to you. Let's

grow like all oranges right now. Grab our salted fish. I really need to go fishing. Need to do some fishing. And of course, everybody, you know, round of applause for Melissa. She came to the show. So, she started watching. I guess she decided she really liked it because she is always here. So, of course, cuz she was always here, I had to make her a mod. And then she was on the ball. Never misses a stream unless she absolutely has to. I think it's happened like three or four times the whole time you've been a mod here. Can always count on her to post links for me throughout the stream and the be that Discord link that I pin in the chat. She posts that every day. So, I'm just saying like I don't think anybody deserves that free

10 bucks or to win the giveaway more than Melissa does. Let's wake all these chickens up. Wake up chickens. Dang, we got locust eating our crops. Well, then we don't want to we don't want to do any like really good crops. Carrot seeds. How long are these locusts going to be here? If I just wait for him to go away, will I still lose like a certain amount? And we need more cauliflower. All right, got a bunch of cheese. Let's hit our composters. Add some more. mine some salt. Maybe salt to fish. Oh, we already did that. All right. Now, we want to buy some actual fishing rods. And let's get to fishing. Let's do five at a time. Oh, we don't have that many grubs. All right, we'll do them one at a time. We only have four

grubs here. Red snapper. We still got chum in there. Yep. I guess red snapper likes eating red snapper because that's what we're chumming with. Wow, that's that's two in a row. Campa says knows how to hold it down. Maybe she should talk to my wife. Cam always is hilarious in this chat. Camsta says, "By the way, it's my wedding anniversary tomorrow." Good on you for for knowing that. Um because some men out here have no idea when that is. 14 years of marital bliss. That's so funny. Dolly Parton passed away, but her silicone implants live on. It's so funny. I used to work for a moving company and uh I even ran a moving company after that and my favorite joke was uh pardon my dolly dolly pardon. If you get it, you get it. If you don't get

it, then you don't get it. And of course, I said it to the point where it was not funny anymore, which is what all good jokes should be. I don't know. Is that a dad joke? Is that considered a dad joke? I don't know. You got to keep it somewhat like PG because you know you're running a business and you're in people's houses. I would still like to go to Dolly Land. Is Dolly Land a real thing? Is that like a museum somewhere with like her makeup in it? Like a dress she wore in like a movie or something? I need to buy some barley. Everything is getting extremely expensive on Sunflower Land and I don't like it. Everything was so cheap just a short time ago. Lori reminded me it was my anniversary yesterday. Had to run and

get a card after the gym. Well, hey, at least she reminded you. like she didn't just let you like fail. I feel like a lot of wives are like, "We'll see. We'll see if if tomorrow this this knucklehead actually uh knows what day it is or not." For anybody who doesn't know, I am terrible with dates. Luckily, like my wife's birthday and anniversary type stuff are very easy dates to remember. Otherwise, I'd be screwed. And I get it. And I don't understand why women are so hardcore about it. I really don't. But hey, that's because I'm not a woman. I'm just like, it's another day. It's a day. Every day is another day. At least I'm consistent, you know? Like, I don't care about my birthday. It's just a day. All right. Like, one thing I always say is

like, if you're going to get a gift for somebody, get a gift randomly because you want to get a gift. I don't like obligation gifts. Christmas, anniversary, like all that. Like just obligated to get something, just go buy something, have something, show up with some like it's just weird. If you really cared about somebody, you would just see something in a store or you'd think of something in your head and because you know them well and you care about them, you would just buy them a gift and then you would just give them that gift and it would be like a very genuine gift. That's the type of gift giving I like. I don't like obligation gifts where you just have to give gifts because it's a certain day of the year. Like that's just stupid. Stupid in my

opinion. Uh how many years have you been hitched? I have no idea. Uh let's see. I know how many years obviously we've been together, but how many of them we've been married? I think I want to say six years we've been married. We've been together about 10, close to 10. Again, I'm terrible with times and dates, but my wife knows that. Like, I'm awful with it. When I say something happened the other day, it could have been nine months ago. And to me, like that was that was pretty recent. That's just how I'm wired. I don't look at the time. I don't know what time it is most of the time. I have alarms that go off. That's how I know to uh start my show, right? My alarms start going off at eight o'clock. It's amazing that I'm

able to be here consistently because I never know what day of the week it is or what time it is. And the funny really ironic part about that whole thing is I've always run companies where like they're service based and I have to be at somebody's house at a certain time. I don't know. Sometimes I I I manage to pull that off no problem. Somehow I should say Melissa says, "So I guess I'm not getting that Christmas present this year." Probably not. Also not a big fan of Christmas. I'm not a holiday person. And no, not a Jehovah Witness. That's not why. Again, if it's Christmas and you like want to get somebody something, I think that's awesome. like nothing against that. But if you just buy stuff for people, like say you have a large family, but most

of them you don't really know that well and you don't see except for at Christmas. But then like I got to shell out hundreds and hundreds and hundreds of dollars at Christmas time. Why? I don't even hear from you the entire year. And I'm just using that as an example, but it's just like why why do I have to come out my pocket for that? And uh if you know me, you know that I'm like I'm very generous. Like I'm not stingy with my money in any way, shape, or form. I just don't get the point of it. And that really loses me a little bit. Let's clean up. Oh, wow. A lot of people uh started following me. Dope. I know. They just want me to clean their farm. We always start with reliable Jay because he's very

reliable. So, we got to be reliable back and and clean his farm. Mostly, it's not just cleaning his farm. It's these little quest that you need somebody to come hit the box. That's what you really need. All right, let's go back. We all got a warning at work for being 10 minutes late this morning. Lol. My boss called in at 7 hours. 7 hours 30 on the nose. And no one's manning the dispatch. Tomorrow I must be on time. I must be on time. I've been consistently late for 15 minutes for 10 years straight. What are you going to do, boss? Man, I'm worth the wait. There you go. You know, it's so funny. I worked in kitchens a long time, and of course, kitchens are kind of a dime a dozen low paid jobs. So, I never stressed

it. And I'm actually at all my jobs, I'm pretty punctual, right? But some days I just like and I've had some jobs where I just had some miserable like managers who just ridiculous. And like, you know, one morning I got up and my freaking tire was flat. So, I had to get out my air pump and I had to pump up my tire to get to work. All right. Really, I should have took the time to change like a spare or something, but that would have made me more late. I get there like 10 minutes late because that's about how long it took me to blow up my tire with my air compressor. And I get there and she's like, "You're 10 minutes late." And I was like, "Imagine if I didn't come in. Imagine if I just didn't

come in." And you had to do this whole opening, this entire kitchen by yourself. Try to get somebody to come in, but you don't hire anybody and you don't have anybody. So really, you'd be cooking all of probably breakfast and lunch all by yourself. And then the truck will come in today and you'll put that away by yourself just like I do every day. And imagine if you had to do all this all by yourself while you still try to be the manager, the general manager of the building. Aren't you glad that I came to work today? How about thank you for coming in to work today? How about that? How about you just normalize normalize saying thank you for showing up to work? You could say it every day. It would never get old. And she'd get so

mad. Be like, "Fire me. I will go make more money at another restaurant. No problem. When you work in restaurants, you get offers for working at other restaurants like every single day. Every time you work at a walk in another restaurant and they find out that you work at another restaurant, they're like, "You want to work here? We'll give you 50 cents more." So you can walk into any restaurant, make 50 cents more any day, any time of the year, too. Not even during season. But anyways, I just always thought that was funny. I'm like going to really clown me over like 10 10 minutes. Like I I will not show up and I will go work somewhere else and then you could do this stuff every day all by yourself. I'm worth the wait. Exactly. Kitchen lines are

the worst. I've hat I've hated working the pantry and the fry section. Burnt so many calamar is right. Yep. worked at all kinds of joints, but they're all the same. They all do not have enough employees. And even if they have a few employees, they do not schedule enough people on shift, like at all. Especially in the kitchen. Nobody can, you got to remember, nobody can see the kitchen. So, if the kitchen takes 10 minutes to put an order out that should have took eight, they don't care. If it takes me 20 minutes to put an order out that should have took 12, nobody cares. And that's why you'll be the only person in the kitchen for I've been so many jobs where I was the only person in the kitchen for the entire dinner rush. And then the

restaurant has the nerve to post how much money they made on a schedule. On the back, right next to where they post your schedule, right? When how you know when you work and when you don't work, right? Your schedule. Right next to it, they'll post how much money they made for lunch. At this specific restaurant that I'm talking about, they weren't they didn't do breakfast, right? They did lunch and they did dinner. and it'd be like, "Oh, we made $12,000 profit for dinner yesterday." And it's just like, "Oh, that's cool. Uh, I've been asking you guys for a 50 cent raise for six months and you've been thinking about it." Like, how about I was the only person in the kitchen dinner rush for like the last week cuz somebody quit and you can't replace anybody. It's just so

funny in my opinion. It's hilarious. But y'all want to like deliberate about 50 cents for six months after I make you 12 and 14 and 15,000 worth of profit a night. Stupid. I don't know what's going on. Kendra won't open my wallet. I don't know why this is. I don't know why everything's failed to Yeah, failed to fetch wallet. Yeah, I see that. I don't know what's going on with my bandwidth. It's amazing that we haven't stalled out. And of course, we're just kicking it on the Underground Crypto Show here. I might have to hop off. I don't know what's going on. Nothing is working. I mean, Sunflower Land worked pretty well. No real problems there, but for whatever reason, Kindra not working. Like when you log in, you like click wallet and then you'll log in with your

wallet and it's it's not doing it. It's not doing the thing. Let's go ahead and get some of this iron. I need this crimson stone. Man, that crimson stone is expensive. It'll take me forever. I'm just going to have to buy it. But I don't want to buy it. I need to buy some more sunflower. I need to contribute it for Yakaman. Remember, Yakaman is by the same people as Sunflower Land. Wow, nothing is loading now. All right, guys. This is getting a little ridiculous. I don't know why nothing will load and nothing will work. Did like my internet just decide to stop interneting? I don't think that's a term, but I do need to do something with this freaking beard. All right, we'll leave that for tomorrow. It's been a laid-back show. It's been a good one though.

Definitely raised my own crypto IQ today talking about that fully diluted value. Hopefully you understood the sauce. Hopefully you understand what we're trying to get at at our weekly series of a token autopsy. I'm going to go ahead and hop off because nothing is seeming to work. It's Tuesday. We'll be back tomorrow, 8:30 p.m. New York time. All my undergrounders, you guys know what it is. Melissa, messaged me. I got your free $10 for you. Just tell me where you want it and what you want sent and I will make sure it happens whenever you let me know. So stay underground, stay crypto. It looks like I'm frozen, but then over there it doesn't look like I'm frozen. So I don't know if I'm frozen. But thank you everybody who came to the show. Stay underground, stay crypto, think

long term, and I will see you in the next video, which is tomorrow. Be there.