Raith👾

I am my moonbird, and my moonbirb is me. @moonbirds

@beaniemaxi The fees are on every asset traded on the entire platform man not just the $HYPE token

Hyperliquid is being treated like the cleanest up only narrative in crypto and I want to add some nuance here. To be clear, this is not Luna. Luna was a closed loop algorithmic peg with no real revenue. Hyperliquid has real fees from real users, a genuinely best in class product, a dominant share of onchain perps volume, and a team that has shipped relentlessly. The bull case is real. I'm not dismissing it. I just don't think the risks are getting the airtime they deserve. I called Luna a ponzi here in 2021 around $50 and got absolutely hammered on the tl for daring to suggest anything negative about it as it ran to $120 before it vaporized to $0 within days. Very similar to yesterday when I simply said HL does not have remarkable tokenomics and got piled on for it. Being early on structural risk often looks wrong for a long time. And Luna was not just a retail rug. It roped in 3AC, Galaxy, Delphi, Hashed. Sophisticated money held the bag right alongside everyone else. Here is what I see with Hyperliquid. 97% of fees buy back HYPE. That sounds incredible, and in an active perps bull market it absolutely is. But fees come from perp volume, volume comes from people chasing the token, and the token is held up by buybacks funded by that same volume. Every leg moves together. It's a functional flywheel. And in the other direction every leg turns at once. However, nobody can tell you how much of the volume is organic either. If buybacks pump the token and the chart pulls in size and size funds buybacks, you cannot cleanly separate real activity from reflexive activity onchain. It doesn't mean the volume is fake. It just means you cannot prove how much of it isn't. Then the supply side. Only 25% circulates. Team and foundation together hold roughly 30% (23% team plus the foundation allocation which is essentially team with extra steps). Buybacks absorb about 90 million of unlocks a month. Actual pressure is closer to 400 million plus. Revenue keeps growing at a real clip, which is the whole bull case, but it has to roughly 4x just to keep price flat through vesting. Then the part nobody wants to touch. 31 validators, foundation controls the supermajority of stake, closed source binary, an assistance fund holding billions that we are simply told has no private key, on a chain the team built and runs. A lot of the business is regulatory arbitrage. Offshore venue, no KYC, users that shouldn't be using it are all over it. The founder is in DC right now precisely because everyone knows this. SBF was in DC lobbying for the DCCPA right up until FTX collapsed. Do Kwon was meeting Korean regulators before Terra blew up. Doesn't mean Jeff is anything like them. And to be clear, none of this means price stops going up. This is the part that matters for traders. Reflexive setups run for a long time, sometimes years. Luna ran from $5 to $120 while plenty of smart people screamed about the structure. HYPE can absolutely do the same. The flywheel is real while it's spinning, and standing in front of it is a great way to underperform. Just know what you're actually holding. Trade the tape, respect the trend, but don't fall in love and confuse a beautiful reflexive setup with a riskless cash machine. We have seen structures like this before and it tends to end the same way for usually the same reasons.

We officially have the first token to hit $1 million cap. Btw I love the UI here, you can easily track all the tokens being launched. @token_works

Each NFT contains an ERC20 token with a 1B supply. If you decide to burn your NFT, you'll set the name/image/ticker of the underlying token and create a liquidity pool. The LP is a single-sided @Uniswap v4 pool with a 1% trading fee, starting at around $50k~ marketcap.

@token_works The tokens work

Tomorrow.

@TheRoaringKitty gm

@cadinvests @Mathg13 @Wealthsimple Bitcoin needs to “collapse” 90% and stay there for 10 years for the thesis to not work. Goodluck

@Mathg13 @Wealthsimple What part of my post isn’t factual?

You asked. We listened. $STRC is now live on Wealthsimple. Trade it for $0 today.

@vangoyaa 2026 good year for collecting

@pudgypenguins @MetaMask forever locked in

Introducing the MetaMask x Pudgy Penguins Soulbound Token series. These commemorative SBTs celebrate the Huddle, all crypto communities and our friends using @MetaMask wallet. More information and how to claim below.

@token_works gas for the punk machine

Punks listed by PunkStrategy now show on OpenSea ✨

@beaniemaxi @Digital_A55et_ good year to be collecting

Crypto bull market has already started. Negative Nancys are perma-poor. They miss obvious signs. Both in the market and social signals. Bitcoin 35% V-shaped recovery / BAYC 2x off lows with renewed enthusiasm. It's a combination of Stockholm syndrome and simply a loser mentality.

@chooserich @OttoSuwen Goodluck man

Got my results: Classic Hodgkins Lymphoma Likely won't post much about this primarily because cancer posts are always a downer and I want to focus on the positive. Feels too significant for me not to share though. Kinda wild as you never expect it'll happen to you. 🤷‍♂️

@beaniemaxi these collectibles last forever

2021 NFT PFP collections are up only in early 2026. The more you fade, the harder it will hurt. So you may want to dip your toes in before the parabolic move These are STILL down over 90% from peak. A retrace to down 50% is still a 5-10x. Easy money fading the CT streamers.

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What’s your ref code for the new birb game? 👇

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@tetherwallet @tether @btc @btc rom0@tether.me

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@moonbirds the birbs are locking in

Birb Origins | Episode 1: Summoning The Stones The next phase of IP development begins, fully created in-house with AI.