Rekt Mkts: Robinhood Chain volume hits $1.5bn

Well the Robinhood Chain casino has somehow got even busier lol. Stocks barely moved yday and futures are softer this morning, but crypto is the most active I've seen it in about 2 years and the action has continues to be in tokenised stocks/memes. It's been the most active part of the market with a lot happening in an otherwise quiet August, which I think bodes well for a big end to the year.

SPX closed down roughly 0.3% yday while NDQ was basically flat. This morning is weaker: S&P futures are down around 0.7% and Nasdaq futures are off roughly 1.3%. The 5Y is near 4.53%, the 10Y around 4.79% and the 30Y near 5.27%, all up another 2-3bps today. WTI is up roughly 2.6% near $88, while gold is down around 0.4% near $4,412. Nothing major to note here BUT we do have payrolls this Friday it seems which is gonna be interesting as I feel like that will set the tone for the month. We did see ISM Manufacturing come slightly below consensus today at 54.6 vs 55.2 but it doesn't seem to have had a major impact.

Generally quiet all around but most of the stocks on my radar seem to be giving up recent gains. The interesting thing to talk about is the big move in GPRO after it emerged that Youtuber Markiplier has become the largest holder of the stock, fuelling short squeeze dreams and catapulting it into the memestock zone...actually at time of writing it sounds like a merger has been announced, looks like something called Starman Optical in a $285m deal for it to expand into AI data centres and defence....lol that's brilliant (reminds me of AllBirds).

Majors are quiet rather than weak. BTC is basically flat around $78k over 24 hours, ETH is flat near $2,446 and SOL is off roughly 0.8% around $102, while HYPE is up about 2.6% near $83. No obvious stress there, but nearly all the energy is further out on the risk curve. Robinhood Chain remains the main event. Daily DEX volume has reached roughly $1.5bn, up about 6% on the previous day and 131% from a week ago, while daily app revenue climbed to roughly $3m, up around 13% on the day and nearly 5x over the week. Pons produced another $948k in revenues in the last 24H as it hit new ATHs of over $300M before dipping back lower. $BONER, a memecoin paired with $HIMS is up roughly 218% near $0.060...but this is not free money everywhere: CINEMA/AMC is down roughly 59% and QC/QBUT has lost about 81% over 24 hours. I still think Robinhood Chain activity has further to run, but the gap between the real winners and disposable launches is already brutal and I expect that to continue to expand. PONS remains my clearest way to play it. Good luck today.