Mike Dudas

On-Chain Trading

Activity and product expansion are strengthening the case for crypto-native venues, though Hyperliquid’s validator concentration remains a notable risk.

• PUMP: Buybacks and burns reportedly reached $471M as revenue and activity rise; the author watches for a weekly close above $0.0055, targeting $0.01+.
• HYPE: Hyperliquid added commodities, equities, and pre-IPO stocks; open interest hit an $18B all-time high, counterbalanced by concerns about validator concentration.
• BULK: Open interest crossed $10M for the first time, with $100M cited as the next milestone; reported TVL was $7.89M.

Solana Ecosystem

The sources split between constructive SOL price action and skepticism about portfolio sizing, while Kamino’s tokenized-equity lending offers a more specific ecosystem opportunity.

• KMNO: Kamino is gaining traction in tokenized-equity lending, with about $47.6M in deposits shown against roughly $74.2M across lending protocols.
• SOL: SOL rose from $70 to $122 in three months and drew positive commentary, but one critic argued its fundamentals do not justify holding it.
• PUMP: Memecoin launchpad volume and fees are trending up, with reported cumulative Pump.fun fees of $2.142B and ongoing token burns.

Crypto Accumulation

One source frames market weakness as a potential early-bull accumulation window, while acknowledging further declines are possible and favoring staged purchases.

• BTC, ETH, TIA, ZEC: The accumulation thesis favors sizing high-conviction positions deliberately and deploying remaining cash in tranches; a separate post predicts ZEC at $10,000 before ETH, without a timeframe.

Tokenized Finance

Tokenized equities and derivatives are emerging as a growth lane, but the cited basket’s large public-market allocations contrast with criticism of its relatively small SOL weight.

• ENA: Ethena is extending basis trading to equity perpetuals using tokenized-stock collateral; the source cites 11%+ annualized average basis and about 30% monthly open-interest growth over stated periods.
• SECZ, CRCL, COIN, HOOD, BHYP: A cited basket assigned these public-market exposures 20%, 18%, 18%, 14%, and 14%, respectively; the source criticized its 8% SOL allocation.