Good morning, afternoon, and evening degens around the entire world. This is the 13th Hour coming straight to you regardless of the time of day.

We’re back today with some juicy news, tickers, and tweets. I mean Xeets!

Here are today’s topics

Today’s Topics:
🚀 $XBT: Is this Bitcoin Part 2?

👿 PumpFun Makes Some Enemies

🏦 $STARTUP: Tokenized Internet Capital Markets

Let’s dive in!

📈 $XBT: 0 to $20M in 4 Hours

What if I told you you could get a second chance to buy Bitcoin when it was only at a $20M market cap?

The Timekeeper: “Really? I could afford a much bigger Bitcoin puffer jacket.”

Hold your proverbial horses Timekeeper, I only said “what if?” But maybe you really will be able to… That’s if you believe the thesis behind the $XBT memecoin on Solana.

The lore: “XBT” was the original ticker for Bitcoin back before it was called “BTC.” It’s also a favorite moniker on Crypto Twitter, with many influential profiles adding “XBT” to their name—perhaps most famously crypto’s favorite on-chain sleuth ZachXBT.

Believers think that this is a no-brainer thesis, especially given that there are almost no memecoins or “narratives” related to Bitcoin. Could this be the next big memecoin?

Here’s the full thesis:

The team also has the official @xbt handle on X! Some are even saying 1 $XBT = 1 $BTC. Intriguing!

🙃 PumpFun Falls Out of Favor With Trenchers

The platform that started it all is under some heavy scrutiny and a fair bit of criticism in recent days. Now, PumpFun has always been controversial for its role in spurring the memecoin craze. This type of speculation never gained legitimacy in the eyes of many market participants who view it as nothing more than gambling.

But this latest round has been brutal for PumpFun specifically. It all started with the proliferation of other memecoin launchpad platforms that provide kickbacks to users rather than keeping all fees for themselves.

PumpFun saw it was on the backfoot and quickly announced its own version of creator revenue sharing earlier this week.

..but when CT took a deeper look under the hood, things only got worse.

😬 Yikes.

Turns out PumpFun is extracting its revenue share from users trading on the platform, not graciously giving up a portion of its own pie to creators.

DRAMA!!

Here’s that chart of market share in full resolution.

Down from ~100% of all trading volume to just above 50% in a matter of days? Things are looking tough (Note: “LaunchLabs” includes Bonk.fun and other platforms utilizing Raydium’s LaunchLabs infrastructure)

And that’s not all, Raydium is getting in on the action and hitting BACK at PumpFun.

Things are looking rough for the OG!

🪦 $STARTUP Comes Back From the Dead

Wow, look at that chart. You see that part where it died and then mooned astronomically and has been up since?

What a comeback!

Here’s what happened: A coin named “Startup” was launched on the Believe app (remember we covered that app in Wednesday’s edition?) It climbed to a $12M market cap before fizzling out throughout the day on Wednesday.

That was until it printed a MASSIVE candle to almost $20M. Now it’s the second biggest coin on the Believe platform directly after the platform coin (“Launchcoin”)

So... what is $STARTUP?

Well it’s a tokenized play on the “Internet Capital Markets” thesis gaining traction alongside the Believe app. Basically it’s a fancy way of saying that crypto enables regular people to invest in companies rather than having to go through brokers in the stock market and abiding by arbitrary rules like being an “accredited investor.”

The Timekeeper: “This is not financial advice! To any regulatory authorities reading this newsletter: we love the SEC. Consumer protections for all!”

Yes, exactly. Thank you Timekeeper.

But back to $STARTUP: it’s a coin well supported by CT KOL “himgajria.” Here’s what he had to say on it:

So what do you think? Is “The product is the market cap” a compelling pitch or is this just CT loading up their bags again only to dump on us?

Only TIME will tell…

The Timekeeper: “You really love that pun don’t you?”

Gotta put food on the table somehow, Timekeeper.

And that’s a wrap for today, folks!

As always, thank you for tuning in, reading, sharing, boring your girlfriend with your monologues about the crypto markets, and telling your friends to subscribe!

The Timekeeper: “Girlfriend? I don’t think these guys get out much, man…”

Aw c’mon Timekeeper, it’s never a bad thing to dream.

So dream on, dear reader: about lambos, about 100x’s, about tradwives and e-girls, and most importantly, about the next edition of the 13th Hour. Soon enough the Timekeeper and I will be back to bring you that silky smooth market juice; the only thing you need in this life...

We will see you then!