assalamu alaikum everyone I hope you're doing well today is Tuesday July twenty-second and yesterday we talked about ethereum today we're going to talk about a portfolio holding of ours which is Solana and how it is doing are we still bullish on it we'll talk about that but first the indices Russell was up point eighty three percent Dow Jones up point four percent S P basically flat and the Nasdaq was down Bitdeer had a nice gain today, six and a half percent in the positive. And Bitcoin is just shy of one hundred and twenty thousand. Solana, the topic of today, is at two hundred, has had a pretty nice run as of late. Doge is at twenty six and a half and pudgy penguins up another eleven percent. We're now in the forties, folks. Pretty remarkable numbers. All right, so let's talk about Solana. This is the outlook or the overview rather of the stock movements today. You can see Nvidia had a bit of a pullback and other chip makers generally. Tesla was still in the green, which is good, comparatively speaking, with the mag seven. It will report earnings tomorrow. I think that the earnings may be tough, but the outlook may be positive. So we will see. I'll obviously update you with my reaction from that earnings inshallah. In terms of crypto bubbles. look at the last month the biggest bubble was pudgy penguin no pun intended by the way about speaking of bubbles that is and yeah I just wanted to point out uh my brilliance having picked the the crypto with the biggest bubble and that's just why I'm showing you this slide pretty cool doge had a pretty good run as well, up, we'll take it. Not as impressive as Pudgy Penguins, but is still okay. We'll allow it. And speaking of my brilliance, really appreciate this comment by the way. Hey, Rakan. Just wanted to send a massive thank you your way because of your stock pick, Iron. I have officially hit millionaire status. Congratulations. I'm up one hundred and forty percent year to date with eighty percent of my portfolio in Iron. It's been a life changing ride. Couldn't have done it without your insight. Truly grateful. Alhamdulillah. Alhamdulillah indeed. Very happy for you, brother. And inshallah, Allah puts all the barakah in it, inshallah. All right. So Speaking of Solana, yesterday we talked about Ethereum. Is Solana dying? Why aren't we talking about Solana? Why is Ethereum taking center stage? Well, if you look at the transactions and the decentralized exchange volume, it does appear that Year over year, there is growth. There are some aberrations where you see DEX volume spike tremendously. For example, when meme coins take off and Trump coin took off, there's a big spike, but then it returns to normal levels. So year over year, so long as there is growth here, I think it is positive. If you look at the stablecoin supply on Solana, even though yesterday we mentioned that Ethereum had the lion's share of stablecoins, the supply on Solana is also increasing and that's good for network fees and generation because stablecoins are used quite often. They end up generating a lot of fees for whichever network is hosting them. If you look at the top ecosystems in terms of monthly active developers, you have the Ethereum virtual machine, Ethereum, and then you have Solana virtual machine in Solana. And you can see that, yes, in terms of number of developers, Ethereum is still ahead. But directionally, there is growth in Solana, but contraction in number of developers on EVM and Ethereum. And I really think that if you're building something new, then you're probably going to go for Solana because it's lower transaction costs, faster transaction speeds. Ethereum, yes, has sort of a longer track record, has been more reliable. But if you're building something new, considering Solana has made improvements and has become more reliable with time, I think Solana is the way to go for sure. And so... I think devs tell you a lot about how things are going and the future of different ecosystems. And if you look at the, I mentioned, hey, why isn't Solana moving as much as Ethereum? Why is Ethereum the talk of the street and not Solana? Well, if you look at the seven day move for top ten cryptos, and tron is kind of hidden but it's it's not in the in the top in terms of moves um ethereum is up twenty one percent solana is up close to twenty five percent in the last seven days so actually has been moving no one has been talking about it um or people haven't been talking about it as much and that's probably because you don't have this rebound after being sort of left for dead in the minds of many like ethereum but solana continues to perform quite well now not as good as our dogecoin which I've again as part of our pif portfolio I've mentioned on this live many times I thought that you know when things started moving upwards dogecoin would outperform and uh it's our biggest crypto position up thirty six percent in the last seven days we will take that now a word of caution here when I'm talking about these crypto blockchains and you know valuation of crypto tokens if you look at solana's real economic value so let me sort of provide you with a you know a down-to-earth moment here if you look at the real economic value, the revenue that is generated by the Solana blockchain. It's around two hundred seventy one million in Q two. So let's annualize that. That's around a billion. The market cap for this crypto token is actually north of one hundred billion. So we're talking about one hundred X revenue for a chain that's not really profitable. So one hundred X revenue for an asset that isn't really profitable now you could argue that oh well and and by the way ethereum is much worse and that multiple is much worse and you could um argue that hey um there's there's yes utility uh for these tokens but there's also the aspect of scarcity and sure there is that but As I was saying yesterday when we were discussing Iron, there are certain fundamental principles that I like to hold myself to when I'm investing. One of them is... So holding on to the truth. And in terms of valuing assets, I think the truth of the matter is largely related to how much cash, free cash flow, is this asset going to generate in the future? If I give my money out, if I part with a dollar today, What am I expecting in terms of dollars to come back to me in the future? What is my sort of minimum threshold here? How long is it going to take me to get the dollar back that I invested? And then what can I expect in terms of returns after that? If you're trading at a hundred X revenue, I mean, you're assuming a lot of growth. And if that growth doesn't happen, then both narratives don't play out. So the cash flow doesn't show up. And also people aren't going to demand the token as much. So the scarcity narrative will be hurt as well. So I just want to put this in proper context for people, because here's what happens when things start going well. Uh, I think people have a tendency to, uh, to take on a lot more risk than they may realize. And. And they end up buying tops and selling bottoms when things crash. And I just don't want you to be in that position. I'm not saying that's going to happen right now. If we look at the fear and greed index for crypto, we're in greed territory, but we're not in extreme greed. And I would actually, for calling tops on a particular cycle, I would wait for extreme greed. Greed is typically when momentum is in your favor, which is where I think we're sort of at right now. Extreme greed is when you head for the exits. And so we're not there yet, but I just want to put it on your radar and make you aware of the following. Solana is trading at a hundred X revenue. I said that. Companies like Nvidia and Tesla have historically traded at price to sales ratio of ten to twenty X during growth phases. So that's that's a generous That's a generous multiple, ten to twenty X. We're at a hundred X again for Solana. Common mistake is to get more greedy when greed is working. So instead you want to err on the side of being fearful when others are greedy. And that's what I have for you today. With that, let's go to some, that's not what I wanted. Let's go to questions. All right. Salaam alaikum, dear Namto. Wa alaikum salam. Hey, I like your thumbnail, pudgy penguin. And I've been seeing a lot of those on X and other places. Just positive vibes. Well, I really appreciate that. Positive vibes always. And here, you get some screen time for that. And for your thumbnail, salam alaikum, Shad. Thank you for being here. Thank you for moderating. Really appreciate it. Rakan's PIF picks are absolutely crushing it. Thank you so much for saying that, Rashad. Couldn't do it without good people like yourself. Mariam says, Salam, will PIF add XRP in its crypto portfolio? Probably not. Rakan is brilliant. Aha, we need to be more patient in order to enjoy the brilliance. Well, thank you. And I have to say, talk about my brilliance, I was... You know, I was half being sarcastic, so I just don't want you to think that I'm, you know, think too highly of myself. WW says, what's final price for the Fencath? We shall see. So if you want to be conservative, I would say something like, you know, seventy five dollars in five years. But. Speaking of cash flows, I think that company is pretty pretty well valued for that projected cash flows. If I give them a dollar, I think I'll get it in a short period of time. uh no zaki uh your thoughts about loading up on up see considering it had a pullback despite adding one point eight million shares of solana I think it's worth taking a look at perhaps I will how can I invest in international stocks from pakistan um check out uh interactive brokers I think they're available in pakistan should I buy pengu today I don't like to chase uzair so unless there's a pullback I will not be buying more what is the future of doge xrp and shiba not really sure about xrp and shiba but I can tell you doge in three words to the moon I'm joking of course but um You know, I think it's important to take profits. Last time around, we kind of missed that window. So I would say, you know, upper thirties, earlier forties, I would take a good chunk of profits. And then, you know, if you still believe in the token, let it ride or just take everything. and put it into something that you're more bullish on. Not financial advice, but that's kind of how I'm thinking right now. Maybe upper thirties, early forties, we take out at least our principal invested in something we're more bullish on and maybe we leave, you know, fifty percent or more or less just to ride. Solana had improved a lot of technical updates. Are you up to date? Yeah, technical updates are good, but the bottom line is revenue. I also think Beam up may build leading to earnings and possibly rally. It's tough to, I'm assuming you're referring to Beam Therapeutics. It's tough to forecast biotech companies and what they do after earnings. Do you see Solana as infrastructure? Yeah, sure. I think the market cap of Solana will rise. It has been rising. I just want to point out the valuation and maybe it rises for the next few years. Who knows? As you know, I have a small position in Solana. So if it does that, I'll be happy. You're welcome. Expectations after Tesla earnings. So as I said, I think that the earnings themselves may not be that impressive, but Hopefully, we get some color about the new model, cheaper model. Hopefully, we get some color about plans for expansion of the Robotaxi experiment. That seems to be going well, which is great. And maybe if we get some additional color on humanoid robots and how quickly those will roll out, investors will get excited again. And we may end up turning the corner, inshallah, on this stock soon. It has been very resilient as of late, especially considering all of the headwinds from the CEO and other things. It has performed as good as any company in that situation. And so that's encouraging. Obviously, we'll be listening intently to the earnings call and will let you know my thoughts inshallah if you enjoyed this live do leave a like really appreciate that become a pif member if you haven't already inshallah you'll become a millionaire as well um not not a guarantee but uh inshallah everyone becomes That's actually one of the goals for PIF. Get a thousand Muslims to a million dollars in profits from their investing, inshallah. All right, so with that being said, take care of yourself. Until next time, assalamu alaikum and peace be upon you all.