🥛 My big Hyperliquid bet 💎

Welcome to the 16th version of the Degen PRO Report.

Dear degen,

I’m thinking about you. I know it hurts.

It’s not easy being a degen; why can’t our tokens just moon already, right?

Sure, we could follow the Milk Road mantra of “Spot & Chill” - but that would mean turning off the gamble radar that makes us tick.

Not possible for me, tbh.

So even in weeks when my latest bets get hammered, I stay optimistic. Or rather, confident.

We’re in the right place to capture massive upside - it just takes patience.

And I’ve got tons of it.

Let’s get into this week’s report.

🧠 VIBECHECK

I’ve got a feeling the end of Q4 is going to be one of the wildest stretches of crypto we’ve ever seen.

Majors are trying to recover - and by all means, they should. It’s been a huge week on the macro side: earnings, QT ending next month, and a wobbly outlook for rate cuts. The setup for a big green candle is right there; it's just hard to time its arrival.

(Side note: if you want to learn all that “macro right-curve” stuff, sub to the Milk Road Macro newsletter - that’s how I learned to sound confident with my last statement.)

But the real story is the return of the trenches.

Late September through early October saw a full-on liquidity suck in small caps. Some blamed big tokens like $XPL, $PNKSTR, and $ASTER eating the flow. Personally, I think whales just derisked hard.

Now? The tone’s shifting. Across Solana and Base, we’re finally seeing life again. A few rallies got cut short, sure - but winners are emerging. I think November’s going to bring bullish news, fresh catalysts, and real momentum back into the trenches.

📚 WEEKLY RESEARCH

Farming alert: PRJX on Hyperliquid

Did you notice something this week? $HYPE barely flinched while everything else swung like crazy post-FOMC. The more I try to time cycle tops, the more I realize I’m not bullish enough on Hyperliquid as an ecosystem.

And there’s a clear airdrop play staring us in the face.

I’ve talked before about Project X, a cross-chain DEX built on Hyperliquid by KOLs Lamboland and Bobby Yield; the same duo behind Pacmoon, which kicked off the InfoFi meta back in the Blast days.

They’ve nailed the attention game and built a very slick tool, and now they’ve rocketed to the top of Hyperliquid’s revenue charts, still teasing an unreleased “Phase 3”.

Source: @TylerPerrystein

They’re now the most profitable app on Hyperliquid, which has been the biggest winner of this cycle. With the DAT launching next month and 38% of supply still locked, the setup here is absurdly bullish.

Source: DeFiLlama

I’ve moved a ton of liquidity over to farm points (yes, they’ve got a points system). Be sure to use my referral link for a 10% boost when signing up for PRJX.

And keep reading: I put out a Degen PRO Signal this week on another Hyperliquid ecosystem token that’s cooking nicely.

💼 DEGEN TRADES

Spot trades

$MET: Airdrop sold. I wanted to believe in Meteora, and as a product I still do. But the token’s underperformed badly; the market originally had it pegged around a $1B FDV, and it’s now sitting 60% below that. I took profits and moved on.
$MEGA. Bid the ICO. The MegaETH sale ended up raising $1.39B over 3 days, which is impressive given current conditions. I think some traders hesitated on uncertainty around the January TGE. I committed roughly 10% of my stack. I’ve followed MegaETH closely, and I still think it’s going to be a monster when mainnet and apps go live.

Uh-oh, the rest of this report is for Degen PRO and All Access members only.

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