Meme coins were among the best-performing coins on Monday as cryptocurrencies staged a strong recovery. JasmyCoin soared by over 20% while Pepe, Floki, Brett, and Dogwifhat jumped by more than 19%.
Other popular meme coins like Popcat and Mog Coin were among the top gainers. The focus among investors will now be on the upcoming Poodlana token sale that kicks off on Tuesday this week.
Meme coins lead the recovery
A sense of calm spread in the crypto industry as investors cheered several tailwinds. Bitcoin soared to $63,500 on Monday, a big jump from this month’s low of $53,400. Its rebound triggered a big jump in other altcoins, with the total market cap of all tokens hitting $2.3 trillion.
This price action happened after an assassin shot Donald Trump on Saturday and after a dovish statement by Jerome Powell, the Federal Reserve Chair.
The shootout had a major impact on the political scene as investors bet that Donald Trump stands a big chance of winning, especially if he battles Joe Biden. Recent polls have given him a comfortable margin.
As an ex-president, Donald Trump has been supportive of the crypto industry and has even launched several NFTs. Data by Arkham shows that Trump’s crypto portfolio stands at over $10 million and the figure is growing.
A Trump victory would also mean that Gary Gensler is replaced at the Securities and Exchange Commission (SEC). Gensler has been criticized for his regulations by enforcement policies and for the collapse of FTX.
Meanwhile, Jerome Powell hinted that the Federal Reserve was hopeful that inflation would continue falling in the coming months. Risky assets do well when the Fed turns dovish since it leads to animal spirits among investors. This explains why most risky meme coins jumped.
Poodlana token sale ahead
The next key event to watch will be the upcoming Poodlana token sale. Poodlana is an upcoming meme coin that hopes to be the next big thing in the crypto industry.
It aims to be a better alternative to other animal-themed tokens like Pepe, Floki, Shiba Inu. and Popcat. It will do that since it is based on Poodle, one of the most popular dog breeds in Japan and other Asian countries.
Poodlana also aims to attract attention by being the most stylish pooch in the market. The token will have a supply limit of 1 billion tokens, 50% of which will be offered in this presale. 15% of the tokens will go to marketing while another 15% will move to liquidity. The rest will go to partnerships, rewards, and treasury.
According to the white paper, which you can view here, the token will have a 30-day presale followed by the launch in Raydium, 60 minutes after the sake ends. After that, the developers will push it to centralized exchanges followed by staking and international partnerships. You can buy the Poodlana token here.