Cryptocurrency prices ended the week on a high note as Bitcoin pared back most of their Monday losses. In a remarkable feat, the coin rose from about $49,000 to over $60,000 while Solana and Sui jumped to $153 and $0.9422.
Poodlana is the new kid on the block
While the focus among investors was on top cryptocurrencies like Bitcoin, Solana, and Ether, many savvy traders were eying Poodlana.
Poodlana is an upcoming meme coin that describes itself as the Hermes of crypto. In the past decade, Hermes has become the most advanced luxury brand, helped by the management’s approach to engineer shortages. It is not uncommon for the company’s Birkin bag to sell for over $100,000.
Poodlana also aiming to become a better version of meme coins. It is named after Poodle, a highly popular dog in Asia. In some instances, Poodle dogs are more expensive than Shiba Inu and Floki dogs.
These characteristics explain why the Poodlana meme coin is selling like hot cake. Data on its website shows that Poodlana has raised over $6.3 million from investors in less than a month, making it one of the top-selling tokens in the market.
Its performance has been notable because it happened at a time when Bitcoin and most tokens remain in a deep market. Just this week, the crypto fear and greed index moved to the greed zone for a while. In most cases, token sales don’t do well when cryptocurrencies are falling.
Poodlana will start trading on August 16
Poodlana buyers hope that the token will continue doing well after it start trading on August 16th. If this happens, it could mint new millionaires as we saw with other meme coins that moved from nowhere to become multi-million entities.
Dogecoin has a market cap of over $15 billion while Dogwifhat and Brett are worth $1.79 billion and $963 million. Investors who sacrificed a few thousand dollars are now sitting on millions as thes tokens have outperformed the market.
Poodlana is unlike most meme coins. Its token sale will end on August 16th and then the crypto will start trading 60 minutes after that. This is unlike other tokens that remain unavailable to traders for months after the token sale ends.
Also, the token’s price is already rising in its presale. It was trading at $0.0499 and the next stage will push it to $0.053. As such, if you invest $100 in it now, you will receive 2,004 POODL tokens. When the price rises to $0.053, the same amount will buy 1,886 tokens, a big difference.
Other factors could push the Poodlana token higher when it starts trading. The Fed will be the most important of these as it is expected to start cutting interest rates in September because the American economy is slowing.
As we saw in 2021, meme coins like Shiba Inu and Floki surged as the Federal Reserve slashed interest rates because of the pandemic. You can buy the Poodlana token sale here.