Crypto traders and investors are bracing for a new crypto bull run as sentiment in the industry improved and a sense of greed ensued. Bitcoin rose and retested the crucial resistance point at $70,000 and then pulled back. Other tokens joined the rebound and eventual sell-off.
Solana meme coins like Book of Meme (BOME), Dogwifhat (WIF), and Popcat were among the best performers on Monday. At the same time, Poodlana (POODL), an upcoming Solana meme coin continued its token sale, raising over $3.5 million from investors.
A new bull run could start soon
Crypto investors believe that we could be in for a strong bull run in the coming weeks for a few reasons. First, there is political goodwill in the crypto industry as evidenced by the recent Bitcoin Conference in Tennessee.
In it, Donald Trump vowed to be a key supporter of Bitcoin if elected as the president. He also noted that his administration would approve a Bitcoin reserve for the government. This approach would likely involve moving some of the 220k Bitcoin it owns into these reserves.
Meanwhile, Michael Saylor, the founder of MicroStrategy predicted that his base case is that Bitcoin will soar to $13 million in the next 21 years. His worst-case scenario is where the coin rises to $3 million while his most optimistic situation is where it rises to $49 million.
In a separate X post, Ki Young Ju, the founder of CryptoQuant predicted that the crypto industry was still in a bull market that would last until mid-2025.
https://x.com/ki_young_ju/status/1816895299237085548
A likely catalyst for this price action will be the upcoming easing cycle by central banks like the Federal Reserve, European Central Bank and Bank of England. The ECB has already started to cut interest rates while the BoE is expected to start cutting on Thursday. The Fed will likely start in September.
The unwinding of these high rates will likely lead to a rotation to riskier assets like Bitcoin and other cryptocurrencies.
Poodlana token sale continues
Meanwhile, meme coin investors are preparing to welcome a new fast-growing token into the ecosystem. Poodlana, an upcoming Solana meme coin, is expected to start trading in August after raising millions of dollars.
Data on its website shows that Poodlana has already raised over $3.5 million, less than three weeks after the developers started the token sale.
For starters, Poodlana is a dog-themed token that incorporates the concepts of luxury. It describes itself as the Hermes of crypto.
According to its white paper, Poodlana has allocated 500 million tokens for its token sale. The other 50% of the tokens will go to activities like marketing, liquidity, partnerships, and rewards.
Token holders will be able to trade them 30 minutes after the token sale ends. This is a big difference compared to other token sales where they remain locked for months. You can buy the Poodlana token here.