Bitcoin fell to under $50k to reach lows last seen in February on Monday, while Ethereum dumped to near $2,100.
The declines came amid a sharp sell-off for crypto that mirrored the weakness in the stock market amid catalysts such as jitters around interest rates and the geopolitical tensions in the Middle East.
But as meme coins dipped amid the bloodbath, investors looking to benefit are buying the dip. Also attracting interest is Poodlana (POODL).
Meme coins tank as BTC, ETH sell-off
Like Bitcoin, Ethereum and the top altcoins, meme coins have had it rough in the past week.
Dogecoin, Shiba Inu and other top meme tokens in the ecosystem have tanked massively, the top two by market cap shedding 35% and 32%, respectively. Recent outperformers like Dogwifhat, Popcat and Cat in a dogs world have also tanked as sentiment nosedived.
Overall crypto liquidations reached over $1.1 billion in 24 hours – more than $944 million of this was for long positions.
However, despite the declines for WIF, POPCAT and other meme coins, there has been notable traction for Poodlana.
Poodlana presale hits $4.9 million despite sell-off
Poodlana is a dog-themed crypto project. But rather than bring another Dogecoin copy into the market, the project merges meme culture and luxury fashion.
At the heart of the project is the rising star among pooches – the poodle. Beloved in Asia and the world over as a top fashion accessory, the interest that this elegant canine inspires is visible in the pace that Solana’s Poodlana has shown since launching its 30-day presale.
As a new cryptocurrency project in the dog-themed meme coins space, Poodlana has astounded the broader market with its flying presale.
Since going wild in the days leading up to its launch on July 17, Poodlana has strutted to a staggering $4.9 million in under three weeks.
In less than ten days, this poodle-inspired meme coin will enter its final presale stage – with immediate DEX listing on August 16.
Crypto analysts remain bullish
While cryptocurrencies have suffered massive liquidations amid Bitcoin’s crash to a six-month low, crypto analysts are upbeat about the long term prospects of the market. BTC bouncing to above $52k also adds to a potential flip in the short term.
Analysts are pointing to a potential flip in market performance in the later months of the year. This will, however, depend on factors such as the global geopolitical landscape, the US election and Fed’s interest rates policy. Also key will be whether crypto holds above support after latest news around Jump Trading. Analysts at QCP Capital noted:
Why could Poodlana be a good buy?
What excites meme enthusiasts and fashion-centric poodle owners is Poodlana’s potential as the crème de la crème in the meme coins space.
While the whitepaper describes POODL as the “Hermès of Crypto,” there’s more to this in the form of a clear tokenomics and a roadmap.
The 1 billion POODL total supply has 500 million going to the community via the 30-day presale. Per the project’s tokenomics page, the rest of the supply goes into marketing, liquidity, rewards and treasury.
Including the presale giveaways, POODL holders will also benefit from airdrops. One can also choose to add to their holdings by staking to earn rewards.
If the market weathers the downside pressure, POODL will likely be one of the meme coins to watch in the coming months.
To learn more about Poodlana, visit the official website.
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