TL;DR
- Crypto is down, with macro factors and Jump Crypto’s selloff fueling the slump
- Meme coin presale Poodlana is unaffected, approaching a $5 million raise
A tough weekend for the crypto market has left Bitcoin and Ether struggling, the former dropping by over 10% and ETH shedding nearly 25%. Elsewhere, though, viral meme coin Poodlana continues to perform well, approaching a $5 million total raise as its presale enters its final 11 days.
Poodlana’s strength in an otherwise bleak market shows serious commitment from buyers, in contrast with major institutions seemingly dumping vast quantities of ETH and other large tokens. Jump Crypto, a prop trading firm from Chicago, unstaked $315 million worth of Ether over the weekend, and is allegedly moving to sell.
Jump Crypto to blame?
Geopolitical tensions around the world have certainly decreased the market’s appetite for risk—stocks also suffered badly over the weekend—but Jump Crypto’s bear flip on Ether seems to have inflicted extra pain on crypto.
The firm unstaked hundreds of millions of dollars worth of crypto and moved the coins to exchanges, triggering a strong “Fear” signal on the Fear And Greed Index. This comes just one week after the recent euphoria surrounding ETFs and political support for crypto produced a strong “Greed” signal, and accordingly, $1 billion worth of long futures have been liquidated, compounding woes.
Jump Crypto’s links to DeFi didn’t help matters, causing major Web3 tokens to crater between 18% and 23%. The firm is also under scrutiny from the SEC associated with the regulator’s case against Terra, whose UST stablecoin collapsed in May 2022.
Poodlana hits $5 million
Poodlana, the FashionFi presale lighting up the Solana blockchain, has managed to conserve momentum despite the insanity. The presale has now raised just shy of $5 million, a feat achieved in less than three weeks. The antifragility demonstrated by success amid chaos bodes well for the project, hinting at a decoupling from the wider market.
Other meme coins like PONZIO are currently hitting new highs, confirming that viral tokens like Poodlana obey different laws to the rest of the market. The POODL token’s ability to build momentum while other tokens struggle makes it a great option for investors looking for strong returns, away from TradFi favorites like bonds.
Poodlana continues to build its committed community, a probable factor behind its resilience, announcing another winner of the project’s weekly meme competition. The recipient receives $2.5k, and future competitions are sure to bring in more and more support.
To get ahead of the arrival of the masses, gem hunters will want to make the most of the presale opportunity available. POODL is currently priced at $0.042, a serious reduction from the listing price of $0.06 that will go live when Poodlana hits Raydium on 16th August at 12 p.m. UTC. The listing follows just one hour after the presale ends, meaning time is running out to lock in a low price.
Head to the Poodlana website today to buy POODL and learn more.
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