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Cryptocurrency prices have retreated sharply in the past few weeks.
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Bitcoin has crashed below $60,000 and formed a double-top pattern.
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Poodlana aims to become the next big thing in the crypto industry.
The crypto industry has faced substantial headwinds in the past few weeks. Bitcoin has moved to a bear market while most tokens have dropped by double digits from their highest levels this year. Despite this price action, there are signs that Poodlana, an upcoming Solana meme coin will be the next big thing in the crypto industry.
Why cryptocurrencies have dropped
There are a few reasons why Bitcoin and other altcoins have dropped recently. First, we have had no major news in the industry since April when the Bitcoin halving happened. As a result, there have been fears that a new crypto winter is happening, which explains why the fear and greed index has moved to the fear zone.
Second, the Securities and Exchange Commission (SEC) is yet to approve a spot Ethereum ETF, which is seen as an important catalyst for the industry. Still, there are signs that the agency will do this approval in the next few months.
Third, these coins have jumped amid supply and demand dynamics. Bitcoin supply has reduced sharply in the past few months because of the halving event. However, there are signs that supply increased from other areas. For example, the German government has continued depositing coins in exchanges, which happens before liquidation.
Further, Mt. Gox has continued to move coins to wallets. Altogether, the German government and Mt.Gox could bring Bitcoin worth billions of dollars to the market. In a statement last week, Justin Sun offered to buy Bitcoins from the German government though it is unclear whether it will accept the offer.
There are other reasons why this crash has happened. Technically, Bitcoin has formed a double-top pattern, which is a popular bearish sign.
The case for Poodlana
Despite these issues, there are signs that Poodlana, an upcoming Solana meme coin, will be the next big thing in the crypto industry.
Poodlana, which is derived from the term poodle, a popular Japanese dog breed, aim to be the Solana alternative to other dog meme coins like Floki, Dogecoin, and Shiba Inu.
The developers will start its 30-day token sale on July 17th, which will be followed by a DEX listing. Unlike other token sales, Poodlana’s sale will move to Raydium and other Solana DEX platforms 60 minutes after the sale ends.
There are a few reasons why Poodlana could be a big meme coin. First, there are signs that dog-themed tokens are doing well. Recently, a token known as Billy, has accumulated a market cap of over $117 million.
Myro, another Solana meme coin, has had over $109 million in market cap while Brett and Dogwifhat are valued at $1.17 billion and $4 billion, respectively.
Poodlana will likely join them because of poodles popularity in key Asian markets like South Korea, Japan, and China.
Further, the developers are planning numerous activities to boost its value. Some of these growth strategies are a marketing blitz, a staking platform, and exclusive airdrops to holders. You can learn more about Poodlana here.
The post Could Poodlana become the next big meme coin? appeared first on CoinJournal.
