The cryptocurrency and stock market are going through significant noise as investors assess the rising risks of a recession and the unwinding of the Japanese yen trade. As a result, despite the recent market gains, the fear and greed index has sunk to the extreme fear zone while the VIX index is rising.
Poodlana is firing on all cylinders
Despite these losses, some pockets of the crypto industry are doing well. Poodlana (POODL), an upcoming Solana meme coin, is firing on all cylinders as it conducts one of the best-performing token sales of the year.
In the last three weeks, investors from around the world have invested over $5.59 million in the token.
They have a good reason to do that since meme coins are some of the best-performing assets of the year. Data shows that a new meme coin like Dogwifhat (WIF) has achieved a market capitalization of over $1.72 billion..
According to Solscan, Dogwifhat has 176,127 holders. Assuming that all holders have the same amount – which is not the case – it means that they each hold almost $10,000. WIF is estimated to have made a few millionaires.
The same is happening with other tokens like Bonk, Popcat, Brett, and Cat in a dogs world, which have a market cap of over $500 million.
Poodlana has positioned itself as a better dog-themed token. For one, it is named after Poodl, one of the most expensive brands in Japan. Also, the developers have branded it as the creme de la creme of the luxury market.
In this case, they have described it as the Hermes of the crypto industry. As I have written before, Hermes has become one of the most resilient luxury brands in the world as it has continued to beat the likes of Dior and Kering.
Additionally, Poodlana has selected Solana as its blockchain of choice. Solana has evolved into one of the most popular blockchain networks for meme coin developers because of its substantially low transaction costs.
Poodlana is unlike most token sales
Users are buying the POODL token for several other reasons. One of the most important ones is that it will start trading shortly after the token sale ends. Precisely, it will be live in some Solana Decentralized Exchanges (DEX) like Raydium at 12:00 UTC on August 16th.
This is an important approach since it means that the token buyers will have a chance to exit their trades right away. In the past, some tokens have either not listed or have stayed for many months without a listing, leading to substantial losses among users.
Additionally, users can use several currencies to buy the token. The most popular ones are stablecoins like Tether, USD Coin, and even the US dollar. Also, they have created a laddered token sale where the price continues rising after two days, meaning that initial buyers bought at a steep discount compared to those who will buy on the final day of the sale.
To be clear: investing in pre-sale tokens carries some risk, which explains why investors should have the best risk management strategies. The best approach is to ensure that you only invest funds that you are comfortable losing since things can go wrong. You can buy the Poodlana token here.
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