Crypto merchants and buyers are bracing for a new crypto bull run as sentiment within the business improved and a way of greed ensued. Bitcoin rose and retested the essential resistance point at $70,000 after which pulled again. Other tokens joined the rebound and eventual sell-off.
Solana meme cash like Book of Meme (BOME), Dogwifhat (WIF), and Popcat had been among the many finest performers on Monday. At the identical time, Poodlana (POODL), an upcoming Solana meme coin continued its token sale, elevating over $3.5 million from buyers.
A new bull run may begin quickly
Crypto buyers consider that we might be in for a powerful bull run within the coming weeks for a number of causes. First, there’s political goodwill within the crypto business as evidenced by the latest Bitcoin Conference in Tennessee.
In it, Donald Trump vowed to be a key supporter of Bitcoin if elected because the president. He additionally famous that his administration would approve a Bitcoin reserve for the federal government. This strategy would doubtless contain shifting among the 220k Bitcoin it owns into these reserves.
Meanwhile, Michael Saylor, the founding father of MicroStrategy predicted that his base case is that Bitcoin will soar to $13 million within the subsequent 21 years. His worst-case situation is the place the coin rises to $3 million whereas his most optimistic scenario is the place it rises to $49 million.
In a separate X post, Ki Young Ju, the founding father of CryptoQuant predicted that the crypto business was nonetheless in a bull market that may final till mid-2025.
A possible catalyst for this value motion would be the upcoming easing cycle by central banks just like the Federal Reserve, European Central Bank and Bank of England. The ECB has already began to chop rates of interest whereas the BoE is predicted to begin slicing on Thursday. The Fed will doubtless begin in September.
The unwinding of those excessive charges will doubtless result in a rotation to riskier belongings like Bitcoin and different cryptocurrencies.
Poodlana token sale continues
Meanwhile, meme coin buyers are making ready to welcome a new fast-growing token into the ecosystem. Poodlana, an upcoming Solana meme coin, is predicted to begin buying and selling in August after elevating tens of millions of {dollars}.
Data on its web site exhibits that Poodlana has already raised over $3.5 million, lower than three weeks after the builders began the token sale.
For starters, Poodlana is a dog-themed token that comes with the ideas of luxurious. It describes itself because the Hermes of crypto.
According to its white paper, Poodlana has allotted 500 million tokens for its token sale. The different 50% of the tokens will go to actions like advertising, liquidity, partnerships, and rewards.
Token holders will have the ability to commerce them half-hour after the token sale ends. This is an enormous distinction in comparison with different token gross sales the place they continue to be locked for months. You can purchase the Poodlana token here.
