Poodlana defies gravity as meme coins like MOG, WIF, Jasmy sink

Meme coins like Mog Coin (MOG), Dogwifhat (WIF), and JasmyCoin (JASMY) led losses on Thursday as concerns about the crypto industry continued. MOG token slumped by over 14% while WIF and Jasmy fell by 10%. Other popular tokens like Book of Meme (BOME) and Bonk were among the top laggards.

Poodlana token sale is thriving

Poodlana ignored the ongoing doom and gloom in the crypto industry as it continued to raise substantial amount of money. The developers have raised over $4 million in less than three weeks, making it one of the worst-performing token sales of the year. 

Users can buy their tokens using several cryptocurrencies and even the US dollar. Some of the most popular tokens used to pay for the token are Ether, Tether (USDT), and USD Coin (USDC).

Poodlana aims to be the next big thing in the crypto industry. It hopes that it will replicate the success of other meme coins like Shiba Inu, Floki, Pepe, and Dogwifhat into becoming a big name. 

Poodlana’s name comes from two things: Poodle and Solana. Poodle is a leading dog breed that is beloved in Japan. Lana comes from Solana, a blockchain that has become highly popular among meme coin developers.

In addition to the popularity of Poodle, the developers hope that it will gain momentum by focusing on the luxury market. In its marketing, Poodlana has touted itself as the Hermes of the crypto industry. 

Poodlana’s token sale has two unique aspects. First, its price is constantly rising and was trading at $0.0335 on Thursday. By the end of the sale, the price will be trading at $0.060, meaning that initial buyers will benefit by buying more tokens.

Second, the other unique aspect is that the POODL token will start trading just 60 minutes when the presale ends. This means that buyers will not wait for a long time to start selling their tokens. You can buy the POODL token here.

Why meme coins are slumping

There are two main reasons why meme coins like Mog Coin, WIF, Bonk, and Jasmy coins are slumping. First, the decline is mostly because of Bitcoin’s price action. After rising above $70,000 on Monday, Bitcoin has dropped to below $64,000. In most cases, these tokens tend to be more volatile than Bitcoin. They rise sharply when Bitcoin is rising and vice versa.

Second, the decline is because of the ongoing geopolitical tensions in the Middle East. There are signs that the crisis between Israel, Lebanon, and Iran will escalate in the coming months. 

Finally, the crash is happening as investors sell the Federal Reserve news. The Fed did as most analysts were expecting. In this, it decided to leave interest rates unchanged between 5.25% and 5.50% and left the door open for a September rate cut. While this was a good thing for risky assets, it was already priced in by market participants.

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