Market volatility post Joe Biden withdrawal wipes out $113M as investors flock to Poodlana
The withdrawal of Joe Biden has caused some market volatility with $113M worth of traded liquidated.
Investors are flocking to Poodlana (POODL) presale, which has so far raised over $1.92M.
Poodlana (POODL) plans DEX listing within 60 minutes of exchange listing.
The unexpected withdrawal of US President Joe Biden from the 2024 presidential race has led to a significant crypto market volatility. Within 30 minutes of the announcement, $67 million in leveraged long positions were liquidated.
However, amidst this chaos, Poodlana, a new entrant in the meme coin market, has captured investor attention with its high-fashion branding and successful presale, raising nearly $2 million.
Market chaos following Joe Biden’s withdrawal
Joe Biden’s sudden exit from the 2024 presidential race sent shockwaves through the cryptocurrency market.
Between 5:30 pm and 6:00 pm UTC on July 21, the market saw $67 million worth of leveraged long positions liquidated, triggered by a 2.3% drop in Bitcoin’s price to $65,880.
This rapid decline was part of a broader 12-hour period that witnessed a total of $81.1 million and $53.4 million in long and short positions, respectively, being wiped out according to CoinGlass data.
Bitcoin and Ether were the most affected, with Bitcoin experiencing $43.8 million in liquidations and Ether $31.1 million.
The market reaction can be attributed to the uncertainty Biden’s withdrawal introduced. Markus Thielen, founder of cryptocurrency firm 10x Research, noted that Biden was seen as a weak candidate against Trump, and his exit left no credible alternative, leading to increased market volatility.
Interestingly, a massive buy order during this period helped Bitcoin recover swiftly, reaching a 24-hour high of $68,480 and causing traders with short positions to incur $34 million in losses.
Poodlana (POODL) emerges as a new investment haven
Amid the market turmoil, Poodlana (POODL), branded as “The Hermès of Crypto,” has managed to attract substantial investor interest.
Launched at a price of $0.02, Poodlana’s token price has quickly risen to $0.023. The presale price is rising every 72 hours, raising the stakes for investors to invest early before the price rises.
At press time, Poodlana had raised an impressive $1,918,665.37 in less than a week since the launch of the presale.
The presale, scheduled to run for 30 days from July 17, has drawn attention due to its strategic positioning and high-fashion branding.
Unlike typical presales, Poodlana offers immediate token availability post-presale, aligning with its commitment to transparency and fairness.
The presale’s success is also fueled by the broader resurgence of meme coins. Investors have shown renewed interest in meme-based digital assets, with established tokens like Dogecoin (DOGE), Bonk (BONK), Pepe (PEPE), and dogwifhat (WIF) experiencing significant gains.
Over the past week, Dogecoin has seen a 16% increase, Bonk has seen a 25% increase, Pepe has seen a 25% increase, and dogwifhat has seen a 49% increase.
This trend underscores a growing appetite for meme coins, positioning Poodlana as a promising investment.
Future prospects for Poodlana and the meme coin market
Poodlana plans to list on decentralized exchanges (DEX) like Raydium within 60 minutes of the presale’s conclusion on August 16, ensuring immediate visibility and liquidity.
The project also aims to launch a chic staking platform, offering attractive rewards for token holders.
Additionally, Poodlana has planned surprise airdrops and bonuses to celebrate key milestones, enhancing its appeal to investors.
The project emphasizes global outreach, particularly targeting Asia and international markets. Collaborations with top influencers, high-end fashion brands, and lifestyle platforms are in the pipeline to amplify its presence.
Poodlana’s strategic focus on creating an exclusive, high-fashion brand in the crypto space sets it apart from typical meme coins, attracting trendsetters and high-profile investors.
Notably Poodlana’s entrance into the crypto market coincides with an increased interest in meme coins as Solana based meme coins like Pooodlana carry the day.
Conclusion
Amidst the exacerbated crypto volatility following the withdrawal of by Joe Biden from the presidential race, Poodlana emerges as a beacon of opportunity for investors. Its successful presale, coupled with strategic branding and future plans, positions it well in the evolving meme coin market.
As Poodlana gears up for its first exchange listing and broader market integration, it represents compelling investment opportunity for fashion and crypto lovers.
If interested in purchasing Poodlana (POODL), visit the official website.
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