Market
Pepe, WIF, Bonk minted millionaires: will Poodlana be next?
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Meme coins have accumulated over $50 billion in assets.
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The most popular tokens are the likes of Dogecoin, Shiba Inu, and Dogwifhat.
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Poodlana aims to be the next big thing in the meme coin industry.
Turns out, the easiest way of becoming a millionaire recently has not been investing in private equity or stocks. Instead, many people have turned a few thousands of dollars into millions by investing in meme coins like Pepe, Dogwifhat (WIF), and Bonk.
Meme coins have soared
Data by CoinGecko shows that meme coins have a combined market cap of over $50 billion, making them bigger than some well-known companies like VICI Properties, Archer Daniels Midland, Lululemon, and Rockwell Automation.
Traditional meme coins like Dogecoin and Shiba Inu lead the market cap ranking followed by newer brands like Pepe, Bonk, Brett, Popcat, Cat in a dogs world, and Mog Coin.
Pepe has a market cap of over $4.7 billion while WIF has a valuation of over $2.3 billion. Bonk, Brett, and Popcat are valued at more than $769 million.
While the real number of millionaires minted by these tokens is not known, analysts believe that it could be in the thousands. For example, an investor who bought WIF tokens worth $10,000 in January 2024 has turned the figure to over $370,000.
Similarly, an investor who bought Popcat tokens worth $50,000 in January 2024 would now have $9.3 million since the token has gone parabolic.
These tokens have soared over time because of their popularity among the day trader community. They are mostly cheaper than big coins like Bitcoin and Ethereum, meaning that one can buy more. In Popcat’s case, the token was selling for just $0.0043 earlier this year while Bitcoin was trading at over $45,000.
Poodlana could be the next big thing
A look at the meme coin industry shows several important themes. The industry started with dog-themed tokens, which are still the dominant players. These tokens include the likes of Dogecoin, Shiba Inu, and Floki.
Cat-themed tokens like Popcat and Cat in a dogs world have also done well. Political tokenslike MAGA and MAGA Hat have also minted millionaires this year.
Poodlana, an upcoming crypto token could be the next big thing in the crypto industry as evidenced by its token sale. The developers have raised over $2.8 million in funds in the past three weeks, making it the fastest-growing meme coin in the industry.
Poodlana aims to disrupt the dog-themed token in three ways. First, unlike Shiba Inu and Floki that are based on Ethereum, it will be a Solana token. Solana has emerged as an important player in the meme coin industry because of its low fees and faster speeds.
Second, Poodlana is based on Poodle, a well-known dog brand in Japan and other Asian countries. Finally, it has positioned itself as a fashion icon, comparing itself with well-known fashion brands like Hermes.
Poodlana’s approach to its token sale is different from other cryptocurrencies. For one, its token sale will only go on for 30 days and its token will start trading 30 minutes after the token sale ends. Its pre-sale token price will continue rising during this time, meaning that earlier buyers will get more tokens. You can buy the Poodlana token here.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
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Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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