Kategorie: Crypto Analysis

Poodlana token rose for the second consecutive day as Bitcoin and other cryptocurrencies bounced back. It jumped to a high of $0.029, up by over 20% from its lowest point on Thursday this week. It has also soared by over 90% from the lowest point on Aug. 20.

Federal Reserve rate cut hopes

The main catalyst for the Poodlana rally was the ongoing crypto comeback. Bitcoin, the biggest crypto in the industry, surged to $64,260, its highest point in weeks and much higher than this month’s low of $49,000.

Other cryptocurrencies like Ethereum, Solana, Ripple, and Toncoin rose sharply. The other notable gainers were the likes of Sunpepe, Pepe, Dogwifhat, and Book of Meme.

This rally happened as investors cheered the upcoming Federal Reserve pivot as the US economy weakness continues. The most recent data showed that the manufacturing sector continued contracting in August.

Worse, the Fed has been relying on faulty jobs numbers to make its decision. A report released this week showed that the number of jobs created by the economy in the 12 months to March were 818k lower than the reported ones. That was the worst revision in over a decade. 

Therefore, in a statement last Friday, Jerome Powell hinted that the Fed would start cutting interest rates in September. The market also expects that the bank will deliver more rate cuts later this year to prevent a hard landing.

Cryptocurrencies and other risky assets do well when the Fed is cutting interest rates. A good example of this is what happened in 2020 as the Fed slashed interest rates to deal with the Covid-19. Bitcoin’s surge led to the birth of meme coins like Shiba Inu and Floki.

At the time, Bitcoin cut rates to zero, which helped to push Bitcoin to a high of $69,000. It then started falling when inflation started rising, leading to expectations that the bank would slash rates. 

The coins are also rising after Robert Kennedy dropped out of the presidential race and endorsed Donald Trump. This endorsement means that Trump could attract some of Kennedy’s voters. 

Poodlana to regain momentum

Analysts believe that Poodlana, a new Solana meme coin that raised millions of dollars has room to do well despite the recent turbulence.

They point to the performance of other meme coins that have moved from nowhere to become sensations. 

Some of the most notable tokens are Dogwifhat, Bonk, Pepe, and Floki, which have accumulated over $1.5 billion in market cap.

Indeed, data shows that meme coins are now valued at over $47 billion, making them more valuable than companies like General Mills, Electronic Arts, Kroger, Gartner, and Super Micro Computer. 

Therefore, because of Poodlana’s popularity during its token sale, there are chances that it will regain momentum in the coming months as investors rotate to risky assets.

Poodlana’s goal is to become the biggest animal-themed coin in the world. Analysts believe that it can rival the success of the likes of Dogecoin, Shiba Inu, and Dogwifhat. Learn more about Poodlana here.

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The Toncoin price crashed hard for the second consecutive day after authorities arrested Pavel Durov, the founder, CEO, and majority owner of Telegram. He was arrested in France and will likely be held for a while.

Telegram founder arrested

Pavel, who was recently interviewed by Tucker Carlson, will likely be charged on multiple offences like fraud, money laundering, and complicity. He may also be charged with evading Russian sanctions since Telegram does a lot of business in the country. 

It is still too early to determine the outcome of the lawsuit and what to expect. However, in an X post, the TON Foundation maintained its support of Pavel. Elon Musk also chimed in, sending an X post with the hash tag #FreePavel. 

Today more than ever, we see the need for freedom of speech and decentralization – two causes championed by @durov and core tenets of the TON ethos.

We are confident that the TON and TG communities will emerge from this with greater strength. #FREEDUROV

– TON Ventures

— TON_Ventures (@TON_Ventures) August 25, 2024

Tucker Carlson also expressed his support for Pavel. In a long X post, he noted that Pavel left Russia when the government tried to censor Telegram. He also added that the arrest happened in a Western country and a NATO member.

Pavel Durov left Russia when the government tried to control his social media company, Telegram. But in the end, it wasn’t Putin who arrested him for allowing the public to exercise free speech. It was a western country, a Biden administration ally and enthusiastic NATO member,… https://t.co/F83E9GbNHC

— Tucker Carlson (@TuckerCarlson) August 24, 2024

News of his arrest pushed Toncoin significantly lower, reaching a low of $5.37, its lowest point since August 6 of this year. It has now dropped by over 35% from its highest point this year. 

As it dropped, the token also moved below the 50-day and 200-day Exponential Moving Averages (EMA), meaning that bears are in control.

Focus turns to Bitcoin Dogs

Now, with the TON token falling, analysts and traders are focusing on the Bitcoin Dogs price, which is starting to gain momentum among crypto traders.

The price has performed as most analysts were expecting. In most periods, cryptocurrencies drop sharply after starting to trade as many of the presale buyers start selling. This is the case for Bitcoin Dogs, which raised over $13.5 million in its token sale.

The token has numerous potential catalysts that will push its price higher in the coming weeks. First, it has become significantly cheap as it was trading at $0.02456, down from a high of $0.12 this week. This makes it more attractive to contrarian investors who believe that it will bounce back. 

Second, Bitcoin Dogs will likely benefit when interest rates start falling in September. Jerome Powell, the head of the Fed, has confirmed that rate cuts are coming soon. If this happens, analysts expect that the Fed will deliver three cuts this year and continue the trend in 2025.

Fed cuts are good for risky assets like crypto as we saw in 2020 when the bak was slashing rates because of the Covid-19 pandemic. At the time, many cryptocurrencies like Dogecoin and Shiba Inu went mainstream and Bitcoin reached its all-time high of $69,000. 

Third, Bitcoin Dogs developers have a lot in store, including more exchange listings and the growth of its ecosystem through new product launches. For example, they plan to more to key areas like NFTs and staking. 

Historically, we have seen many meme coins crash and then bounce back. For example, Pepe crashed hard in 2023 and has now bounced back by over 1,600% from its lowest point on record. Learn more about Bitcoin Dogs here.

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Key takeaways

• TON is down 18% over the weekend following Durov’s arrest.
• $0DOG officially begins trading on Gate.io and MEXC exchanges.

TON dips Below $6 following Telegram CEO’s arrest

TON, The Open Network’s native coin, is trading below $6 after losing 18% of its value over the weekend. The poor performance comes after Pavel Durov, Telegram’s founder and CEO, was arrested in France on Saturday. 

At press time, TON is trading at $5.64 and has dropped to the tenth place in the market. If the bearish trend continues, TON could drop below the $5.5 mark in the coming hours. However, Durov’s release could see the coin rally higher in the short term. 

What is Bitcoin Dogs?

The cryptocurrency market continues to churn out excellent projects that provide unique value propositions to investors and users. Bitcoin Dogs has joined this rank after raising over $13 million during its presale. 

Bitcoin Dogs is a new project leveraging the growth of the Bitcoin blockchain to become a leading coin. As the first BRC-20 token ICO on the Bitcoin network, Bitcoin Dogs adds another layer of utility to the blockchain. 

It combines the basic features of cryptocurrency, non-fungible tokens (NFTs), decentralised finance (DeFi), and Web3 culture to build a solid project. 

After raising $13 million during its presale, Bitcoin Dogs is now trading on the Gate.io, Unisat, and MEXC cryptocurrency exchanges. The team is now focusing on rolling out its various products. 

Bitcoin Dogs is launching the biggest NFT mint on the Bitcoin network. The team seeks to make the Bitcoin network a leading smart contracts blockchain, similar to Ethereum, Solana, and BNBChain. 

$0DOG trades above $0.02

Bitcoin Dogs completed its presale and is now trading on three cryptocurrency exchanges. $0DOG has been listed on three Tier-1 crypto exchanges: Gate.io, Mexc, and Unisat.

Data obtained from MEXC showed that $0DOG is trading at $0.02181 per coin. Users can purchase $0DOG on MEXC and Gate.io. However, the only Bitcoin Dogs trading pair available currently is the 0DOG/USDT pair. The crypto exchanges could launch other $0DOG pairs as the project builds liquidity. 

Should you buy the Bitcoin Dogs token from the crypto exchanges?

If you are interested in investing in the Bitcoin Dogs project, you can only buy the tokens via the above-mentioned cryptocurrency exchanges. This could be an excellent opportunity for investors to purchase $0DOG before it lists on more centralised and decentralised cryptocurrency exchanges. 

Bitcoin Dogs could be a big winner in this bull run thanks to the project’s unique proposition to investors and users.

The post TON losses 18% over the weekend. Will it bounce back soon? appeared first on CoinJournal.

Key takeaways

• Bitcoin has lost 3% of its value and is trading below $60k once again. 
• Poodlana’s native token is now live on the MEXC exchange after its presale has been concluded.

BTC could drop below $59k as Mt.Gox moves more bitcoins

Bitcoin is underperforming again following a positive start to the week. The world’s leading cryptocurrency by market cap is trading below $60k after losing 3% of its value in the last 24 hours.

At press time, the price of Bitcoin stands at $59,409 and could dip lower if the bears remain in control. The bearish performance comes after Mt.Gox moved over $700 million worth of bitcoins to an unknown wallet. Traders are anticipating more selloff in the market as Mt.Gox distributes more bitcoins to its creditors. 

What is Poodlana?

The broader market is bearish, but the adoption of cryptocurrencies continues to pick up pace, both among retail and institutional investors. 

Poodlana is one of the projects that is gaining traction among investors. It is a Solana-based meme coin focused on introducing the glamor of high fashion to the crypto world. 

By focusing on promoting the ethos of community while providing utility to users, Poodlana could become one of the leading dog-themed meme coins in the world. The team will leverage Poodlana’s popularity in Japan, Korea, and China to build a strong community for this project.

Poodlana’s token now live on MEXC

The Poodlana presale has officially ended, with $8 million raised during the event. The project didn’t waste time getting its token listed on a centralised cryptocurrency exchange.

MEXC, a leading crypto exchange, announced earlier this week that POODL, Poodlana’s native token, is now live on its trading platform. Currently, only the POODL/USDT pair is live on MEXC, but the crypto exchange could list more pairs, such as POODL/BTC and POODL/ETH, in the coming weeks or months. 

Poodlana allocates 50% of the total supply to presale

Poodlana didn’t adopt a lock-up period, which means its tokens are now available to investors. Per their tokenomics, Poodlana will have 1  billion POODL tokens, with 50% going presale. 

The remaining 50% will be divided among marketing (15%), rewards (5%), partnerships (5%), treasury (10%), and liquidity (15%). 

Poodlana’s team kept their promise and unlocked 100% of their tokens immediately after the presale. The unsold tokens would be burned, ensuring the token’s deflation. 

Should you buy POODL as it lists on exchanges?

If you missed buying the Poodlana tokens during the presale, you can still purchase them from crypto exchanges. At the moment, POODL is only available on MEXC but could be listed on other exchanges soon. 

Meme coins have become a crucial part of the cryptocurrency ecosystem, with several having a market cap of $1 billion or more. With POODL still in its early days, this could be the perfect opportunity to invest in the project.

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• AC Milan has signed Bitpanda as its premium crypto trading partner for 2024/25.
• The partnership includes branding coverage at the San Siro stadium; the deal value is undisclosed.
• This trend reflects a broader move by sports teams to partner with web3 companies.

AC Milan has announced a new sponsorship agreement with Bitpanda, marking a notable shift towards the web3 sector for the prestigious football club. The 2024/25 season will see Bitpanda, a leading crypto trading platform, become the premium sponsorship partner and official crypto trading partner of AC Milan. 

The partnership will feature prominent branding coverage across the iconic San Siro stadium, although the financial details of the deal have not been disclosed.

High-visibility branding opportunities for Bitpanda

AC Milan’s new deal with Bitpanda is part of this evolving landscape, as sports teams explore new revenue streams and innovative partnerships. 

The deal provides Bitpanda with high-visibility branding opportunities at the San Siro, enhancing the exchange’s profile in the global sports arena. This move not only aligns AC Milan with cutting-edge technology but also places Bitpanda at the forefront of crypto-related sports sponsorships.

The collaboration between AC Milan and Bitpanda reflects a broader trend within the sports industry, where professional teams in Europe and North America are increasingly seeking sponsorships from web3 companies. 

A growing number of professional sports teams in Europe and North America are keen to court sponsorships from companies in the web3 sector, whether that company happens to be a crypto exchange or a crypto casino site, a broker or a p2p platform. Teams are turning to these partnerships to tap into the growing digital economy and engage with tech-savvy audiences who are invested in the future of cryptocurrency and blockchain technology.

Similar moves by other football clubs

AC Milan is joining a growing list of clubs that have embraced crypto and web3 sponsorships. 

Notably, Tottenham Hotspur recently announced Kraken, a major cryptocurrency exchange, as its new sleeve sponsor. This partnership underscores the increasing acceptance and integration of digital currency companies into mainstream sports. 

Furthermore, Crypto.com has secured a multi-year sponsorship deal with the UEFA Champions League, a deal that insiders speculate could be worth hundreds of millions of dollars. 

These agreements highlight a significant shift in how sports organizations are leveraging the digital economy to enhance their brand value and reach.

As sports teams like AC Milan and Tottenham Hotspur align themselves with web3 companies, they not only open up new revenue channels but also connect with a demographic that is deeply engaged with the digital and financial technologies shaping the future. 

The AC Milan-Bitpanda deal is a prime example of how traditional sports institutions are innovating and adapting to the evolving landscape of global sponsorships and partnerships.

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