TL;DR
- The ETHA Ethereum ETF is set to hit $1 billion in net inflows by the end of the week
- Altcoin bullishness is being felt elsewhere, with viral presale Poodlana approaching $7 million raised as it enters its final stage
BlackRock’s Ethereum ETF has now accumulated more than $900 million in net inflows since launching just three weeks ago, solidifying bullish sentiment in the altcoin sector.
Elsewhere, Solana-based meme coin Poodlana has now raised $6.9 million in its presale as the ICO enters its final four days. The institutional and retail optimism behind both ETH and POODL suggests this “altcoin season” still has room to run, and analysts are predicting an explosive DEX debut for Poodlana on Friday.
ETH goes mainstream
Three weeks after Ethereum burst onto the institutional market with the approval of ETFs, analysts are taking stock of the situation so far—and it’s looking rosy.
BlackRock’s ETHA trust is fast approaching $1 billion in net inflows, and given that the firm’s Bitcoin ETF was the first to reach that figure, ETHA looks likely to follow by the end of the month.
If Ether ETF approvals marked a step change in institutional adoption, this level of inflows confirms the arrival of altcoins into the financial mainstream—ETHA is one of the top six ETFs launched this year, across all asset classes, not just crypto.
And, although BlackRock’s trust is the fastest growing, it’s not the largest: Grayscale’s ETHE trust holds more than $4.9 billion worth of Ether, again underscoring the massive demand for tokens beyond Bitcoin in the institutional world.
The success of these ETFs has led to talk of funds being established for Ethereum’s main rival, Solana—last week, a SOL ETF was approved in Brazil, and consensus in the crypto community says that a Solana fund in the US is all but inevitable if pro-crypto Donald Trump is elected president in November.
This would be a huge boon for Solana-based tokens, just like viral meme coin Poodlana. The air of legitimacy lent to Layer 1s and their respective ecosystems by ETF approvals has proved invaluable, and could be the golden ticket to take POODL et al. to the moon.
Presale frenzy reaches fever pitch
Fuelled by the altcoin bullishness dominating the market at present, Poodlana is on track for a total presale raise of $8 million or more—it has raised close to $7 million already, and “peak FOMO” is likely to kick in as the presale enters its final hours.
Presales typically experience heightened activity at their beginning and end: early on, gem hunters rush in to get the best possible price, and towards the end investors who have been sidelined rush in, realizing that the discounted price available will not last forever. Poodlana followed the former half of this equation, raising $1 million on its first day, so it follows that the next few days will see frantic buying as well.
To add to pre-listing bullishness, Solana meme coins have been leading the crypto market’s recovery of late, cementing their reputation as arguably the asset class to watch in 2024. When the POODL token lists on Raydium at 12 p.m. UTC on Friday, 16th August—just one hour after the presale ends—it will do so during a period of extremely high volumes on the exchange, which recently flipped Uniswap in weekly fees.
With the market ready to pile into Poodlana on launch day, time is running out to secure POODL tokens at a guaranteed, discounted price. POODL is now sitting at $0.054: the final presale price before Raydium lists the token at $0.06. If you can read the writing on the wall and see Poodlana skyrocketing at launch, you’ll want to move fast.
Visit the official Poodlana website to buy POODL tokens and learn more about the project.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
