Korean traders are leading pumps for both Ripple’s XRP and Poodlana’s POODL, which respectively dominate blue-chip and low-cap trading today.
Poodlana has now raised $3.7 million as its presale reaches the halfway point, with excitement reaching a fever pitch, whereas Ripple surged 7% overnight, outstripping performance by other large-cap coins like Bitcoin and Ether.
The pump comes on the back of hopes that the SEC’s case against Ripple will soon find resolution, a move that would likely favor Poodlana too.
Softening SEC
The SEC yesterday amended a longstanding case against Binance, displaying more leniency towards tokens it once targeted as third-party securities. This gives Ripple bulls hope that the legal dispute, which dates back to 2020, will end happily for XRP holders.
A 7% rally for XRP followed the news, on a day where Bitcoin, Ether, and other large tokens fell into the red, fuelling further optimism around the token. This comes shortly ahead of Ripple unlocking $600 million worth of new tokens, a move that will dilute supply, but analysts predict will lead to green candles due to the increased liquidity it will bring.
Market data shows that Korean traders have driven the pump, with the XRP-Won trading pair leading volume with $386 million in trades. The Korean market has been linked to euphoria stage surges in the past, and this aligns with the performance of Poodlana so far.
Seoul traders
This injection of bullish sentiment from Korea suggests an ongoing trend in the meme market, where new viral presale Poodlana has continued to see massive growth that was initially fuelled by Korean interest.
The project’s flamboyant style, love of luxury, and poodle branding struck a chord with Korean investors, who notoriously love all three of these elements. Luxury consortium LVMH enjoys huge sales in the country, and poodles are the second most popular breed there.
Aside from the regional similarities, the Ripple news also bears relevance to Poodlana’s future prospects. Leniency towards Ripple will likely mean leniency towards Solana’s SOL token, also under scrutiny from the SEC.
Good news for Solana means good news for Solana-based tokens like Poodlana, and positive developments over the coming months could register huge gains for POODL. Further down the line, SEC favor could lead to Solana ETFs, which would arguably be the biggest boon to date for the SOL ecosystem.
Strong prospects
Poodlana looks particularly strong in the wake of the Ripple news today, with strong Korean optimism sure to help its cause and an improving regulatory environment laying the foundations for big bullish news ahead.
Poodlana is still in presale, with the token currently priced at $0.034. That figure rises to $0.038 tomorrow, with further increases every 72 hours, offering an alluring discount from the DEX listing price of $0.06 for those who get in early.
The presale concludes at 11 a.m. UTC on August 16th, followed by a DEX listing just one hour later, so act now to get the best chance of locking in parabolic gains.
You can visit the Poodlana website to purchase POODL tokens and learn more.
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