Poodlana is among the cryptocurrencies experiencing a reversal in price as it reported $2.2 billion in digital asset inflows. While Bitcoin, Ethereum, and Solana seem to be targeting essential support levels, the optimistic sentiment might drive other altcoins upwards.
This indicates that the Poodlana price could potentially soar dramatically, especially with the upcoming US election on the horizon.
Digital assets see $2.2 billion inflow
According to CoinShares, the total inflows into crypto investment products hit $2.2 billion last week, marking the highest level since July 2024. The total assets under management approached $100 billion, as reported by the digital asset investment firm in a weekly report published on October 21.
The surge in interest in cryptocurrencies is largely driven by the speculation surrounding a possible victory for Donald Trump in the US elections slated for November 5.
“We believe that this renewed optimism is fueled by rising expectations of a Republican win in the upcoming US elections since they are generally considered more favorable towards digital assets. This has resulted in a positive price momentum,” CoinShares stated in a blog entry.
With the Republican candidate being seen as crypto-friendly, Bitcoin has surged to around $70k and could potentially rise even further. Optimism led over $2.1 billion to flow into Bitcoin exchange-traded products amidst a 30% increase in trading volumes.
Altcoins benefit from ETP inflows
As per CoinShares data, notable inflows were also recorded in altcoins. Ethereum’s price reached $2,763 on Monday, and Ethereum ETPs saw $58 million in inflows last week.
Conversely, Solana’s price surged to nearly $170, bringing in $2.4 million in inflows. At the same time, Litecoin and XRP attracted $1.7 million and $0.7 million, respectively, as their prices climbed.
With a positive outlook for these altcoins, it is likely that the ongoing bullish sentiment will push other altcoins higher. Among these, leading meme coins within the Solana ecosystem, such as the recently launched Poodlana (POODL), could benefit.
Poodlana price maintains crucial level
Poodlana, a luxury-fashion and poodle dog-themed meme coin, was launched on exchanges on August 16 after a rapid 30-day presale. It is listed on Gate.io, MEXC, and Raydium, with the community hoping for inclusion on Binance, the largest crypto exchange in the world.
Since its trading debut, the POODL price has faced challenges in gaining upward traction. However, bulls have successfully maintained its value above $0.00. This hints that a shift in the overall trend for cryptocurrencies may provide Poodlana with the momentum needed to surge.
Similar patterns have been observed with coins like Popcat, Pepe, and dogwifhat – an initial downturn followed by significant gains before prices surged again.
POODL appears poised for its own upward movement.
A significant factor may be the rapidly growing Poodlana community, particularly in Asia, where the poodle is a highly favored dog breed.
For more information about Poodlana, visit the official website.
