Key Points
- Bitcoin has lost 3% of its value and is trading again below $60,000.
- Poodlana’s native token is now live on the MEXC exchange after a successful presale.
BTC Could Drop Below $59k as Mt. Gox Moves More Bitcoin
Bitcoin is underperforming again after a stronger start to the week. The world’s largest cryptocurrency by market capitalization is trading below $60,000 following a 3% decline in the past 24 hours.
At the time of writing, the price of Bitcoin stands at $59,409 and could slide further if bears maintain control. The bearish move followed news that Mt. Gox transferred more than $700 million worth of bitcoin to an unknown wallet. Traders are bracing for additional selling pressure as Mt. Gox continues to distribute bitcoin to its creditors.
What Is Poodlana?
Despite a generally bearish market, cryptocurrency adoption continues to grow among retail and institutional investors. Poodlana is an emerging project gaining attention from investors.
Built on the Solana blockchain, Poodlana is a meme-coin that aims to bring the glamour of haute couture into the crypto space. By promoting community-driven values while offering utility to holders, Poodlana seeks to become one of the leading dog-themed meme coins globally. The team plans to leverage Poodlana’s popularity in Japan, Korea and China to build a strong, engaged community.
Poodlana Token Now Live on MEXC
Poodlana’s presale officially concluded, raising $8 million during the event. The project moved quickly to list its token on a centralized exchange. MEXC, a major crypto exchange, announced earlier this week that POODL, Poodlana’s native token, is now available on its trading platform.
At present, the POODL/USDT trading pair is live on MEXC. The exchange may add additional pairs such as POODL/BTC and POODL/ETH in the coming weeks or months, increasing liquidity and trading options for investors.
Poodlana Reserved 50% of Supply for Presale
Poodlana did not implement a token lock-up period, meaning tokens became immediately available to investors after the presale. According to the project’s tokenomics, Poodlana has a total supply of 1 billion POODL tokens, with 50% allocated to the presale. The remaining supply is split across marketing (15%), rewards (5%), partnerships (5%), treasury (10%), and liquidity (15%).
The Poodlana team honored its commitment by unlocking 100% of tokens right after the presale. Unsold tokens were slated for burning to support a deflationary token model and protect long-term holder value.
Should You Buy POODL Now That It’s Listed?
If you missed the Poodlana presale, you can still acquire tokens on cryptocurrency exchanges. Currently POODL is available on MEXC, and listings on additional exchanges may follow soon.
Meme-coins have become a significant segment of the crypto ecosystem, with several tokens reaching market capitalizations of $1 billion or more. As POODL remains in its early stages, some investors may view this as an opportunity to gain exposure to the project. However, remember that meme-coins are highly volatile and carry elevated risk—conduct thorough research and consider your risk tolerance before investing.