Bitcoin is trading above $55,000 after a sharp sell-off below $50,000.
Brett (BRETT) meme coin is leading the gains among the top 100 coins by market cap.
Poodlana has surpassed $5 million in presales with just 10 days left until its DEX listing.
Amid a sharp decline in cryptocurrencies and stocks, some altcoins are rising as Bitcoin prices recover from Monday's lows.
As Bitcoin (BTC) prices continue to climb above $55,000, meme coin BRETT is leading the altcoin reversal with a 24-hour gain of over 30%. Meanwhile, traders eyeing new Solana-based meme coin Poodlana (POODL) are stepping up the tempo of its presale as the project crosses the $5 million mark.
Bitcoin trades above $55,000 as market recovers
Bitwise Chief Investment Officer Matt Hogan remains bullish on cryptocurrencies despite the sell-off.
In a post on X on Monday, he said the crash that collapsed the cryptocurrency market on Aug. 5, 2024, will be comparable to the crash that hit global capital markets in mid-March 2020.
As was the case then, Bitcoin saw its cryptocurrency slide amid a chaotic response to the COVID-19 pandemic, but the market recovered and Hogan believes the current downturn could present such an opportunity.
8/ But March 12, 2020 was not a time to panic. It was the best opportunity to buy Bitcoin in the last decade.
— Matt Hogan (@Matt_Hougan) August 5, 2024
Bitcoin has recovered some of the losses seen during its drop below $50,000 and could benefit from an explosive rebound if this decline marks a new bottom.
BRETT leads market gainers as it rises 30% in 24 hours
The cryptocurrency market capitalization has surpassed $2 trillion as several altcoins recorded notable gains over the past 24 hours. Ethereum (ETH), Solana (SOL) and BNB (BNB) recorded sizeable gains during the early Asian hours, but it was base meme coin Brett (BRETT) that recorded the largest gain at the time of writing.
According to data from CoinMarketCap, BRETT's price increased 33% to hit a high of $0.094 on the 24th. Brett's trading volume increased 5% to over $93.8 million. At the time of writing, BRETT is outperforming Bittensor (TAO), AIOZ Network (AIOZ), Ondo Finance (ONDO), and Akash Network (AKT), although their prices remain lower over the past week and month.
BRETT's price has fallen 31% in the past week, with losses over the past month standing at around 23%.
Pudrana Presale: Traders scoop Pudrana
Despite the current market outlook, Poodlana (POODL) is attracting a lot of attention. The new Solana meme coin launched its presale on July 17th, raising over $5 million in total proceeds in a record 20 days.
Solana's latest meme coin describes itself as a “cryptocurrency meets couture” project, inspired by the poodle, a breed of dog that's taking the fashion world by storm, with the world's top celebrities and elite keen to make a statement in poodle fashion.
The convergence of fashion and cryptocurrency is ushering in a new era of dog-themed market tokens, with the biggest buzz in Asia as China, Japan and South Korea lead the new crypto wave. Poodlana's presale success suggests the company's launch could be an explosive debut in the market.
When will Poodlana DEX be released?
Poodlana offered a 30-day presale, so the project plans to list the token on August 16. The presale price will start at $0.06 and reach $0.0539 in the final presale stage, with the token expected to be listed on the DEX within an hour of the token sale ending.
This means that traders looking to take a position in the new SOL meme coin at a discount will only have 10 days to purchase POODL. The details also state that Poodlana will be launched with 100% of the presale tokens unlocked.
Currently, the price of POODL is $0.0416 and is expected to rise to $0.0458 in the next stage.
You can find out more about this new meme coin by joining our community here.
