Poudrana is one of the cryptocurrencies that recorded a reversal in price direction as the ecosystem recorded $2.2 billion in investment inflows into digital assets. Bitcoin, Ethereum, and Solana are eyeing major support levels, but positive sentiment is likely to push other alternative currencies higher.
Does this mean Poudrana prices could go parabolic amidst the highly anticipated US elections?
Digital asset inflow reaches $2.2 billion
According to CoinShares, total inflows into the crypto investment products market reached $2.2 billion last week, the largest since July 2024. Total assets under management have soared to nearly $100 billion, the digital asset investment firm said in its weekly report published on October 25th. twenty one.
A key factor behind the increased interest in cryptocurrencies is the growing bet that Donald Trump will win the U.S. presidential election scheduled for November 5th.
“We attribute this new optimism to increased expectations of a Republican victory in the next US election, as they are generally seen as more supportive of digital assets. This in turn led to positive price momentum,” CoinShares wrote in a blog post.
Bitcoin has soared to nearly $70,000 and could rise further as Republican candidates are seen as crypto-friendly. Optimism drove more than $2.1 billion into Bitcoin exchange-traded products as trading volumes surged 30%.
Altcoins rise amid ETP inflows
There was also a notable influx into altcoins, as data from CoinShares shows. Ethereum, whose price reached $2,763 on Monday, recorded $58 million in inflows into Ether ETP last week.
Meanwhile, Solana's price soared to nearly $170, with $2.4 million in inflows. Meanwhile, Litecoin attracted $1.7 million and XRP $700,000, and their respective prices also increased.
The price outlook for these altcoins is positive and the bullish sentiment is likely to continue, pushing other altcoins higher as well. This category may include the major meme coins within the Solana ecosystem, one of which is the recently launched Poodlana (POODL).
Poodrana prices remain at important levels
Poodlana, a meme coin inspired by high fashion and poodle dogs, went live on exchanges on August 16th after a 30-day rush pre-sale. Gate.io, MEXC, and Raydium all list POODL, and the community's wishlist includes Binance, the world's largest cryptocurrency exchange.
POODL price has struggled with upward momentum since trading began. However, the bulls have managed to sustain above $0.00. This suggests that a reversal in the cryptocurrency's overall trajectory could provide the necessary tailwind for Poudrana's meteoric rise.
A similar trend was observed with coins such as Popcat, Pepe, and dogwifhat, with an initial drop followed by a significant rise, before the price exploded again.
POODL seems to be experiencing a growth spurt of its own.
What could play a big role is the Poodrana community, which has expanded rapidly since the token's viral entry into the market. Asia, where the Poodle is the top dog breed, leads this growth indicator.
For more information about Poodrana, please visit the official website.
