Poodlana Raises $5.6M as Meme Coin Market Bounces Back Riding Solana (SOL) Wave

The Bank of Japan (BoJ) has announced that it will not raise, or cut, interest rates amid economic instability, causing the crypto market to breathe a sigh of relief.

Bank of Japan (BoJ) interest rates will not be raised or lowered amid economic instability, a move that has brought a collective sigh of relief to crypto markets.

The BoJ interest rate was raised from its long-term 0% to 0.25% on July 31, leading to an unwinding of the risk-on markets that were propped up by cheap Japanese credit. Stocks and crypto took the brunt of the sell-off, with major tokens shedding as much as 30%.

Now, the BoJ has allayed fears of further tightening, with the intention to keep rates as they are apparently forestalling further unwinding, and allowing markets to recover.

In the aftermath, viral meme coin Poodlana has raised a total of $5.6 million as its presale marches towards its final week, riding high on renewed bullishness in the meme coin market.

Behind ‘Black Monday’

The BoJ interest rate hike threw a sizable spanner in the works for users of the “yen carry trade,” and this seems to have been the main culprit behind crypto’s “Black Monday” earlier this week.

Traders were borrowing Japanese yen at near-zero cost—thanks to the former BoJ interest rate of 0%—and using the loans to purchase higher-yield assets. The unwinding created by the removal of such cheap credit forced carry traders to sell stocks and crypto holdings to cover their new liabilities, leading to one of the worst days in the market since 1987.

However, Shinichi Uchida, deputy governor of the Bank of Japan, has stated that the BoJ interest rate will remain steady for the foreseeable future, in an effort to stabilize markets. This allowed Bitcoin to climb back to $57K, but it was Solana that led crypto’s recovery, bouncing by 30%, with SOL-based meme coins surging by up to 430%.

Poodlana, the SOL meme coin currently entering the final week of its viral presale, latched onto this recovery, and has now raised $5.6 million as bulls flock to the Solana ecosystem in the hunt for parabolic gains.

Japan bounces back

Poodlana’s success has been driven by massive inflows from Asia, with Japan being one major market responsible.

Japan, along with Korea and China, is a hotspot for poodle ownership: toy poodles were Japan’s top breed in 2022. On top of this, Japan has one of the fastest-growing luxury goods markets in Asia, and this joint affinity for poodles and high fashion has catalyzed the Poodlana craze.

The renewed optimism in the Japanese economy is sure to push the nation’s investors back into crypto, so expect a huge push as the end of Poodlana’s flash presale comes into view—in fact, analysts are predicting that crypto bears will suffer after the recent BoJ interest rate comments, meaning bullishness will likely intensify.

The presale ends at 11 a.m. UTC on August 16, with a listing on Raydium following just sixty minutes later, and with Raydium currently outperforming virtually every other DEX across all chains, the market is ripe to produce a remarkable rally on day one.

Add to that the news of two major CEX listings in Poodlana’s first week of trading, and the stage is set for some serious fireworks. POODL is currently priced at $0.046, a major markdown from the Raydium launch price of $0.06, so act fast to secure a discounted entry.

Head to the Poodlana website to buy POODL tokens and learn more about Poodlana.

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