Meme coins were among the best-performing coins on Monday as cryptocurrencies staged a strong recovery. JasmyCoin soared by over 20% while Pepe, Floki, Brett, and Dogwifhat jumped by more than 19%.  Other popular meme coins like Popcat and Mog Coin were among the top gainers. The focus among investors will now be on the upcoming Poodlana token sale that kicks off on Tuesday this week.  Meme coins lead the recovery A sense of calm spread in the crypto industry as investors cheered several tailwinds. Bitcoin soared to $63,500 on Monday, a big jump from this month’s low of $53,400. Its rebound triggered a big jump in other altcoins, with the total market cap of all tokens hitting $2.3 trillion.  This price action happened after an assassin shot Donald Trump on Saturday and after a dovish statement by Jerome Powell, the Federal Reserve Chair.  The shootout had a major impact on the political scene as investors bet that Donald Trump stands a big chance of winning, especially if he battles Joe Biden. Recent polls have given him a comfortable margin. As an ex-president, Donald Trump has been supportive of the crypto industry and has even launched several NFTs. Data by Arkham shows that Trump’s crypto portfolio stands at over $10 million and the figure is growing.  A Trump victory would also mean that Gary Gensler is replaced at the Securities and Exchange Commission (SEC). Gensler has been criticized for his regulations by enforcement policies and for the collapse of FTX.  Meanwhile, Jerome Powell hinted that the Federal Reserve was hopeful that inflation would continue falling in the coming months. Risky assets do well when the Fed turns dovish since it leads to animal spirits among investors. This explains why most risky meme coins jumped.  Poodlana token sale ahead The next key event to watch will be the upcoming Poodlana token sale. Poodlana is an upcoming meme coin that hopes to be the next big thing in the crypto industry. It aims to be a better alternative to other animal-themed tokens like Pepe, Floki, Shiba Inu. and Popcat. It will do that since it is based on Poodle, one of the most popular dog breeds in Japan and other Asian countries.  Poodlana also aims to attract attention by being the most stylish pooch in the market. The token will have a supply limit of 1 billion tokens, 50% of which will be offered in this presale. 15% of the tokens will go to marketing while another 15% will move to liquidity. The rest will go to partnerships, rewards, and treasury.  According to the white paper, which you can view here, the token will have a 30-day presale followed by the launch in Raydium, 60 minutes after the sake ends. After that, the developers will push it to centralized exchanges followed by staking and international partnerships. You can buy the Poodlana token here.

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XRP has risen by over 23% in the last two weeks following the announcement from the CME and CTF that they will be providing reference rates for the cryptocurrency. It has also sparked speculations about an XRP ETF.

XRP is currently enjoying decent gains after an announcement by the Chicago Mercantile Exchange (CME) Group, declaring its decision to offer real-time indices and USD reference rates for both Ripple (XRP) and Internet Computer (ICP). CF Benchmarks will publish these indices daily starting on the 29th of July 2024. CME already has an impressive collection of Cryptocurrency benchmarks, and soon enough, XRP will join that suite. Ripple’s CEO, Brad Garlinhouse, stated, “The first step towards institutional crypto products is to have a trusted benchmark reference rate.” This addition suggests a growing demand among investors for a more accurate and reliable price reference for the currency. XRP currently trades around $0.515, a 26% increase from its price at the start of last week. This shows the positive impact of this integration with a trusted platform. Giovanni Vicisio, the Global Group Head of CF Benchmarks, stated that the new benchmarks will help market participants “better manage their risk” and provide “clear and transparent pricing data.” The daily reference rates will be available between 15:00 and 16:00 UTC and will reflect the currency’s current dollar rates. The pricing data will also rely on some cryptocurrency exchanges and trading platforms, such as CoinBase, Bitstamp, Kraken, and Gemini. The price will be calculated from data from a combination of these platforms, ensuring uniformity and accuracy. Real-time indices will also ensure that constant and current pricing or other related information is available to the general public. Market participants will then be able to make clear and informed decisions as updates are provided by the second. The CF Benchmarks CEO, Sui Chung, mentioned that the new benchmarks will be “subjected to the same rigorous standards as other benchmarks in the CME CF Single Asset Series.” This new development has sparked some speculation about an XRP ETF launch. Garlinhouse had also previously mentioned that creating an XRP ETF is “inevitable”. CME’s decision could also help cement XRP’s credibility and promote its adoption across financial markets.

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