Stablecoin inflows are rising as Poodlana token sale gains steam

Investors are moving to stablecoins, which is often a good indicator of the performance of the cryptocurrency market. Data shows that the market cap of all stablecoins has jumped to over $150 billion, with Tether (USDT) leading the way.

Stablecoin demand is soaring

Tether has accumulated over $113 billion in assets. USD Coin comes a distant second with a market cap of over $33.7 billion. The other big players in the stablecoin industry are the likes of First Digital USD, Ethena USDe, TrueUSD, and Justin Sun’s USDD.

Some newer assets have also seen more inflows. For example, Ondo Finance’s US Dollar Yield has accumulated $341 million in assets. US Treasury Yield (OUSG) has also added over $225 million in assets. 

These assets are often seen as better stablecoin alternatives because they reward their investors. USDY has a yield of 5.30% while OUSG yields 4.80%. 

The ongoing demand for stablecoins is positive for the crypto industry since these tokens are used to handle transactions in centralized and decentralized exchanges. 

Stablecoins market caps

Poodlana token sale accelerates

Meanwhile, data shows that Poodlana’s token sale, which started on Wednesday is gaining momentum. The developers have already raised over $770 million from global investors who believe that it will be the next big thing in the crypto industry. You can buy the Poodlana token here.

Many people have bought the POODL token because of its relatively cheaper price. A single token was selling for about $0.02, a figure that will grow to $0.023 in the next two days. 

They also believe that Poodlana could become the next big thing in the crypto industry now that most meme coins are doing well. Data shows that the total market cap of all meme coins has risen to over $49.8 billion. 

While Dogecoin and Shiba Inu are the biggest stablecoins in the industry, other smaller tokens like Pepe, Dogwifhat, Bonk, and Brett have become some of the fastest growing.

Data shows that animal-themed meme coins are some of the biggest ones. Dogecoin, Shiba Inu, and Dogwifhat are named for dogs while Pepe is based on a frog. 

Therefore, Poodlana’s developers hope that it will gain market share because of Poodle’s popularity. Poodle is one of the most beloved dogs in Japan and other Asian countries. As such, it could become a better alternative and attract more Asian investors. Poodlana has a unique roadmap in that it will start trading about 30 minutes after the token sale ends.

After that, the developers will unleash it to other DEX and CEX exchanges. In the future, they aim to grow the ecosystem through innovation such as launching a chic staking platform where users can earn rewards. Learn more about Poodlana in its white paper here.