Pudgy Penguins has been a top performer in the crypto market in the past few months. It has moved from a low of $0.003488 in April to $0.035, a 775% surge that pushed the market cap to over $2 billion.
Still, Asian whale investors are now betting on Pudgy Pandas, which aims to be the top cryptocurrency this year.
What is Pudgy Pandas?
Animal-based themes have done well in the past few years, led by dog-based coins like Dogecoin and Shiba Inu. According to CoinGecko, dog-themed coins have a market capitalization of over $56 billion, a figure that is growing.
Pudgy Penguins, the first penguin-based meme coin, has already attracted a market cap of over $2.2 billion. This growth was because of the strength of its NFT sales and the strong brand awareness, especially in the West.
Pudgy Pandas, a new cryptocurrency launching its token sale on September 15, aims to be the biggest disruptor in the animal-themed tokens.
It is an Asian coin that is leveraging the popularity of pandas in countries like China, Japan, South Korea, and Vietnam.
Unlike penguins, which have a population of over 40 million, there are only 1,864 pandas, making them rarer. This is important as scarcity often leads to more demand and a higher price over time.
For one, Bitcoin thrives because its supply is capped at 21 million, and the amount in exchanges is constantly plunging.
The Bullish Case for Pudgy Pandas
A bullish case for Pudgy Pandas is based on several reasons. First, as mentioned, it originates from Asia and focuses on one of the most beloved animals in the region.
Second, recent data suggest that major macro themes typically originate in Asia and then spread through Western media. A notable example is Moo Deng, which went viral and is based on a hippopotamus in Thailand.
A common adage in the crypto circles is that where Asia goes with meme coins, the West usually follows. Besides, Asian countries like China and South Korea are the most active in the crypto industry. China is notable for banning cryptocurrencies a few years ago.
To Benefit From the Altcoin Season and Fed Cuts
Pudgy Pandas has numerous bullish catalysts that will make it more successful. The first one is that its token sale is launching at a time when the altcoin season is underway. Data shows that the Altcoin Season Index has jumped to 78, a move that may push more investors to pile into altcoins.
The other major tailwind is that the Federal Reserve will start to cut interest rates this week. Most analysts expect the bank to slash them by 0.25%, with Morgan Stanley predicting two more cuts this year.
Historically, cryptocurrencies tend to perform well when the Fed is cutting rates. For example, the first Shiba Inu price rally happened during the era of low-interest-rate cuts in the pandemic.
Pudgy Pandas could also benefit from the potential fear of missing out (FOMO) among crypto investors. This will happen as investors who missed the Pudgy Penguins surge rush to buy
Finally, the presale is different from most others as it has a limited time window. It launches today and ends on October 18, when it will be listed by top crypto exchanges. Hurry up and buy Pudgy Pandas here.
This content includes marketing materials. Neither BanklessTimes nor the article’s author endorses any products mentioned here. Users should perform their own research before making decisions related to the token.
