Pudlana price has rejoined the ongoing crypto rebound.
As a shopkeeper The token rose for the second day in a row as Bitcoin and other cryptocurrencies pulled back. It is up more than 20% from Thursday's low this week at $0.029. It has risen more than 90% from its low point on August 20.
The rate of the Federal Reserve has given up hope
The main driver of Pudlana's rally is the ongoing crypto comeback. The biggest crypto in the industry rose to $64,260, the highest point in weeks and well above this month's low of $49,000.
Other cryptocurrencies like Ethereum, SolanaRipple and Toncoin rose sharply. Other notable gainers were SunPepe, Pepe, DogwhipHat and Book Meme.
The rally comes as investors brace for an upcoming Federal Reserve policy meeting amid continued weakness in the US economy. The latest data shows that the manufacturing sector continued to contract in August.
Worse, the Fed has been relying on inaccurate job numbers to make its decision. A report released this week showed that the economy created 818k fewer jobs in the 12 months to March than previously reported. That's a revision that hasn't been seen in more than a decade.
Therefore, in his statement last Friday, Jerome Powell hinted that the Fed will start cutting interest rates in September. The market expects the bank to offer further rate cuts at the end of this year to prevent a hard landing.
Cryptocurrencies and other risky assets do well when the Fed cuts interest rates. A good example of this happened in 2020 when the Fed cut interest rates to deal with Covid-19. The rise of Bitcoin led to the birth of meme coins like Shiba Inu and Floki.
At the time, the price of Bitcoin dropped to zero, helping to push Bitcoin up to $69,000. It then began to decline as inflation began to rise, prompting the Bank to reduce inflation.
Coins have been on the rise since Robert Kennedy dropped out of the presidential race and endorsed Donald Trump. This support means that Trump may attract some of Kennedy's voters.
Pudlana to regain movement
Analysts Pudlana, Addis Solana Meme Coin, which has raised millions of dollars, has room to do well despite recent turmoil.
Other memes that have moved from nowhere to sensationalism indicate performance.
Among the most popular tokens are Dogwhiphat, Bonk, Pepe, and Floki with a market cap of over $1.5 billion.
Indeed, data shows that meme coins are currently worth more than $47 billion, making them worth more than companies like General Mills, Electronic Arts, Kroger, Gartner, and Super Microcomputer.
Therefore, due to Pudlana's popularity during the token sale, there are chances of a rebound in the coming months as investors turn to riskier assets.
Pudlana aims to be the largest animal-themed coin in the world. Analysts believe it could rival the success of the likes of Dogecoin, Shiba Inu and Dogwifhat. Learn more about Pudlana over here.
