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Market volatility post Joe Biden withdrawal wipes out $113M as investors flock to Poodlana

Joe Biden withdraws from the 2024 presidential race

  • The withdrawal of Joe Biden has caused some market volatility with $113M worth of traded liquidated.
  • Investors are flocking to Poodlana (POODL) presale, which has so far raised over $1.92M.
  • Poodlana (POODL) plans DEX listing within 60 minutes of exchange listing.

The unexpected withdrawal of US President Joe Biden from the 2024 presidential race has led to a significant crypto market volatility. Within 30 minutes of the announcement, $67 million in leveraged long positions were liquidated.

However, amidst this chaos, Poodlana, a new entrant in the meme coin market, has captured investor attention with its high-fashion branding and successful presale, raising nearly $2 million.

Market chaos following Joe Biden’s withdrawal

Joe Biden’s sudden exit from the 2024 presidential race sent shockwaves through the cryptocurrency market.

Between 5:30 pm and 6:00 pm UTC on July 21, the market saw $67 million worth of leveraged long positions liquidated, triggered by a 2.3% drop in Bitcoin’s price to $65,880.

This rapid decline was part of a broader 12-hour period that witnessed a total of $81.1 million and $53.4 million in long and short positions, respectively, being wiped out according to CoinGlass data.

Bitcoin and Ether were the most affected, with Bitcoin experiencing $43.8 million in liquidations and Ether $31.1 million.

The market reaction can be attributed to the uncertainty Biden’s withdrawal introduced. Markus Thielen, founder of cryptocurrency firm 10x Research, noted that Biden was seen as a weak candidate against Trump, and his exit left no credible alternative, leading to increased market volatility.

Interestingly, a massive buy order during this period helped Bitcoin recover swiftly, reaching a 24-hour high of $68,480 and causing traders with short positions to incur $34 million in losses.

Poodlana (POODL) emerges as a new investment haven

Amid the market turmoil, Poodlana (POODL), branded as “The Hermès of Crypto,” has managed to attract substantial investor interest.

Launched at a price of $0.02, Poodlana’s token price has quickly risen to $0.023. The presale price is rising every 72 hours, raising the stakes for investors to invest early before the price rises.

At press time, Poodlana had raised an impressive $1,918,665.37 in less than a week since the launch of the presale.

The presale, scheduled to run for 30 days…

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