Journalist
Posted:
- The Bitcoin ecosystem has followed Solana into the memecoin traction.
- Can Bitcoin dogs [ODOG] take advantage of the ongoing meme mania?
Since the US elections, memecoins’ traction and market size have doubled from $60 billion to almost $120 billion.
Solana [SOL] has maintained the lead in the memecoin story, with top 100x animal-themed gems such as dog hat [WIF], Bonk [BONK]and the latest Chill Guy [CHILLGUY].
Solana controls approximately $21 billion of the memecoin market share, while Bitcoin memecoins recently clocked $1.5 billion.
Can Bitcoin [BTC] Memecoins like ODOG are also following the WIF and BONK trend with a 100X rally?
Bitcoin dogs
According to CoinMarketCap, PUPS Ordinals was the only Bitcoin-based token to see a recent wild rebound [PUPS]. At the time of writing, it had risen almost 700% in the past 24 hours.
Considering the remarkable performance of animal-themed meme coins, especially dog-like meme coins, Bitcoin Dogs [ODOG] can benefit from the traction.
In addition to tapping into digital pet culture, the project also has a Web3 gaming platform to onboard new users, similar to Notcoin’s strategy.
However, in terms of pricing, ODOG’s current market size was around $3 million per CoinMarketCap.
This meant that ODOG had limited liquidity, yet was grossly undervalued if the price were to rise 100x from current levels.
Source: ODOG/USDT, TradingView
On the price chart, Bitcoin Dogs price action since September created a bearish wedge pattern.
In most cases, the pattern is bullish, with a breakout potential of 350% gains for ODOG. In a breakout scenario, such a potential gain could raise hopes of a potential 100x for the Bitcoin-based meme coin.
However, given the strong Solana meme coin moat, such a projection in the Bitcoin ecosystem remains to be seen.
Furthermore, a spike in Bitcoin Ordinal Inscriptions could indicate a renewed interest in the meme coin sector and the possibility of a likely 100x gem in the ecosystem.
