- The Bitcoin ecosystem has trailed Solana in memecoin traction.
- Can Bitcoin Dogs [ODOG] benefit from the ongoing meme mania?
Since the U.S. elections, memecoin traction and market size doubled from $60 billion to nearly $120 billion.
Solana [SOL] has maintained the lead in memecoin narrative, with top 100X animal-themed gems like dogwifhat [WIF], Bonk [BONK], and the latest Chill Guy [CHILLGUY].
Solana commands about $21 billion of the memecoin market share, while Bitcoin memecoins recently clocked $1.5 billion.
Can Bitcoin [BTC] memecoins like ODOG follow the WIF and BONK trend with a 100X rally, too?
Bitcoin dogs
According to CoinMarketCap, the only Bitcoin-based token that saw a recent wild upswing was PUPS Ordinals [PUPS]. As of this writing, it had risen nearly 700% in the past 24 hours.
Given the remarkable performance of animal-themed meme coins, especially dog-like meme coins, Bitcoin Dogs [ODOG] could benefit from the traction.
Besides leveraging the digital pet culture, the project also has a Web3 gaming platform to onboard new users, similar to Notcoin’s strategy.
However, on the price front, ODOG’s current market size was about $3 million per CoinMarketCap.
This meant that ODOG had limited liquidity yet was grossly underpriced should the price surge 100X from current levels.
Source: ODOG/USDT, TradingView
On the price chart, Bitcoin Dogs’ price action since September chalked a falling wedge pattern.
In most cases, the pattern is a bullish formation, 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.
Additionally, a spike in Bitcoin Ordinal Inscriptions may signal a renewed interest in the meme coin sector and chances of a likely 100X gem in the ecosystem.
