Solana’s BONK vs. Base’s BRETT – What’s going on? A breakdown

• While both memecoins prices jumped, BONK struggled to maintain market cap dominance.
• BONK could hit $0.000023, BRETT might reach $0.16, as speculative activity increased.

It has been a heated contest between memecoins Bonk [BONK] and Brett [BRETT], and the last 24 hours have not been any different. According to CoinMarketCap, several memecoins experienced relief.

However, the highlight was BONK and BRETT, who seemed to be in a show for superiority. At press time, BRETT changed hands at $0.14, a 7.72% price increase.

BONK dominated for a short time

For BONK, its price moved up 3.13% to trade at $0.000021. For those unfamiliar, BONK is one of the top memecoins built on the Solana [SOL] blockchain.

BRETT, on the other hand, is the number one memecoin launched on Base, the L2 built on Ethereum [ETH] and introduced by Coinbase.

One of the reasons for the contest is the close distinction between their market caps. Market cap, a short form for market capitalization, is the product of circulating supply and the price of a cryptocurrency.

Source: CoinMarketCap

At press time, BONK’s market cap was $1.43 billion. Briefly, on the 22nd of June, the memecoin flipped BRETT to become the 58th most valuable cryptocurrency.

However, as of this writing, the Based memecoin had taken the spot back with a market cap of $1.47 billion.  On an all-time basis, BONK outperformed Bitcoin [BTC] and Ethereum by a wide margin—much more than BRETT.

But in the last seven days, BRETT has had the upper hand, according to data from Messari. Considering that BTC and ETH have been underperforming, BRETT might continue to outpace the Solana-based memecoin.

Rising OI puts BRETT ahead

Another metric AMBCrypto looked at was Open Interest (OI). Open Interest refers to the sum of all open contracts in the derivatives market. An increase in the OI implies that more liquidity is entering the market.

Source: Coinglass

It also implies a rise in net positioning. On the other hand, a decrease implies that traders are closing their positions and taking money of out of the market.

At press time, BONK’s OI had increased by 6.60%. For BRETT, it was a 14.71% rise in the last 24 hours.

When prices increase alongside the OI, it does not mean that there are more longs (buyers) than shorts (sellers). Instead, it means that buyers are more aggressive.

Source: Coinglass

Looking at the difference in OI, it could be challenging for BONK to flip BRETT’s market cap. However, the price of the tokens could continue to increase unless the broader memecoin increase stops.

Realistic or not, here’s BONK’s market cap in BRETT terms

In terms of specific targets, BONK’s price could increase to $0.000023. For BRETT, the value might rise to $0.16.

In the long-term, it could be possible for BONK to dethrone BRETT. But that would require a surge in buying pressure and volume.