- The Bitcoin ecosystem has trailed Solana in memecoin traction.
- Can Bitcoin Canines [ODOG] profit from the continuing meme mania?
Because the U.S. elections, memecoin traction and market dimension doubled from $60 billion to just about $120 billion.
Solana [SOL] has maintained the lead in memecoin narrative, with high 100X animal-themed gems like dogwifhat [WIF], Bonk [BONK], and the most recent Chill Man [CHILLGUY].
Solana instructions about $21 billion of the memecoin market share, whereas Bitcoin memecoins not too long ago clocked $1.5 billion.
Can Bitcoin [BTC] memecoins like ODOG observe the WIF and BONK development with a 100X rally, too?
Bitcoin canine
In keeping with CoinMarketCap, the one Bitcoin-based token that noticed a current wild upswing was PUPS Ordinals [PUPS]. As of this writing, it had risen almost 700% up to now 24 hours.
Given the outstanding efficiency of animal-themed meme cash, particularly dog-like meme cash, Bitcoin Canines [ODOG] may benefit from the traction.
In addition to leveraging the digital pet tradition, the venture additionally has a Web3 gaming platform to onboard new customers, much like Notcoin’s technique.
Nonetheless, on the worth entrance, ODOG’s present market dimension was about $3 million per CoinMarketCap.
This meant that ODOG had restricted liquidity but was grossly underpriced ought to the worth surge 100X from present ranges.
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Supply: ODOG/USDT, TradingView
On the worth chart, Bitcoin Canines’ value motion since September chalked a falling wedge sample.
Typically, the sample is a bullish formation, with a breakout potential of 350% beneficial properties for ODOG. In a breakout state of affairs, such a possible achieve may elevate hopes of a possible 100X for the Bitcoin-based meme-coin.
Nonetheless, given the sturdy Solana meme coin moat, such a projection within the Bitcoin ecosystem stays to be seen.
Moreover, a spike in Bitcoin Ordinal Inscriptions could sign a renewed curiosity within the meme coin sector and possibilities of a probable 100X gem within the ecosystem.