- 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.
As a researcher with experience in the cryptocurrency market, I have closely observed the price movements and market cap dominance of two popular memecoins, Bonk (BONK) and Brett (BRETT). While both coins experienced price jumps, BONK struggled to maintain its market cap dominance.
As a crypto investor, I’ve noticed the intense competition between memecoins Bonk (BONK) and Brett (BRETT) lately. The last 24 hours have brought no respite from this excitement. In fact, CoinMarketCap reports that several other memecoins have experienced some relief in this market frenzy.
Nonetheless, the most captivating moments were brought by BONK and BRETT, as if engaging in a competition for dominance. At the current news update, BRETT’s value had switched hands at $0.14, signifying a 7.72% price surge.
BONK dominated for a short time
As an analyst, I’d rephrase it as follows: I’ve observed a 3.13% price increase for BONK, which now trades at $0.000021. For those not in the know, BONK is among the popular memecoins that runs on the Solana (SOL) blockchain.
Among other memcoins, BRETT stands out as the top contender, having been introduced on Base – a Layer 2 solution on Ethereum [ETH] – by Coinbase.
One reason for the competition is the small difference in their total market values, which is calculated by multiplying the number of coins in circulation by the current value of each coin (known as market capitalization).
As of the publication date, BONK held a market value of approximately $1.43 billion. On June 22nd, this memecoin surpassed BRETT‘s value and ranked as the 58th largest cryptocurrency by market capitalization.
At present, the Based memcoin has regained its position, boasting a market capitalization of $1.47 billion. In terms of all-time performance, BONK significantly surpasses Bitcoin (BTC) and Ethereum (ETH), outshining their achievements by a substantial margin—far beyond what BRETT managed to accomplish.
Over the past week, based on Messari’s data, Brett has held a leading position. Given that Bitcoin and Ethereum have been underperforming, it’s possible that Brett will maintain this advantage over the memcoin built on the Solana platform.
Rising OI puts BRETT ahead
As a market analyst, I would like to highlight another significant metric that AMBCrypto examined: Open Interest, or OI for short. Essentially, Open Interest represents the total number of open derivative contracts in the market at any given time. When Open Interest increases, it signifies that more liquidity is being introduced into the market.
As an analyst, I can interpret this as meaning that an increase in short position bets suggests traders are expecting the price to fall. Conversely, a decrease in these bets indicates that they are covering their positions or going long, anticipating a price rise.
As of the current moment, the Open Interest (OI) for BONK has grown by 6.60 percent. In contrast, the OI for BRETT experienced a more pronounced increase of 14.71 percent over the previous 24-hour period.
When the Open Interest (OI) matches the price hike, it doesn’t necessarily imply a larger number of buyers compared to sellers. Rather, it signifies that buyers are displaying stronger buying intentions.
As a crypto investor observing the markets, I’ve noticed that the open interest (OI) for BONK is significantly lower than BRETT. This makes it tough for BONK to surpass BRETT’s market capitalization. However, the price of BONK tokens could still climb higher if the broader trend of memecoin prices continues to rise.
Realistic or not, here’s BONK’s market cap in BRETT terms
With regard to particular price points, BONK may reach a value of $0.000023. As for BRETT, its worth could potentially hit $0.16.
Over an extended period, BONK may have the potential to overtake BRETT. However, this would necessitate a significant increase in purchasing interest and activity.
Read More
- SQR PREDICTION. SQR cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- JASMY PREDICTION. JASMY cryptocurrency
- DOP PREDICTION. DOP cryptocurrency
- SAGA PREDICTION. SAGA cryptocurrency
- BLOCX PREDICTION. BLOCX cryptocurrency
- Miners ‘punishing’ Bitcoin? Analysts point fingers as BTC slides below $66K
- Top gainers and losers
- CELL PREDICTION. CELL cryptocurrency
- EUR BRL PREDICTION
2024-06-23 21:11