- The Bitcoin ecosystem has trailed Solana in memecoin traction.
- Can Bitcoin Dogs [ODOG] benefit from the ongoing meme mania?
As a seasoned crypto investor with over a decade of experience in this wild and unpredictable world of digital assets, I’ve learned to tread cautiously yet enthusiastically when it comes to memecoins.
After the U.S. elections, the popularity and market value of meme coins almost doubled, rising from around $60 billion to approximately $120 billion.
Solana’s digital currency (SOL) continues to dominate the conversation around meme coins, featuring notable animal-themed tokens in its top 100X category such as Dogwhatsit (WIF), Bonk (BONK), and the recently emerged Chill Dude (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
Based on CoinMarketCap’s data, only the token associated with Bitcoin, namely PUPS Ordinals (PUPS), experienced a significant surge recently. At the moment, the token has skyrocketed approximately 700% over the past 24 hours.
Considering the impressive momentum behind meme coins with an animal theme, particularly those resembling dogs, Bitcoin Dogs (ODOG) might gain from this growing trend.
Additionally, this project not only capitalizes on the trend of online pet communities, but it also incorporates a gaming platform in the Web3 environment, much like Notcoin does when attracting new participants.
However, on the price front, ODOG’s current market size was about $3 million per CoinMarketCap.
This situation indicated that ODOG had a restricted amount of available funds, but if its price were to jump by 100 times from its current value, it would be significantly undervalued.
On the price chart, Bitcoin Dogs’ price action since September chalked a falling wedge pattern.
Typically speaking, the pattern usually signals an optimistic trend for ODOG, potentially offering returns as high as 350%. If this trend were to break out, it might spark anticipation among investors for potential gains of up to 100 times the initial investment, in the case of the Bitcoin-backed meme-coin.
Yet, considering the robust defense mechanisms of Solana’s meme token, similar projections within the Bitcoin system are not yet evident.
Furthermore, an increase in Bitcoin Ordinal Inscriptions might indicate a revived fascination with the meme coin market, potentially leading to the discovery of a 100X valuable asset within the ecosystem.
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2024-11-21 22:15