Following the recent U.S. elections, the traction and market capitalization of memecoins have doubled, increasing from $60 billion to almost $120 billion.
Within the memecoin narrative, Solana [SOL] has been a frontrunner, showcasing popular animal-themed tokens like dogwifhat [WIF], Bonk [BONK], and the latest entry, Chill Guy [CHILLGUY], all of which have seen significant growth.
Solana currently dominates a share of around $21 billion in the memecoin market, while Bitcoin memecoins have recently reached $1.5 billion in market value.
Could Bitcoin’s memecoins, such as ODOG, replicate the success of WIF and BONK with a 100X surge in value?
Bitcoin’s Canine-Inspired Tokens
As reported by CoinMarketCap, the sole Bitcoin-linked token that has witnessed a substantial upsurge recently is PUPS Ordinals [PUPS], exhibiting a nearly 700% increase in the last 24 hours.
Considering the impressive performance of meme coins featuring animal themes, particularly those inspired by dogs, Bitcoin Dogs [ODOG] could capitalize on this trend.
In addition to tapping into the digital pet culture, the project incorporates a Web3 gaming platform to attract new users, a strategy akin to Notcoin’s approach.
However, ODOG’s current market capitalization stands at approximately $3 million as per CoinMarketCap data.
While this indicates limited liquidity, it also implies that ODOG is significantly undervalued if its price were to surge by 100 times from its current levels.
Upon analyzing the price chart, it is evident that Bitcoin Dogs’ price movement since September has formed a falling wedge pattern.
This pattern typically suggests a bullish formation, with a breakout potential that could yield gains of up to 350% for ODOG. Should a breakout occur, such a surge could spark hope for a potential 100X increase in value for this Bitcoin-based memecoin.
Nonetheless, the dominance of Solana in the memecoin arena poses a challenge to projections within the Bitcoin ecosystem.
Furthermore, a surge in Bitcoin Ordinal Inscriptions might hint at a renewed interest in meme coins, signaling the possibility of discovering a gem that could potentially see a 100X growth within the ecosystem.