Key Points
- The market size of memecoins has grown from $60 billion to nearly $120 billion since the U.S. elections.
- Bitcoin-based memecoin, Bitcoin Dogs [ODOG], could potentially see a 100X rally, following the trend of Solana-based memecoins.
The popularity of memecoins has surged since the U.S. elections, with the market size doubling from $60 billion to approximately $120 billion.
Solana [SOL] has been at the forefront of this narrative, boasting top 100X animal-themed gems such as dogwifhat [WIF], Bonk [BONK], and the latest Chill Guy [CHILLGUY].
Bitcoin’s Memecoin Market
Solana controls about $21 billion of the memecoin market share. In contrast, Bitcoin-based memecoins have recently reached $1.5 billion. This prompts the question, can Bitcoin [BTC] memecoins, like ODOG, also experience a 100X rally?
According to CoinMarketCap, PUPS Ordinals [PUPS], a Bitcoin-based token, has recently seen a significant upswing, increasing nearly 700% in the past 24 hours.
Given the impressive performance of animal-themed memecoins, particularly those featuring dogs, Bitcoin Dogs [ODOG] could potentially benefit from this trend.
Bitcoin Dogs’ Potential
In addition to capitalizing on the digital pet culture, the Bitcoin Dogs project also features a Web3 gaming platform, similar to Notcoin’s strategy, to attract new users.
However, ODOG’s current market size is about $3 million according to CoinMarketCap, indicating limited liquidity but also suggesting that it is significantly underpriced should the price surge 100X from current levels.
Bitcoin Dogs’ price action since September has followed a falling wedge pattern, typically a bullish formation, with a breakout potential of 350% gains for ODOG. Such a potential gain could raise hopes of a possible 100X for this Bitcoin-based memecoin.
Nevertheless, given Solana’s strong hold on the memecoin market, it remains to be seen whether such a projection in the Bitcoin ecosystem is feasible.
Furthermore, a surge in Bitcoin Ordinal Inscriptions could indicate a renewed interest in the memecoin sector and the possibility of a likely 100X gem within the ecosystem.
