Key Points
- The memecoin market size has doubled to nearly $120 billion since the U.S. elections.
- Bitcoin-based memecoins, like Bitcoin Dogs [ODOG], could potentially follow the trend of 100X rally.
Since the latest U.S. elections, the memecoin market has seen significant growth, with its size doubling from $60 billion to nearly $120 billion.
Solana Leading the Memecoin Market
Among the cryptocurrencies, Solana [SOL] has been leading the memecoin narrative, boasting top animal-themed gems such as dogwifhat [WIF], Bonk [BONK], and the latest Chill Guy [CHILLGUY].
Solana holds approximately $21 billion of the memecoin market share, while Bitcoin-based memecoins have recently hit $1.5 billion.
Potential for Bitcoin Memecoins
The question arises whether Bitcoin [BTC] memecoins, like ODOG, could potentially follow the 100X rally trend.
PUPS Ordinals [PUPS], a Bitcoin-based token, saw a significant upswing recently, rising nearly 700% in the past 24 hours according to CoinMarketCap.
Given the popularity of animal-themed meme coins, particularly those resembling dogs, Bitcoin Dogs [ODOG] could potentially benefit from this trend.
The project also leverages the digital pet culture and has a Web3 gaming platform to attract new users, similar to Notcoin’s strategy. However, ODOG’s current market size is about $3 million per CoinMarketCap, indicating limited liquidity but potential for significant price surge.
Bitcoin Dogs’ price action since September has shown a falling wedge pattern, which is typically a bullish formation with a potential breakout of 350% gains for ODOG. This could potentially lead to a 100X rally for the Bitcoin-based memecoin.
Nevertheless, the strong presence of Solana meme coins makes this projection uncertain within the Bitcoin ecosystem.
An increase in Bitcoin Ordinal Inscriptions could indicate renewed interest in the meme coin sector and the possibility of a likely 100X gem in the ecosystem.
