Can Bitcoin [BTC] Memecoins Like ODOG Follow the WIF and BONK Trend With a 100X Rally?

Since the U.S. elections, memecoin traction and market size doubled from $60 billion to nearly $120 billion.

Memecoins have seen a surge in popularity over the past few months, especially those on the Solana [SOL] chain.

Now, traders are wondering if any Bitcoin [BTC] memecoins can follow the trend and deliver a 100X rally.

Solana memecoins led the way in 2023

As covered extensively by AMBCrypto, Solana memecoins have seen incredible gains in 2023.

The memecoin narrative on Solana began with dogwifhat [WIF], which delivered gains of over 100X from its local bottom.

Later, another animal-themed meme coin, Bonk [BONK], also delivered gains of over 100X.

Now, the latest meme coin to gain attention in the Solana ecosystem is Chill Guy [CHILLGUY].

Solana memecoins currently command around $21 billion of the memecoin market share, while Bitcoin memecoins recently clocked $1.5 billion, as per data from Footprint Analytics.

Now, traders are left wondering if any Bitcoin memecoins can follow the WIF and BONK trend.

Bitcoin memecoins and the dog charm

A quick glance at CoinMarketCap showed that the only Bitcoin-based token which saw a recent wild upswing was PUPS Ordinals [PUPS].

At the time of writing, it rose nearly 700% in the past 24 hours.

However, most other dog-themed meme coins on Bitcoin were trading in the red.

Given the remarkable performance of animal-themed meme coins, especially dog-like meme coins, Bitcoin Dogs [ODOG] could benefit from the traction.

Besides leveraging the digital pet culture, the project also has a Web3 gaming platform to onboard new users, similar to Notcoin’s strategy.

However, on the price front, ODOG’s current market size was around $3 million per CoinMarketCap.

This showed that while ODOG had limited liquidity, it was grossly underpriced should the price surge 100X from current levels.

On the price chart, Bitcoin Dogs’ price action since September chalked a falling wedge pattern.

In most cases, the pattern is a bullish formation, with a breakout potential of 350% gains for ODOG.

In a breakout scenario, such a potential gain could raise hopes of a potential 100X for the Bitcoin-based meme-coin.

However, given the strong Solana meme coin moat, such a projection in the Bitcoin ecosystem remains to be seen.

Additionally, a spike in Bitcoin Ordinal Inscriptions may signal a renewed interest in the meme coin sector and chances of a likely 100X gem in the ecosystem.