Bitcoin memecoins traction could benefit Bitcoin Dogs more given its key characteristics and a bullish formation on price charts.
Bitcoin According to CoinMarketCap, the only Bitcoin-based token that saw a recent wild upswing was PUPS Ordinals . As of this writing, it had risen nearly 700% in the past 24 hours.
Given the remarkable performance of animal-themed meme coins, especially dog-like meme coins, Bitcoin Dogs could benefit from the traction.However, on the price front, ODOG’s current market size was about $3 million per CoinMarketCap.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.Benjamin is a Telecommunication Engineering graduate who is passionate about crypto-markets and unraveling market trends. Armed with charts and patterns, he's interested in making the intricate, complex landscape of digital assets more palatable for every user.Subscribe to get it daily in your inbox.
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