- While the prices of both memecoins rose, BONK struggled to maintain market capitalization dominance.
- BONK could reach $0.000023, while BRETT could reach $0.16, as speculative activity increases.
It was a heated battle between memecoins Bonk [BONK] and Brett [BRETT], and the past 24 hours have been no different. According to CoinMarketCap, several meme coins experienced relief.
The highlight, however, was BONK and BRETT, who seemed to be in a show of superiority. At the time of writing, BRETT was changing hands for $0.14, a price increase of 7.72%.
BONK dominated for a short time
For BONK, the price rose 3.13% to $0.000021. For those unfamiliar, BONK is one of the best memecoins built on the Solana [SOL] blockchain.
BRETT, on the other hand, is the number one memecoin launched on Base, the L2 built on Ethereum [ETH] and introduced by Coinbase.
One of the reasons for the competition is the closure distinguish between their market capitalization. Market capitalization, short for market capitalization, is the product of the circulating supply and price of a cryptocurrency.
Source: CoinMarketCap
At the time of writing, BONK’s market capitalization was $1.43 billion. In short, on June 22, the memecoin BRETT changed to become the 58th most valuable cryptocurrency.
However, at the time of writing, the Based memecoin had taken back the spot with a market cap of $1.47 billion. On an all-time basis, BONK outperformed Bitcoin [BTC] and Ethereum by a wide margin – much more than BRETT.
But for the past seven days, BRETT has had the upper handThis is evident from data from Messari. Considering that BTC and ETH are underperforming, BRETT could continue to outpace the Solana-based memecoin.
Rising OI puts BRETT in the lead
Another metric AMBCrypto looked at was Open Interest (OI). Open Interest refers to the sum of all open contracts on the derivatives market. An increase in the OI implies that there is more liquidity in the market.
Source: Coinglass
It also implies an increase in net positioning. On the other hand, a decline implies that traders are closing their positions and withdrawing money from the market.
At the time of writing, BONK’s OI was up 6.60%. For BRETT it was an increase of 14.71% in the last 24 hours.
When prices rise alongside According to the OI, this does not mean that there are more longs (buyers) than shorts (sellers). Instead, it means buyers are more aggressive.
Source: Coinglass
Looking at the difference in OI, it could be a challenge for BONK to turn around BRETT’s market cap. However, the price of the tokens could continue to rise unless the memecoin’s broader rise stops.
Realistic or not, here is BONK’s market cap in BRETT terms
In terms of specific targets, BONK’s price could rise to $0.000023. For BRETT, the value could rise to $0.16.
In the long run, it could be possible for BONK to dethrone BRETT. But that would require an increase in buying pressure and volume.