Over the past 24 hours, tokens on Solana, Avalanche, and Injective experienced significant surges, reaching up to 20%, as the trading frenzy for meme coins extended into its third week on these networks. Solana’s SOL saw an 8% jump, while Avalanche’s AVAX increased by nearly 12%, albeit retracing some gains later. Noteworthy meme coins, such as dogwifhat (WIF) and bonk (BONK) on Solana, along with the hen-themed Coq Inu (COQ) on Avalanche, led the meme narrative, with COQ surging over 40% in the past 24 hours.
Traders are increasingly favoring these networks over Ethereum due to their lower transaction fees and faster processing speeds. Solana transactions, for instance, cost less than a cent and take seconds, whereas Ethereum transactions can incur costs of at least $15 and take up to a minute. This preference has resulted in a substantial increase in transactional activity on both Solana and Avalanche, with data indicating more than a twofold increase in the past month, accompanied by a rise in active wallets and new users.
Simultaneously, Bitcoin approached the $44,000 mark during the Asian afternoon hours, with optimism surrounding an anticipated spot exchange-traded fund (ETF) listing in the U.S. gaining momentum. Traditional finance firm BlackRock’s revised proposal, likely in response to regulatory feedback, contributed to the positive sentiment.
Despite recent market movements, some trading firms suggested that there were no immediate indications of a short-term market correction. Bitcoin’s intraday charts showed a double bottom, indicating a lack of momentum for a deeper correction, according to FxPro senior market analyst Alex Kuptsikevich. However, Bitcoin’s peak on Tuesday closely resembled that of last Thursday, keeping Bitcoin within a certain range. The average fees on the Bitcoin network reached a yearly high of $37, driven by increased activity in the Ordinals segment, which heightened demand for blockchain space and consequently increased demand for BTC, as noted by Kuptsikevich.
