Tokens of Solana, Avalanche, and Injective have experienced notable surges in the past 24 hours, as the meme coin trading frenzy continues on these networks. Solana's SOL saw an 8% jump, while Avalanche's AVAX added almost 12% before retracing some of its gains. Discover why traders are drawn to these networks and how they offer lower transaction fees and faster speeds compared to Ethereum. Transactional activity has more than doubled in the past month, along with an increase in active wallets and new users. Explore the reasons behind the surge and the potential implications for the market.
Surge in Tokens: Solana, Avalanche, and Injective
Tokens of Solana, Avalanche, and Injective have experienced significant surges in the past 24 hours, fueled by the ongoing meme coin trading frenzy. Solana's SOL witnessed an 8% jump, while Avalanche's AVAX added almost 12% before retracing some of its gains.
The surge in these tokens reflects the growing popularity of these networks as traders are drawn to their lower transaction fees and faster speeds compared to Ethereum. This surge in transactional activity has led to a doubling of activity on both networks in the past month, along with an increase in active wallets and new users.
Dog-Themed Tokens Trending on Solana
On the Solana network, dog-themed tokens have been trending, capturing the attention of traders. Tokens like dogwifhat (WIF) and bonk (BONK) have gained popularity and contributed to the meme narrative.
These tokens have seen increased trading activity and have become a focal point for meme coin enthusiasts. The rise of these dog-themed tokens on Solana showcases the network's ability to support and facilitate the trading of unique and niche assets.
Hen-Themed Coq Inu Leads Surge on Avalanche
Avalanche has also witnessed a surge in the past 24 hours, with the hen-themed token Coq Inu leading the way. This token has seen a significant increase of over 40% in trading activity, capturing the attention of traders and meme coin enthusiasts.
The surge in Coq Inu on Avalanche highlights the network's growing popularity and its ability to support unique and trending assets. Traders are drawn to the network's lower transaction fees and faster speeds, making it an attractive platform for meme coin trading.
Bitcoin Approaches $43,000 Amid ETF Hopes
Bitcoin has approached the $43,000 mark as hopes for a spot exchange-traded fund (ETF) listing in the U.S. have been boosted by BlackRock revising its proposal. This development has generated optimism among traders and investors.
Despite recent market movements, some trading firms do not see any indication of a market correction in the short term. Bitcoin's formation of a double bottom on the intraday charts suggests that a deeper correction is unlikely.
However, it is worth noting that average fees on the Bitcoin network have reached a yearly high. This increase in fees is driven by the heightened demand for space in the blockchain, reflecting the growing interest and activity in the cryptocurrency market.