Solana, Avalanche, and Injective tokens rose as much as 20% in the past 24 hours as the memecoin trading frenzy extended into its third week on these networks.
Solana’s SOL was up 8% and Avalanche’s AVAX was up about 12% before seeing a slight increase. Dog-themed tokens dogwifhat (WIF) and bonk (BONK) are trending on Solana. Chicken-themed Coq Inu (COQ) Leading the meme story about Avalanche, it has skyrocketed more than 40% in the past 24 hours.
Traders are increasingly preferring these networks over Ethereum due to much lower transaction fees and faster speeds. A Solana transaction costs less than a cent and takes a few seconds, while an Ethereum transaction costs at least $15 and takes up to a minute.
This has led to an increase in transaction activity on both networks, which has more than doubled over the past month with an increase in active wallets and new users. data shows.
Bitcoin (Bitcoin)Meanwhile, expectations rose for traditional financial firm BlackRock’s spot exchange-traded fund (ETF) listing in the United States late Monday, with Asia trading close to $43,000 in the afternoon. revised the proposalpossibly after feedback from regulators.
Some trading companies said recent market movements show no signs of a short-term market correction. A correction is generally considered a 10% to 20% decline.
“Bitcoin has formed a double-dip on the intraday chart, and this move indicates that further correction has not materialized,” said Alex Kupczykevich, senior market analyst at FxPro.
“Meanwhile, Tuesday’s peak was close to last Thursday, and Bitcoin remains range-bound. The average fee on the Bitcoin network exceeded $37, marking a yearly high. This growth is due to Driven by a new wave of activity, the demand for space within the blockchain has increased, and so has the demand for BTC,” Kupczykevich said.