Meme Coin Mania on Solana, Avalanche as Bitcoin Approaches $43K

• Crypto Market Update: Solana, Avalanche, and Injective Tokens on the Rise
• Meme Coins Take the Spotlight on Solana and Avalanche Networks
• Why Traders Are Choosing Solana and Avalanche Over Ethereum
• Bitcoin Nears $43,000 Amidst ETF Listing Hopes
• Market Prospects: No Signs of a Near-Term Correction

Crypto Market Update: Solana, Avalanche, and Injective Tokens on the Rise

Within the last 24 hours, tokens of Solana$104 5.03%, Avalanche, and Injective$35.9 1.60% have experienced a significant surge, up to 20%. This expansion in the meme coin trading frenzy is now moving into its third week on these networks. Solana's token, SOL, saw an increase of 8% while Avalanche's AVAX climbed by nearly 12%, even after relinquishing some of its gains.

Meme Coins Take the Spotlight on Solana and Avalanche Networks

Acquiring significant attention on the Solana network are Dog-themed tokens dogwifhat (WIF) and bonk (BONK). Meanwhile, on the Avalanche network, hen-themed Coq Inu (COQ) has surged more than 40% in the past 24 hours, leading the meme narrative. With the Avalanche-based COQ heading the memecoin narrative on the blockchain, traders are showing a growing preference for these networks over Ethereum$2,315 -2.42%.

Why Traders Are Choosing Solana and Avalanche Over Ethereum

The shift towards Solana and Avalanche is largely due to their lower transaction costs and faster speeds. A Solana transaction can cost less than a cent and be completed in seconds. Ethereum, on the other hand, can cost at least $15 and take up to a minute for a transaction. This has led to an increase in transactional activities on both Solana and Avalanche, which has more than doubled in the past month alongside an increase in active wallets and new users.

Bitcoin Nears $43,000 Amidst ETF Listing Hopes

Meanwhile, Bitcoin$42,260 -0.64% (BTC) reached close to $43,000 during Asian afternoon hours. The optimism around an anticipated spot exchange-traded fund (ETF) listing in the U.S. was heightened late Monday when BlackRock, a traditional finance firm, revised its proposal following likely regulatory feedback.

Market Prospects: No Signs of a Near-Term Correction

Some trading firms have noted that recent market movements show no signs of an imminent market correction. A market correction is generally considered a drop of between 10% and 20%.

With a double bottom forming on the intraday charts for Bitcoin, there are indications that a deeper correction may not occur just yet. On the other hand, Tuesday's peak is similar to last Thursday's, leaving Bitcoin within the range. Average Bitcoin network fees have topped $37, reaching a yearly high. This growth was fuelled by another wave of activity in the Ordinals segment, which increased demand for space in the blockchain, thus driving up BTC demand.

Edited by Jonathan Stoker