The trading frenzy surrounding meme coins has continued to fuel significant gains in the cryptocurrency market, particularly impacting tokens on the Solana, Avalanche, and Injective networks.
Today, these tokens have surged by as much as 20%. Solana’s SOL experienced an 8% increase, while Avalanche’s AVAX climbed almost 12% before receding slightly, according to CoinMarketCap.
Dog-themed tokens such as dogwifhat (WIF) and bonk (BONK) on Solana, and a hen-themed Coq Inu (COQ) on Avalanche, have been trending, with COQ notably surging more than 40%.
Traders are increasingly gravitating towards networks like Solana and Avalanche over Ethereum, drawn by significantly lower transaction fees and faster processing times.
Solana transactions cost less than a cent and are completed within seconds, whereas Ethereum transactions can cost upwards of $15 and take up to a minute. This shift has led to a surge in transactional activity on both networks, with a corresponding increase in active wallets and new users.
On another front, Bitcoin (BTC) neared $43,000. Market optimism has been bolstered by developments around a potential spot exchange-traded fund (ETF) listing in the U.S. Traditional finance giant BlackRock revised its ETF proposal, likely in response to regulatory feedback.
Market analysts, including FxPro’s senior analyst Alex Kuptsikevich, note that Bitcoin’s current chart patterns suggest no immediate market correction, typically defined as a 10% to 20% drop, is on the horizon.
The current market trend highlights a growing interest in alternative blockchain networks and their potential to challenge established platforms like Ethereum, especially in the meme coin sector.
