Solana and Avalanche’s meme coin craze continues – Bitcoin temporarily reaches the $43,000 level | CoinDesk JAPAN

Solana (SOL), Avalanche (AVAX), and Injective (INJ) soared as much as 20% in the past 24 hours as the meme coin craze continued to grow on these networks for the third week.

SOL soared 8% and AVAX rose about 12% before rebounding. Dog-themed tokens dogwifhat (WIF) and BONK trended in Solana, while chicken-themed Coq Inu (COQ) led the meme coin story in Avalanche, surging more than 40% in the past 24 hours.

Avalanche-based COQ is leading the rise in meme coins. (DEXTools)

Traders are increasingly preferring these networks, which have much lower transaction fees and faster speeds than Ethereum. Solana’s transaction costs are less than a cent and take seconds, while Ethereum charges at least $15 in fees and takes up to a minute.

According to the data, transaction volume on Solana and Avalanche networks has more than doubled in the past month, with active wallets and new users also increasing.

Meanwhile, Bitcoin (BTC) hopes to go public after traditional financial firm BlackRock revised its proposal for a spot exchange-traded fund (ETF) following feedback from regulators. , which at one point exceeded $43,000.

Some trading firms said recent market movements do not indicate a market correction in the short term. A correction generally refers to a decline of 10% to 20%.

“Bitcoin has formed a double bottom on the intraday chart, and this move shows that the mood for a correction has not materialized,” said Alex Kuptsikevich, Senior Market Analyst at FxPro. ) said.

“Meanwhile, the peak on the 19th is close to the peak on the 14th last week, and Bitcoin remains range-bound. The average fee on the Bitcoin network is over $37, a new year-to-date high. This growth is due to Ordinals “Driven by a new wave of activity in

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Danny Nelson/CoinDesk
｜Original text: Solana, Avalanche Meme Coin Fever Continues as Bitcoin Nears $43K