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Meme Coins on Solana, Avalanche Surge as WIF, BONK, COQ Put Ethereum Coins to Shame

Last Updated December 19, 2023 12:32 PM
Teuta Franjkovic
Last Updated December 19, 2023 12:32 PM

Key Takeaways

  • Meme coins like WIF, BONK, and COQ are experiencing significant growth on Solana and Avalanche.
  • Solana and Avalanche’s success highlights growing preference for efficient blockchain networks with low fees.
  • BTC approaches $43,000 following optimism around a potential spot Bitcoin ETF and increased activity in Ordinals.

Recently, there has been a resurgence of interest in the Solana (SOL)  and Avalanche (AVAX) blockchains.

Tokens from Solana,  Avalanche , and Injective (INJ) experienced surges of up to 10% on December 19, as meme coin trading excitement continues into its third week on these networks. 

Solana & Avalanche Feast on Fast Fees, Meme Coins Boom

SOL saw an 9% rise, and AVAX climbed nearly 11%, although it later retraced some of its gains. On the Solana network, dog-themed tokens like dogwifhat (WIF) and bonk (BONK) have been trending. Meanwhile, Avalanche’s momentum has been driven by the chicken-themed Coq Inu (COQ) , which soared more than 60% at the same time.

Traders are increasingly favoring networks like Solana and Avalanche over Ethereum, primarily due to their significantly lower transaction fees and faster processing speeds. 

Transactions on Solana cost less than a cent and are completed within seconds, offering a stark contrast to Ethereum, where transaction costs can be at least $15 and might take up to a minute to process. This shift highlights the growing importance of efficiency and cost-effectiveness in the blockchain and cryptocurrency space.

The low transaction fees and faster speeds of networks like Solana and Avalanche have led to a significant uptick in their transactional activities. Over the past month, both networks have seen their transaction volumes more than double, accompanied by an increase in active wallets and new users, according to recent data.

Revised ETF Proposal Ignites Optimism, $43k in Sight

Meanwhile, Bitcoin (BTC) approached the $43,000  mark in Asian afternoon trading hours, buoyed by renewed optimism surrounding a potential spot exchange-traded fund (ETF) listing in the US. This optimism was further fueled by BlackRock’s revised ETF proposal, likely influenced by regulatory feedback.

In the current market environment, some trading firms have observed no signs of an imminent market correction, typically defined as a 10% to 20% drop. Bitcoin’s intraday charts show a double bottom formation, suggesting the market is not gearing towards a significant correction.

However, as Tuesday’s peak mirrored last Thursday’s, Bitcoin remains within a specific range. At the same time, the average fees on the Bitcoin network have reached a yearly high of $37, driven by increased demand in Ordinals (ORDI). This, in turn, has led to higher demand for space on the blockchain and, consequently, increased demand for BTC.

 

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