Meme coin trading on the Avalanche blockchain is heating up with multiple multi-million dollar runners launched on SocialFi app The Arena. In fact, the platform’s native token, ARENA, has soared 127 to $58.7 million over the weekend.

The biggest winner is Lambo, a meme coin only just created on Saturday that’s jumped to a $25.24 million market cap. That’s almost half of the market cap of the platform it was launched on. But it has since retracted 25.3 to $18.84 million.

Other notable runners include Magic Internet Money, which peaked at a $5.4 million market cap on Friday and has since fallen 73 to $1.4 million. As well as Bridge Bro Bridge, which pokes fun at traders encouraging others to swap—or bridge—their tokens to Avalanche. The token touched $2.4 million before falling 35 to $1.5 million on Monday.

The Arena is a SocialFi app that enables users to monetize their content through a tipping system. Last month, the platform rolled out a token launchpad and DEX, short for decentralized exchange, which has recently exploded in volume.

Over the past 24 hours, according to DefiLlama, The Arena DEX has processed $17.7 million worth of volume—a 645 increase from the day after the DEX launched. This has raised it to be the third-largest decentralized exchange on Avalanche, surpassing Uniswap in the process.

The token launchpad created more coins on Saturday and Sunday than it had on any other day, excluding a single-day spike shortly after launch, according to Blockworks data. That said, the number of tokens launched on The Arena on Saturday and Sunday was 2,362 and 2,356, respectively. For comparison, leading Solana launchpad Pump.fun created 23,456 over the past 24 hours, according to Dune data.

But, traders believe it‘s easier to pick a winner on Avalanche—possibly as a result of less saturation.

“I’m 100 serious when I‘m telling you there‘s a 0 chance I get this many right on Solana,” Jesus Martinez, Avalanche trader and ambassador, wrote on X, formerly Twitter. “It won‘t last forever probably, but it does feel nice.”

“Another Arena launched coin going vertical,” pseudonymous crypto influencer Korean Jew also posted on X, referencing Lambo’s recent surge. “No big deal, happens all the time.”

As the Avalanche platform exploded in growth, the CEO of The Arena Jason Desimone reminded users that the app will eventually get its own L1. This is thanks to Avalanche’s ability to create L1s, previously called subnets, for projects to scale while still allowing L1s to interact with one another.

Avalanche shooter Off the Grid is one of the most shining examples of this in action, with its dedicated L1 in the GUNZ network powering its expanding in-game skin economy.

“Part of a thriving ecosystem is not just launching tokens, but builders building tools and dapps on top of this SocialFi L1,” Desimone said on X. “We’ve seen more tools and [decentralized apps] being built for Arena in the last 2 weeks than the previous 1.5 years. You’re still early to this. The path forward is clear.”

Edited by Stacy Elliott.

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