Avalanche Meme Coin Trenches Heat Up as AVAX Lambo Token Touches $25 Million
Summary
Avalanche's decentralized exchange (DEX), The Arena, experienced a significant surge in activity, with a 645% increase in volume to $17.7 million, making it the third-largest DEX on Avalanche. The meme coin Lambo launched over the weekend, achieving a market cap of $25.24 million before retracting to $18.84 million. Other notable tokens include Magic Internet Money, which peaked at $5.4 million but fell to $1.4 million, and Bridge Bro Bridge, which dropped from $2.4 million to $1.5 million. The Arena's token launchpad facilitated the creation of 2,362 and 2,356 tokens over the weekend. CEO Jason Desimone indicated plans for The Arena to develop its own Layer 1 (L1) blockchain, enhancing scalability and interaction among projects.
