A new wave of crypto speculators is descending on Avalanche, lured by the prospect of quick gains from memecoins minted through The Arena, a token launchpad and decentralised exchange that has rapidly gained traction among retail traders.
Although precise user numbers are difficult to verify — as individual traders can operate multiple wallets — onchain data indicates a sharp increase in activity. Avalanche recorded over 430,000 active addresses on May 11, and the daily transaction count has remained above one million throughout June, compared to an average of roughly 300,000 earlier in the year, according to data from DefiLlama.
Modeled after Solana’s pump.fun, The Arena enables individuals to create and trade tokens with minimal effort — often requiring little more than a meme and a social media post. Some of the top memecoins on Avalanche minted through The Arena include LAMBO and WOLFI. They reached a high of $50 million and $20 million in market value, respectively.
The Arena has so far produced several memecoins worth over $10 million in market value.
According to a post by DappRadar on June 11, The Arena accounted for roughly one-third of all active wallets on Avalanche over the past 30 days.
The Arena
The Arena lets users monetise their content through a tipping and airdrop system, giving creators a way to earn money by posting and engaging. On May 6, it launched arena.trade, a token launchpad and decentralised exchange reminiscent of Solana’s pump.fun.
Following the launch, The Arena’s native token surged more than 400%, reaching a peak market value of around $25 million on June 9.
Since then, the total value deposited on the platform has increased more than twelvefold, from around $660,000 to over $8 million. Transaction fees also reached a yearly high, generating more than $110,000 on June 13 and over $1 million so far this month.
As of June 9, the combined market value of tokens launched via The Arena crossed $100 million — one of the few memecoins launchpads to register such sustained growth.
The largest winner was a memecoin called LAMBO. Launched on June 7, it quickly rose to a market value of over $50 million. After reaching its peak on June 16, the token’s price declined, currently sitting at a value of $35 million. Another memecoin, WOLFI, launched on June 11 and reached a value of $20 million within days. Since then, the token price dropped sharply to a market value of $5 million.
“There’s multiple tokens battling for 9 figures and a new token entering the $1 million club each day,” said Jason Desimone, CEO of The Arena.
Since launch, The Arena has averaged over 1,000 token mints per day. On June 19, The Arena minted about 1,800 tokens while pump.fun had about 25,000.
Around 83% of all wallets trading on the Arena decentralised exchange are profitable. Meanwhile, pump.fun has been slammed with criticism lately, with the majority of traders using the platform being unprofitable. According to data given on June 9, over 50% of traders lost money with over one million wallets making less than $500.
Since hitting its peak on June 9, the platform’s native Arena token has slid to a value of about $13 million, down 13% over the past day
