The presale for Blub Blob Coin, a new memecoin project based on the Avalanche blockchain, has opened to overwhelming interest, with over 100,000 applications submitted within the first two days. The project, which has gained traction on The Arena App, saw its key value rise to over 70 AVAX in less than 24 hours, marking a 70x increase. Participants are encouraged to apply for the presale whitelist, with the application process requiring a Twitter account and an Avalanche wallet address. The project has generated significant buzz, leading the team to close applications early due to the high volume of interest. As the presale progresses, selections and rejections are currently being processed.