Memecoin market cap grows 29% in July

The memecoin sector has added almost $17 billion in token valuations since the start of July, surging to $72 billion as of Thursday, up 29% from its $55 billion market cap on June 30. 

CoinMarketCap data showed that July has seen bigger trading volumes for memecoins than the previous month, with the sector’s 24-hour trading volume peaking at over $18 billion on Thursday. Its second-highest trading volume in the last 30 days was $17.09 billion on Saturday. 

Many of the top memecoins like Dogecoin , Shiba Inu and Pepe have shown remarkable growth in the last seven days. 

Still, the biggest gainers for the week were Floki (FLOKI), which showed a 45% increase, Pudgy Penguins (PENGU) token with a 58% gain and the Bonk (BONK), with the largest gain of 72%. 

LetsBonk doubles Pump.fun’s 7-day revenue

Bonk’s explosive growth can be attributed to the traction gained by a Bonk-backed Solana memecoin launchpad called LetsBonk. 

On July 7, LetsBonk surpassed Solana’s reigning memecoin launchpad Pump.fun in 24-hour volume, shaking up the launchpad rankings on the network.

More recent DefiLlama data shows that in the last seven days, LetsBonk gained a protocol revenue of $8.25 million, surpassing Pump.fun’s $4.91 million. 

Data from decentralized exchange (DEX) aggregator Jupiter shows that in the last 24 hours, LetsBonk had a market share of 51.9%, while Pump.fun had 39.5%. It also shows that the launchpad’s volume reached $838 million, beating Pump.fun’s $638 million. 

While LetsBonk is gaining traction, Pump.fun remains dominant in other aspects. DefiLlama data shows that the memecoin platform remains the top launchpad in 30-day protocol revenue, earning nearly $29 million. 

Meanwhile, Jupiter data also shows that in terms of 24-hour traders, Pump.fun remains dominant.

The platform recorded 413,000 traders, while LetsBonk had 275,000. Liquidity in Pump.fun was almost 10 times more than LetsBonk, reaching $510 million, while LetsBonk had $53 million. 

Ethereum surge spills over to memecoins

While Solana-based activity has influenced the broader memecoin market’s overall surge, Ethereum’s recent highs may have also contributed to memecoin gains.

At the time of writing, Ether traded at more than $3,400, surging by over 22% in the last week.