In July, the memecoin market demonstrated impressive growth, increasing by $23 billion, indicating a renewed interest from traders and investors.
Overall Trends in the Memecoin Market
Since the beginning of July, the memecoin market has added over $23 billion to its market cap, increasing from $55 billion on June 30 to $79.3 billion by Friday. In the last 30 days, the total memecoin market cap has been boosted by 47.98%.
Rise of Major Tokens
Several major tokens have shown significant growth in recent days. The Bonk token topped the list with a 48.51% increase over the week. Floki rose by 37%, and Pudgy Penguins (PENGU) increased by 38.33%. Dogecoin, though it recorded gains, still led all memecoins with an increase of over 15%.
Impact of LetsBonk Platform
The success of the Bonk token is largely attributed to the LetsBonk platform, a Solana-based memecoin launchpad that overtook Pump.fun in terms of activity. Over the past 7 days, LetsBonk logged $8.66 million in revenue, surpassing Pump.fun’s figures.
The rise of the memecoin market fosters optimism among investors and may indicate a resurgence of activity in the cryptocurrency market as a whole. The activity on the Solana platform also supports further development in this sector.
