Since July 2023, the memecoin market has shown significant growth, adding nearly $17 billion in capitalization and increasing trading volumes.
Overall Memecoin Growth
According to CoinMarketCap data, the memecoin market capitalization reached $72 billion, up 29% from $55 billion on June 30. July saw increased trading volumes, peaking at $18 billion in the last 24 hours.
LetsBonk Performance
A key player in the market has been LetsBonk, which surpassed Pump.fun in trading volume, generating $8.25 million in revenue over the last week. LetsBonk holds 51.9% of the market, while Pump.fun has 39.5%. Despite LetsBonk's success, Pump.fun remains the leader in 30-day revenue, earning nearly $29 million.
Ethereum's Influence on the Memecoin Market
The recent surge of Ethereum has also impacted the memecoin market. At the time of writing, Ethereum was trading above $3,400, increasing by over 22% in the last week.
The growth of memecoins in July reflects significant interest in this sector. The success of LetsBonk and the rise of Ethereum create a positive backdrop for further development of memecoins.
