Memecoin market cap reaches $72 billion
Memecoin market surges 29% in July, adding $17 billion in value
The memecoin market has witnessed a dramatic rise in July, adding nearly $17 billion in valuation to reach a total market cap of $72 billion, marking a 29% jump from $55 billion on June 30.
According to CoinMarketCap, this growth has been accompanied by a notable spike in trading volume, with 24-hour trades exceeding $18 billion on Thursday—the sector’s highest in a month, reports Cointelegraph.
Memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have all enjoyed strong seven-day gains, but the standouts were Floki (+45%), Pudgy Penguins (PENGU, +58%), and Bonk (BONK, +72%), which saw the biggest weekly rise. The explosive price action is being fueled by a mix of speculative momentum, rising retail participation, and a broader bullish crypto market backdrop.
LetsBonk Emerges as a Major Solana Launchpad Rival
Solana’s memecoin ecosystem has seen a shift in dynamics as LetsBonk, a Bonk-backed launchpad, overtook Pump.fun in daily volume. On July 7, LetsBonk captured the top spot with over $838 million in volume versus Pump.fun’s $638 million, according to Jupiter. In the past seven days, LetsBonk generated $8.25 million in protocol revenue—surpassing Pump.fun’s $4.91 million, per DefiLlama.
Despite this, Pump.fun retains dominance in other key areas, leading the 30-day revenue chart with $29 million and maintaining the highest user base with 413,000 traders, compared to LetsBonk’s 275,000. Additionally, Pump.fun holds significantly more liquidity, at $510 million, nearly 10x LetsBonk’s $53 million—showing that while LetsBonk is surging in short-term volume, Pump.fun still leads in market infrastructure and user trust.
Ethereum Rally Extends Memecoin Momentum
Ethereum’s bullish resurgence has provided further fuel to the memecoin boom. ETH surged past $3,400, gaining over 22% in the past week, with spillover effects clearly visible in the memecoin segment. Analysts point to increased Layer-2 adoption, DeFi/NFT activity, and anticipation of Ethereum ETF approvals as key drivers behind this rally. The ETH-based memecoin market has similarly benefited from this momentum, as investors diversify across both chains. With Solana and Ethereum ecosystems pushing memecoin innovation and user engagement, July’s bullish conditions appear to be a result of cross-chain synergy, combining high performance, speculation, and meme-driven excitement. If this trend holds, memecoins could continue to outperform other segments of the altcoin market in the near term.
Recently we wrote that the crypto market is showing signs of revival after a quiet June, with Ethereum and XRP leading a broader altcoin resurgence.
