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 (DOGE), Shiba Inu (SHIB) and Pepe (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.
Related: TRUMP memecoins set to be unlocked amid ‘crypto week’ votes
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 (ETH) traded at more than $3,400, surging by over 22% in the last week.
Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research
