Memecoin Market Capitalization Surges 32% in 30 Days

The memecoin market has experienced significant growth over the past 30 days, with the total market capitalization increasing by more than 32%. This surge in value is accompanied by a substantial rise in trading activity, highlighting the renewed interest from investors and traders in these internet-driven tokens. The data, sourced from CoinMarketCap, indicates that the market cap jumped from $51 billion to $73 billion within this period, with trading volume rising over 170%.

This momentum reached its peak on July 17, when trading volume exceeded $18 billion in a single day. Just a few days earlier, on July 11, trading activity was also robust, reaching $17.09 billion. These consecutive spikes in trading volume underscore the strong and sustained demand for memecoins, with billions of dollars flowing through the market.

Among the leading memecoins, Dogecoin, Shiba Inu, and PEPE have shown notable gains. Over the past week, Dogecoin increased by 19%, Shiba Inu grew by 15%, and PEPE saw a 24% rise. However, these top performers were outpaced by other tokens. BONK, in particular, surged by 70% within the same seven-day period, while FLOKI rose by 41% and PENGU added 22%.

BONK's remarkable performance can be attributed to LetsBonk, a platform built on Solana that enables users to launch their own memecoins. The association with BONK has driven significant investor interest, contributing to its rapid ascent. As of July 7, LetsBonk had surpassed Pump.fun in terms of daily transaction volume and revenue. Over the last week, LetsBonk generated more than $8 million, with over $1 million earned in the last 24 hours alone. In contrast, Pump.fun recorded just over $4 million in seven-day revenue and $846,733 within the last day.

Crypto content creator Crypto Dios noted that BONK's current performance mirrors its breakout in early 2024, when the token followed a similar trend and later surged by 250%. Dios believes that BONK is once again building momentum and could be on the verge of another strong run.

The competition between LetsBonk and Pump.fun is intensifying, with each platform showcasing strengths in different areas. LetsBonk currently leads the launchpad market share with 54.8%, while Pump.fun trails at 38%. In the last 24 hours, LetsBonk processed $906 million in volume, surpassing Pump.fun’s $628 million. Pump.fun, however, maintains solid earnings with $29 million in 30-day revenue and stronger user activity, with 413,000 traders in 24 hours compared to LetsBonk’s 275,000. Pump.fun also holds an edge in liquidity, with $512 million in funds compared to LetsBonk’s $53 million.

This rivalry could lead to better options for users, including more trading choices, faster launches, and higher liquidity. These developments might continue to attract new capital into the memecoin market, further fueling its growth.