The memecoin sector has seen a significant rise, with its market cap reaching $72 billion in July, up 29% from $55 billion at the end of June. This surge is propelled by a 72% increase in the Bonk memecoin’s value, alongside strong performance from other top memecoins such as Dogecoin and Shiba Inu. July has reported heightened trading activity, with a 24-hour trading volume hitting over $18 billion on July 17. Additionally, Bonk's recent success is attributed to the performance of the LetsBonk launchpad, which has significantly outperformed its competitors. It achieved a protocol revenue of $8.25 million in just seven days, leading to a market share of 51.9%. Meanwhile, Ethereum's price surge may be influencing the memecoin market's overall growth, as Ether recently traded above $3,400, marking over a 22% increase.

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