In July, Meme coin market cap surged by $17 billion... DOGE and SHIB, etc. rose simultaneously

In July, the Meme coin market has shown a sharp upward trend, increasing the total market capitalization by about 17 billion dollars. Cointelegraph reported on the 17th (local time), citing CoinMarketCap data, that the market capitalization of Meme coins, which was at the 55 billion dollars level at the beginning of this month, has now expanded to 72 billion dollars.

This steep rise is explained by the upward trend of representative Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). Floki (FLOKI), Pudgy Penguin (PENGU), and Bonk (BONK) also rose by approximately 45~72% each in July, leading the overall market.

Meme coin trading volume also increased, and the strength of major platform coins like Ethereum (ETH) and Solana (SOL) is analyzed to have a positive effect on the Meme coin rally. The industry sees this trend as reflecting short-term speculative sentiment, while also being linked to the recovery of trust in major altcoins.