The cryptocurrency market experienced a significant surge, driving Bitcoin to an all-time high above $112,900 on July 10. This rise ignited substantial gains across a wide range of altcoins, with meme coins and selected decentralized finance tokens recording daily increases exceeding 30%.
This rise in the entire market comes with Ethereum also showing strength, surpassing the $2,780 mark with a gain of 6%, supported by institutional interest and expectations of future network upgrades. This optimism at the market level has proven particularly effective for meme-based tokens, which are often considered high-risk bets on the general sentiment of cryptocurrencies.
The Solana ecosystem has seen several meme coins on the top-performing list, including Popcat (POPCAT) and dogwifhat (WIF), which rose by over 15% and 13%, respectively. Other notable coins in this category included Brett (BRETT) on the Base network, Snek (SNEK) on Cardano, and MOG Coin (MOG) on Ethereum, all of which recorded double-digit percentage increases.
Pudgy Penguins, Euler, and Compound: Strong gains for diverse assets
The momentum wasn't limited to smaller tokens; the Pudgy Penguins (PENGU) project, rooted in the NFT space, surged by over 30%. On-chain data reveals significant accumulation by whales for PENGU, alongside rising demand from South Korean markets and discussions around a potential exchange-traded fund (ETF), which appear to be key drivers of its performance.
Another meme coin, Banana For Scale (BANANAS31), jumped by over 26%, fueled by a massive increase in trading volume that pushed it to an all-time high.
Alongside the speculative enthusiasm surrounding meme coins, decentralized finance protocols also showed strong recovery. Euler (EUL), a lending protocol, saw its token price rise by over 12% to a new peak. This move follows the project's recent merger with BlackRock's symbolic asset fund BUIDL, and the announcement of the upcoming 'EulerSwap' on Unichain, indicating renewed investor confidence.
Similarly, Compound (COMP), the veteran lending platform in decentralized finance, saw a price increase of 11%. Its performance may be linked to recent governance proposals, specifically proposals 210 and 211, which received support from key stakeholders and aimed to adjust interest rate models and reward distributions to enhance platform yields. The total value locked (TVL) in decentralized finance has exhibited a steady upward trend throughout the month, providing a favorable backdrop for tokens in this sector.
Several tokens with specific utility narratives also recorded strong gains. ether.fi (ETHFI), a liquid staking protocol, increased by over 16%. The project benefits from the ongoing growth of the staking sector, which is a dominant narrative in 2025, and supports its token price through a revenue-sharing model that funds token buybacks.
Zebec Network (ZBCN), a payment protocol and decentralized infrastructure on Solana, rose by over 20%. The project's recent acquisition of Gatenox, a compliance and automation platform, positively positioned it in both decentralized physical infrastructure networks (DePIN) and real-world assets (RWA).
AI16Z (AI16Z) is an outlier on the list, having recorded a gain of 12%. This price increase occurred despite some analyses suggesting a broader bearish trend for the token, indicating that a short-term rise placed it among the top performers today. The gains reflect a market driven by a mix of standard Bitcoin performance, renewed interest in decentralized finance, and a revived appetite for high-risk meme coins.
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