The altcoin market saw significant gains in July, with Pudgy Penguins (PENGU), Hyperliquid (HYPE), and Arbitrum (ARB) leading the charge. PENGU, a meme coin, outperformed due to strategic execution and institutional interest, including a spot ETF filing by Canary Capital. Hyperliquid's HYPE token surged nearly 1000%, driven by its decentralized exchange model. Arbitrum, a key player in Ethereum's Layer-2 scaling, experienced a 66% price increase, reflecting renewed interest in Layer-2 solutions. These developments underscore the altcoin market's potential impact on broader crypto trends.