Meme coins plunge en masse: Dogecoin leads the drop amid Iran-Israel tensions

The meme coin market has just experienced a sharp decline as tensions between Israel and Iran escalate. Dogecoin ($DOGE ) – the iconic coin of the meme genre – has dropped nearly 6% in the past 24 hours, currently trading below the $0.178 mark. Compared to its all-time high of $0.73 in 2021, DOGE has lost over 75% of its value.

Not only DOGE, but a series of other meme coins have also 'bled':

Pepe ($PEPE ) down 10.8%

Fartcoin ($FARTCOIN ), Bonk (BONK), and Dogwifhat (WIF) all lost more than 9%

SPX6900 – a token ambitious to surpass the S&P 500 index – also plummeted over 13% after just reaching a new peak 2 days ago

Tokens like PNUT, POPCAT, and MOG all fell by at least 10%

The entire meme coin portfolio has averaged a decline of 9.5%, exceeding the declines of Bitcoin (-2.6%) and Ethereum (-8%). The prevailing negative sentiment has led to total liquidations in the cryptocurrency market exceeding $1.13 billion in the past 24 hours (according to CoinGlass).

With increasingly severe geopolitical volatility, the meme coin market – known for its high speculation – is becoming the most obvious victim of this sell-off wave.

Crypto always carries significant risks and is not suitable for every investor. Please stay closely informed about world events and invest responsibly.