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The cryptocurrency sector and meme niche have seen a significant revival at the beginning of this week. According to CoinMarketCap, the market capitalization of all memes reached nearly $65 billion on June 11, but it is currently fluctuating around $55 billion.
The decline was likely caused by the recent geopolitical tensions stemming from the military conflict between Israel and Iran.
Some of the most affected memes include SPX6900 (SPX) and Fartcoin (FARTCOIN). The former dropped by 22% on a daily scale, while the latter retreated by 17% during this time.
Interestingly, these assets were among the top performers during the recent rally. According to CryptoPotato, SPX became the fifth largest meme, and its market capitalization significantly exceeded $1 billion.
Other tokens of this type that showed double-digit losses over 24 hours include Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), Floki (FLOKI), Pudgy Penguins (PENGU), Peanut the Squirrel (PNUT), and many others.
On the other hand, lesser-known meme coins like REKT, AURA, and TST showed some growth.
How are the big shots doing?
Dogecoin (DOGE) - the undisputed leader in the meme coin sector - also plummeted sharply, though it suffered less significant losses than the aforementioned tokens. It is currently trading at around $0.17, which is 7% lower over the past 24 hours.
Shiba Inu (SHIB) - Dogecoin's biggest competitor - briefly dipped to $0.0000114, its lowest level since April. At the time of writing, the price of the self-proclaimed Dogecoin killer was approximately $0.00001170, which is 6% lower on a daily scale.
Meme coins are notorious for their heightened volatility and typically fall more significantly and quickly than established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) during periods of uncertainty and market upheaval.
Given this, investors should be cautious with them, conduct proper research before investing, and only invest as much as they are willing to lose.
#MarketRebound , #Сryptomarketnews
based on materials from the site - CryptoPotato_News
