#MarketPullback The memecoin market collapses by 10% this Friday.
Israel's attack on Iran this Friday caused a strong disruption in the entire financial world, with significant volatility in assets. In the particular case of the cryptocurrency market, memecoins are among those that received a strong punishment during the day. Some of the main tokens in this sector suffer double-digit negative changes in 24 hours.
According to CoinMarketCap, the meme sector as a whole experiences a 7.12% decline in market capitalization over 24 hours. This reflects a drop from $61 billion to the current $56 billion, according to data from the cited portal.
Coins like Doge, Shiba Inu, and Pepe show red numbers, both in the 24-hour and 7-day charts. The frog token shows the worst performance in one day, with a -12% at the time of writing this note. The three largest coins show signs of relative recovery at the time of writing this note at GMT: 12:55 this Friday.
Overall, the memecoin market suffers a -10.2% in its performance over 24 hours, according to data from Artemis. However, the meme coin sector is not the one taking the worst hit from this widespread cryptocurrency downturn. As can be seen in the chart below, tokens from other sectors like DeFi, DePIN, and AI have much sharper red numbers.