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TL;DR
- Meme coins suffered a significant decline today (June 13), with their total market capitalization dropping by 8% in hours.
- DOGE and SHIB are among the affected ones, heading south by 6-7% each, but SPX and FARTCOIN lead the adverse trend.
Memes Bleed Out
The cryptocurrency sector and the meme coin niche recorded a substantial resurgence earlier this week. According to CoinMarketCap’s data, the market cap of all the memes reached almost $65 billion on June 11, but currently, it is hovering around $55 billion.
The downtrend was most likely triggered by the latest geopolitical tension caused by the military conflict between Israel and Iran.
Some of the worst-affected meme coins include SPX6900 (SPX) and Fartcoin (FARTCOIN). The former is down 22% on a daily scale, while the latter retraced by 17% within that timeframe.
Interestingly, those assets were among the best performers during the recent rally. As CryptoPotato reported, SPX became the fifth-biggest meme coin, with its market cap surging well above $1 billion.Â
Other tokens of that type that have posted double-digit losses on a 24-hour basis are Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), Floki (FLOKI), Pudgy Penguins (PENGU), Peanut the Squirrel (PNUT), and many more.Â
On the other hand, lesser-known meme coins such as REKT, AURA, and TST have charted some gains.Â
How Are the Big Shots Doing?
Dogecoin (DOGE) – the undisputed leader in the meme coin sector – has also nosedived, albeit posting less substantial losses than the aforementioned tokens. It currently trades at around $0.17, representing a 7% decline for the past 24 hours.Â
Shiba Inu (SHIB) – DOGE’s biggest contender – briefly dipped to as low as $0.0000114, the lowest point since April. As of this writing, the self-proclaimed Dogecoin killer is worth roughly $0.00001170, or a 6% decrease on a daily scale.Â
Meme coins are notorious for their heightened volatility and typically decline more significantly and rapidly than well-established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) during periods of uncertainty and market turmoil.Â
Having that said, investors should tread carefully with them, conduct proper research before committing funds, and invest only as much as they are ready to lose.Â
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