Dogecoin is leading meme coins lower as tensions escalate between Iran and Israel. The token has dropped nearly 6% in the past 24 hours, trading below $0.178. Over the last month, Dogecoin has fallen 23% and is down more than 75% from its 2021 all-time high of $0.73.
The meme coin sector is underperforming broader crypto markets, declining 9.5% in 24 hours compared to Bitcoin’s 2.6% and Ethereum’s 8% drops, according to CoinGecko data.
Other major meme coins, including Ethereum-based Pepe, have declined 10.8%. Solana-based memes such as Fartcoin, Bonk, and Dogwifhat have each lost over 9%. Fartcoin’s recent fall has significantly decreased its chances of surpassing a $1.3 billion market cap this weekend, with prediction odds dropping from 51% to about 14%.
SPX6900, an Ethereum token aiming to surpass the S&P 500 by market cap, fell more than 13% in 24 hours after hitting a recent high. Additional meme coins like Peanut the Squirrel (PNUT), Popcat (POPCAT), and Mog Coin (MOG) also saw declines exceeding 10%.
The sell-off extends beyond meme coins and major cryptocurrencies, with altcoins similarly impacted. Crypto markets experienced over $1.13 billion in liquidations within 24 hours, according to CoinGlass data.