The cryptocurrency market is witnessing a considerable decline in meme coins, resulting in an 8% drop in their capitalization.
Current Situation in the Meme Coin Market
According to CoinMarketCap, the market capitalization of all meme coins reached nearly $65 billion on June 11, but it currently stands at around $55 billion. This decline is likely linked to recent geopolitical tensions stemming from the military conflict between Israel and Iran.
Performance of Major Meme Coins
The most severely affected meme coins include SPX6900 (SPX) and Fartcoin (FARTCOIN), which saw drops of 22% and 17%, respectively, within 24 hours. Dogecoin (DOGE) and Shiba Inu (SHIB) also experienced significant losses, declining by 7% and 6%, respectively.
Investor Recommendations
Meme coins are known for their high volatility and typically decline more rapidly and significantly than more established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). Investors are advised to proceed cautiously, conduct thorough research, and only invest funds they are willing to lose.
The recent events in the meme coin market highlight the importance of a careful approach to cryptocurrency investments and awareness of the risks associated with high volatility.
