The top meme coin by market cap, Dogecoin, is diving lower amid a broader market sell-off, dropping nearly 6 in the last 24 hours as tensions between Israel and Iran flare following Israel’s airstrikes late Thursday.
The dog-themed meme coin leader is now trading below $0.178, down 23 over the last month and more than 75 from its all-time high of $0.73 in 2021.
The meme category as a whole is underperforming major assets, dropping 9.5 in the last 24 hours compared to 2.6 and 8 for Bitcoin and Ethereum, respectively, according to data from CoinGecko.
Those meme coin losses are highlighted by most of the majors, like Ethereum-based Pepe, which has dropped 10.8 during the same time frame. Solana’s top meme coin performers, like Fartcoin (FARTCOIN), Bonk (BONK), and Dogwifhat (WIF) have each dropped more than 9.
The Fartcoin drop has led to a notable odds shift for Myriad Market’s Fartcoin flash market, which asks predictors whether or not the flatulence-themed meme coin will trade above a $1.3 billion market cap come Saturday evening.
Now, odds of that taking place trade around 14 compared to around 51 on Thursday afternoon, signaling predictors may not be that confident in a quick turnaround for the meme coin market.
Even SPX6900, an Ethereum-based token that its creators say is designed to try and flip the S&P 500 by market cap, is down more than 13 in the last 24 hours after climbing to a new all-time high just two days ago. (It’s still nowhere near the S&P 500’s market cap, to be clear.)
Plus, other notable memes like Peanut the Squirrel (PNUT), Popcat (POPCAT), and Mog Coin (MOG) have dropped at least 10 apiece.
The market’s sell-off hasn’t been isolated to meme coins and majors, as altcoins have faced a similar fate over the last 24 hours, helping rack up more than $1.13 billion in crypto liquidations during that timeframe, per CoinGlass data.
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