Meme Coin Market Plunges Amid Broader Crypto Crash

The meme coin market is facing a downturn, with leading coins experiencing significant losses. The total market capitalization has dropped to $29.14 billion, reflecting a 9% decline. According to CoinMarketCap data, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe Coin (PEPE) have seen their prices drop by as much as 10%, mirroring the broader crypto market crash.

The current market conditions are driven by several factors. Firstly, the geopolitical tensions between Israel and Iran have contributed to the decline in crypto prices. Additionally, investors are rotating out of meme coins into other assets, resulting in a 20.49% increase in selling volume.

Meme coins like DOGE, SHIB, and PEPE have also experienced technical weakness, with their prices breaking through key support levels. This has led to automatic selling, exacerbating the downward price movement. Furthermore, declining hype and market sentiment have reduced demand for buying, making it challenging for meme coins to recover.