The meme coin market experienced a dramatic downturn on Friday, June 13th, leading to significant losses across the board. Overall market capitalization dropped by nearly 8%, and several popular tokens saw double-digit declines. SPX and FARTCOIN were among the hardest hit, losing over 22% and 17% respectively. 100’s of other meme coins also saw substantial drops in value.
Meme coins enjoyed a surge earlier this week, with market capitalization reaching nearly $65 billion on June 11th. However, geopolitical tensions triggered by the Israel-Iran conflict may have sparked today’s sell-off. SPX and FARTCOIN notably soared during this recent rally, even becoming top contenders in the meme coin space.
Notable losses were reported across popular meme coins such as Pepe (PEPE), Bonk (BONK), dogwifhat (WIF), Floki (FLOKI), Pudgy Penguins (PENGU), Peanut the Squirrel (PNUT), and more. Conversely, lesser-known tokens like REKT, AURA, and TST experienced gains.
The largest meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), also took a hit, dropping around 7% and 6% respectively. This volatility is characteristic of the meme coin space, which often experiences more rapid declines than established cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH) in times of market uncertainty.
Investors are advised to exercise caution when investing in meme coins, thoroughly research before committing funds, and only risk what they can afford to lose.