Meme Coins Suffer Heavy Losses Amidst Market Downturn

Meme coins have taken a significant hit recently, experiencing substantial losses alongside a broader downturn in the cryptocurrency market. Dogecoin (DOGE), Shiba Inu (SHIB), and TRUMP Token were among the most affected, with TRUMP Token losing 13.34% in value within a 24-hour period. While the causes for this volatility are multifaceted, analysts suggest short-term investor behavior, coupled with overall market uncertainty, is contributing to the sell-offs. The high trading volume of meme coins, particularly around TRUMP Token due to media focus on its US President’s Middle East tour, further underscores the speculative nature of these assets.