As news of the U.S. strike on Iran circulated, the memecoin market hit a floor, with top tokens posting double-digit declines. Dogecoin fell about 10% in 24 hours to $0.08875, while Shiba Inu and Pepe declined 9.12% and 10%, respectively. The move comes amid a broader crypto market downturn driven by rising geopolitical tensions in the Middle East.
Selling pressure intensified as memecoins saw a 20.49% rise in selling volume. The social hype that once powered memecoin rallies faded quickly, with fear spreading and buying interest waning. Major tokens breached key technical levels, as moving averages and Fibonacci support lines rolled over, triggering automatic sell orders.
With macroeconomic uncertainty and geopolitical risk unresolved, memecoin volatility is likely to persist until tensions ease. If crucial support levels fail to hold, further heavy liquidations could follow, underscoring the need for vigilant risk monitoring and careful market indicator tracking.
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