Meme Coins on a Decline, Nearly Mirror European Markets
- The market cap of meme coins is down by 2.5%.
- The pan-European STOXX has plunged by 1.3%.
- Cryptocurrencies are down over 24 hours.
Meme coins are on a free fall to almost mirror the condition of the European markets. The decline stems from the Middle East conflict, wherein the US and Israel have locked horns with Iran. Meanwhile, cryptocurrencies are attempting a recovery from recent losses.
Meme Coins Right Now
All top meme coins are down by over 2.5% at the time of writing this article. For instance, DOGE has shed 2.75% of its value while SHIB and M are down by 3.63% and 5.40%, respectively. In fact, the collective market cap is down by 1.96% with an uptick of 20.64% in trading volume.
As for the individual performance, the frog-themed meme coin, PEPE, has declined by 2.33%, and so has the TRUMP token, with slight resistance, given that it is only down by 1.04%. All percentage changes have happened over the last 24 hours.
Notably, the highest weekly loss is for PIPPIN from the list of top 7 meme tokens. PIPPIN is down by 32.12%, followed by PEPE (-12.89%) and SHIB (-10.54%).
European Markets
European markets reportedly extended their losses to the last session. The scenario has been attributed to a deep sell-off amid the rising Middle East conflict. The pan-European STOXX has plunged by 1.3% to 615.72 points. The energy sector did climb marginally, but was balanced by a 2.6% fall each by sectors led by banks and the utilities index.
European Central Bank Chief Economist Philip Lane, in an interaction with the Financial Times, emphasized that the war could put pressure in inflation. The aspect is seemingly coming closer, given that the Strait of Hormuz could turn off at any point. Lane has also underlined that the growth of the euro zone could be impacted.
Cryptocurrencies Retracing Lower
While there are notable gains, top cryptocurrencies have considerably retraced their steps on the price charts to lower values. For instance, BTC is again hovering around $67k, down from $68k+. And, ETH’s momentum is back to $1,900 after briefly booking values over the $2k margin.
That’s not where cryptocurrencies stop, though. The AI crypto segment has been able to defy the ongoing trend. TAO has gained 0.88% in a single day. NEAR has added over 12% to its trading value while VIRTUAL is aiming to surpass the 6% target.
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