Doge and Broader Meme Market Decline

The top meme coin by market cap, Dogecoin, is trading below $0.178, signifying a drop of nearly 6% over the past day. This decline has dragged down the wider meme coin category, which fell by 9.5% in the same period according to CoinGecko data, significantly underperforming Bitcoin (+2.6%) and Ethereum (+8%) during this volatility.

Key meme tokens hit harder than Dogecoin, with Ethereum-based Pepe falling over 10% and several Solana-based coins like Fartcoin (FARTCOIN), Bonk (BONK), and Dogwifhat (WIF) each declining by more than 9%. Likewise, SPX6900 dropped over 13% from a recent all-time high.

Geopolitical Tensions as Trigger

This sharp sell-off appears linked to geopolitical anxieties. The analysis suggests Israel’s airstrikes in Iran could be a contributing factor, creating a risk-off sentiment that has drawn capital away from riskier assets, including meme coins.

Doge’s Long-Term Position Remains Questionable

Dogecoin’s recent performance underscores its disconnect from previous highs. Trading below $0.178, the coin has dropped ~23% month-to-date and over 75% year-to-date from its 2021 all-time high of almost $0.74.

Broader Altcoin Market Also Suffers

The decline across meme coins reflected a broader weakness throughout the altcoin market. Since Thursday afternoon, altcoins have collectively shed approximately $1.13 billion in value – as captured in liquidations data per CoinGlass.

Waning Confidence: Shifting Odds for Fartcoin

Opinion Trading Market Exchange (OTMEL) platform data illustrates declined confidence in the meme segment’s swift recovery. The Fartcoin futures market saw a notable odds shift, reflecting reduced acceptance of the coin price likely exceeding a $1.3 billion market cap threshold.

This highlights waning confidence regarding a prompt meme coin market turnaround – odds are now estimated at approximately 14%, down from nearly 51% the prior day.