Meme Coins on a Decline, Nearly Mirror European Markets
Meme coins are experiencing a significant decline, nearly mirroring losses in European markets. This downturn is largely driven by the ongoing Middle East conflict involving the US, Israel, and Iran. Major meme coins like DOGE, SHIB, and PEPE have all fallen over 2.5% in 24 hours, with weekly losses for some, such as PIPPIN, exceeding 30%. The collective meme coin market cap dropped nearly 2%.
European markets also extended their losses due to a sell-off linked to the geopolitical tensions, with the STOXX 600 index falling 1.3%. The European Central Bank's chief economist warned the conflict could increase inflation pressure and impact economic growth.
Meanwhile, broader cryptocurrencies are attempting a recovery but have retraced from recent highs, with Bitcoin falling back to around $67k and Ethereum to $1,900. Notably, the AI crypto segment defied the trend, with tokens like NEAR posting gains over 12%.
TheNewsCrypto03/03 12:06